Technologies are constantly miniaturizing high value av equipment; as equipment is becoming smaller and smaller, it's moved out of the studio and in to the field, creating a serious and quite often undetected risk. Compounding the chance, much of the gear is crucial in generating income and can be tough to replace quickly.
-
Audio Visual EquipmentMost insurance policies are not built to provide adequate coverage for your unique exposures connected with top quality AV equipment. While standard policies do provide coverage for equipment while it resides around the named premises, after the equipment leaves the premises coverage is not provided.
A common treatment for this coverage challenge is scheduling the gear on an inland marine floater. Scheduling equipment needs a description of the equipment along with a value for each piece of covered equipment. Meeting the criterion requires regular updating from the schedule. Normally equipment unpublished won't be covered.
Another challenge referenced in the first paragraph will be the wealth creation potential of the equipment. This is an especially critical gripe for AV equipment rental dealer. Equipment that is damaged or stolen cannot be rented and when it isn't rented it isn't generating revenue. An unmodified insurance plan can leave the insured with a large uncovered loss of income, commonly a business ending event.
Most companies that actually work rich in value equipment think it is necessary to work overseas. Most coverage, if provided by unmodified insurance plans, ends when the equipment leaves the United States.
Should you own high valued equipment that you apply in sound/video production or if you own top quality that is rented to other people, you need to search for several extensions of coverage to be able to fill the gaps in the above list:
- Coverage for equipment way from your insured's premise
- Damages because of damage or theft of covered equipment
- Coverage overseas - Audio Visual Equipment