Technology is constantly miniaturizing high value audio visual equipment; as equipment is now smaller and smaller, it has moved out of the studio and in to the field, creating a serious and often undetected risk. Compounding the chance, a lot of the gear is important in generating income and could be tough to replace quickly. - Professional Audio
Most insurance plans are not designed to provide adequate coverage for that unique exposures associated with top quality AV equipment. While standard policies do provide coverage for equipment whilst it resides about the named premises, when the equipment leaves the premises coverage is no longer provided.
A common means to fix this coverage challenge is scheduling the equipment with an inland marine floater. Scheduling equipment requires a description of the equipment plus a value for every bit of covered equipment. Meeting the criterion requires regular updating with the schedule. Normally equipment unpublished will not be covered.
Another challenge referenced inside the first paragraph is the income generating potential from the equipment. It is really an especially critical problem for AV equipment rental dealer. Equipment which is damaged or stolen can't be rented and if it's not rented it is not earning cash. An unmodified insurance plan can leave the insured with a large uncovered damages, normally a business ending event.
A lot of companies that actually work rich in value equipment believe it is necessary to work overseas. Most coverage, if given by unmodified insurance plans, ends as soon as the equipment leaves the United States.
If you own high valued equipment that you apply in sound/video production or if you own high value that is rented to other people, you should try to find several extensions of coverage to be able to fill the gaps in the above list:
- Coverage for equipment way from the insured's premise
- Damages because of damage or theft of covered equipment
- Coverage overseas - Professional Audio