Technologies are c onstantly miniaturizing quality value audio visual equipment; as equipment is becoming smaller and smaller, it has moved from the studio and in to the field, creating a serious and frequently undetected risk. Compounding the danger, much of the gear is crucial in generating income and could be difficult to replace quickly. - Professional Audio
Most insurance coverage is not built to provide adequate coverage for your unique exposures associated with quality value AV equipment. While standard policies do provide coverage for equipment although 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 takes a description from the equipment and a value for each piece of covered equipment. Meeting the criterion requires regular updating with the schedule. Normally equipment unlisted will never be covered.
Another challenge referenced within the first paragraph is the income generating potential from the equipment. It becomes an especially critical problem for AV equipment rental dealer. Equipment that's damaged or stolen can't be rented of course, if it is not rented it is not generating revenue. An unmodified insurance policy can leave the insured with a large uncovered damages, normally a business ending event.
Most companies that work with high value equipment believe it is necessary to work overseas. Most coverage, if provided by unmodified insurance coverage, 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 top quality that's 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
- Loss of income as a result of damage or theft of covered equipment
- Coverage overseas - Professional Audio