I just had a claim for a group of three vintage mics I left in hire car
(still kicking myself for doing it in the first place). The insurance
settled based on current used prices but then depreciated them by 50%. A
couple of phone calls later and my claims adjuster sent the balance for the
current used prices. I guess I was lucky this time.
Bill do US insurers have new for old policies?
Dan S.
From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On Behalf
Of Alan Wood
Subject: [OM] Re: Dixons
James N. McBride wrote:
> My stuff is insured for fixed value which eliminates a lot of
> the hassle.
> You need to update the stated values periodically though. /jmac
I had a policy like that, with an insurance company that no longer exists.
When I tried to make a claim, they depreciated the "fixed" value by 10% for
each year of the equipment's age. They valued my stolen, mint 35/2 Zuiko at
about £5. It took nearly a year of arguing to get anything like the real
second-hand replacement value. There was nothing in the small print about
depreciation, it was just standard industry practice.
Alan Wood
http://www.alanwood.net (Unicode, special characters, pesticide names)
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