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[OM] Re: Dixons

Subject: [OM] Re: Dixons
From: NSURIT@xxxxxxx
Date: Wed, 10 Aug 2005 12:09:56 EDT
In a message dated 8/10/2005 10:04:41 A.M. Central Daylight Time,  
dan@xxxxxxxxx writes:

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). 
 
There generally is not a "dummy exclusion" on insurance policies.  {8^)

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? 
Different companies handle it differently.  The choices usually are:  1) 
Replacement cost or 2) Actual Cash Value.  Replacement Cost is generally  
viewed 
as "new for old" and Actual Cash Value is as it is stated "Actual Cash  Value" 
which is generally seen as a depreciated amount.  This is a bigger  
conversation than I will have here, however lets take one of our favorites as 
an  
example of an ACV settlement.  Lets say you have your 40mm f2  Zuiko stolen.  
It is 
a used lens, isn't it?  What are you going to  replace it with?  That's right, 
another used lens, so in this example is  ACV not essentially the same as 
Replacement Cost?  For the type of OM stuff  we use ACV does the job.  I'm 
assuming (perhaps incorrectly) that policies  are written at ACV on your side 
of the 
pond.  My argument would be that  Replacement Cost and ACV on obsolete 
equipment are basically the same  coverage.  
 
Now, lets look at the e-1 and related gear.  Do I need to pay premium  for 
the amount I paid for it when it was new?  It no longer costs what I  paid when 
it was new, why would I want to pay the additional premium?  If  something 
happens to my e-1 stuff, I will try to replace it with another used  item of 
the 
same condition or perhaps, in the case of a body upgrade to a newer  model.  
Bill Barber    







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