0
thomas_crowe

Insuring your rig?

Recommended Posts

I know several skydivers that have their rig's covered under their homeowners policy. What insurance company do you use? I just checked with State Farm, and was actually told that as a company they do not wish to be associated with skydiving or any other high risk activity, so no they will not offer me insurance for my parachute. So, time to go insurance shopping and say "so long" to State Farm. I've already switched my cars over to USAA a couple of years ago, and will be checking with them. Any other suggestions of who to check with?
Thomas Crowe, NRP
Nationally Registered Paramedic
Red Hat Linux Geek

Share this post


Link to post
Share on other sites
hmmmm we got a state farm Life Ins. policy on me... which COVERS me, in the event of any skydiving related "loss" [:/]
So it's funny to read that your agent says they don't wish to be "associated with skydiving".. they've been cashing OUR ( substantial ) premium payments for years...
Had a video camera covered under Homeowners, when it got smashed during a "zero G " situation.. :S
With the cost of todays gear.. ( MY rig is worth MORE than my Van ) ( which ain't sayin' Much :S:ph34r:B| )
it sure does make Sense to find coverage in the event of a lost cutaway main and freebag AND of course against theft... Check your auto insurance to be sure that any theft from your car.... is covered.... and/or fire. It may be a good idea to alert them to the (approximate ) Value of the gear...at some point so there are fewer issues, IF ever you used the insurance.
good luck.

Share this post


Link to post
Share on other sites
I had a new rig that received significant damage from a built-in space heater (old home) a few years back - two closing flaps, reserve container and the reserve itself. The rig, and new reserve, had never been jumped. Virgin.

At the time I had renter's insurance thru USAA, and proceeded to get in a long, protracted battle over the definition of "fire". Ultimately it was decided that because I never saw flame, and the resulting damage was mostly nylon, that my claim was rejected.

Despite the fact that I had USAA insurance in one form or another for over 20 years, and had active car, homeowners and renters policies at the time, I cancelled all of it as soon as I could get it done.

By contrast, representing how a good company cares about their customers, PD and UPT both repaired/replaced at their cost after hearing my sob story.

Screw USAA, but YMMV.

Share this post


Link to post
Share on other sites
State Farm has gone in the crapper since they started in with all of their investment products and trying to be a bank. We are slowly moving away from them.

When I bought the Harley 4 yrs ago my agent told me they didn't insure motorcycles. Two days later I saw a commercial on tv for State Farm motorcycle insurance.

Share this post


Link to post
Share on other sites
State Farm covered the theft of my rig, jumpsuit, and other assorted gear under my homeowner's policy earlier this year. However, since I'm now making money from instructing the homeowner's policy won't cover it. They refused to give me any kind of business insurance on my gear, as did insurance agents I talked to from several other companies. So if you're a fun jumper, homeowner's is fine; if you're using it for business purposes, you're screwed.

Share this post


Link to post
Share on other sites
I have renters insurance with state farm and as far as I know, my rig is covered. It was one of the questions I asked when I bought the policy and they didn't seem to bat an eye at it. As long as you pay whatever deductible there is on your policy, I don't know why it wouldn't be covered.

Share this post


Link to post
Share on other sites
I imagine that it would be covered up to the limits of the policy. I don't have mine handy, but I don't think that sporting goods had that high of a coverage (though I could be mistaken). It's possible this agent made a mistake, though claimed to have spoken to not only an underwriter but also a supervisor.

I was trying to get additional (or find out if I needed to get) coverage so it would be specifically covered (against theft mostly, but also fire, etc). I think it was her attitude and the statement about State Farm not wishing to be associated with high risk activities that really irked me.

I will have to pull my policy out and go over it to get more details.

Thanks to everyone that responded!!
Thomas Crowe, NRP
Nationally Registered Paramedic
Red Hat Linux Geek

Share this post


Link to post
Share on other sites
almeister112

State Farm covered the theft of my rig, jumpsuit, and other assorted gear under my homeowner's policy earlier this year. However, since I'm now making money from instructing the homeowner's policy won't cover it. They refused to give me any kind of business insurance on my gear, as did insurance agents I talked to from several other companies. So if you're a fun jumper, homeowner's is fine; if you're using it for business purposes, you're screwed.



Don't you just write off the cost of the gear as a business expense and depreciate it over 5 years?

I'm not an accountant, but I play one on TV. Heh heh heh.
I'm trying to teach myself how to set things on fire with my mind. Hey... is it hot in here?

Share this post


Link to post
Share on other sites
I talked to my renters insurance (who is also my car insurance provider) and they said if my rig were stolen/damaged in my house it would be covered under my homeowners policy. If it were stolen from my car then the cars comprehensive (theft/acts of god/vandalism) would cover it. Literally had this conversation with then last week. Oh and my ins is ameriprise.
Some rules can be bent. Some can be broken. But you cant break all the rules all the time.

Share this post


Link to post
Share on other sites
thomas_crowe

I know several skydivers that have their rig's covered under their homeowners policy. What insurance company do you use? I just checked with State Farm, and was actually told that as a company they do not wish to be associated with skydiving or any other high risk activity, so no they will not offer me insurance for my parachute. So, time to go insurance shopping and say "so long" to State Farm. I've already switched my cars over to USAA a couple of years ago, and will be checking with them. Any other suggestions of who to check with?



That's silly that they don't want to insure your parachute because of the skydiving risk. You're looking for theft coverage on a few pieces of sporting goods.

Jon

Share this post


Link to post
Share on other sites
Um, I'm with State Farm and they cover my rigs for losses other than what they term "intentional loss' (They won't cover a cutaway main, for example). I asked repeatedly and specifically about loss from things like theft and theft from a remote location and loss from events in my car. They had no problem with it. The only snag I hit with them was the dollar amount. They have a $5K cap on any single item. Beyond that they want you to buy a "Personal Items" policy. It was/is dirt cheap and I've never needed to use it. It did require a written inventory (Something you should have anyway), but that was no big deal. Check with someone higher than your agent.
Skydivers don't knock on Death's door. They ring the bell and runaway... It really pisses him off.
-The World Famous Tink. (I never heard of you either!!)
AA #2069 ASA#33 POPS#8808 Swooo 1717

Share this post


Link to post
Share on other sites
I insured my cars, motorcycles, & apartments w/State Farm for 32 years straight. I never put in a single claim, & always paid my premiums. Yet, I didn't get one renewal notice in the mail, & my car's policy lapsed for about five weeks. They refused to maintain my multi-year, accident-free discounts, & insisted on writing me as a brand new customer. WTF?!?!

It turned out that their discounted rate wasn't nearly enough to be competitive, anymore. I told them to go to Hell, & found better policies w/a different carrier, at lower prices.

FU2, State Farm.

Share this post


Link to post
Share on other sites
Possibly not super useful as a reply to your question specifically but in general terms could help someone from the UK.

I just insured all my gear for up to £20,000 as tools as I am a full time skydiver (underwritten by Beazley) for £250/year. in additon to my rigs/jump suits/wing suits etc it also covers my laptop and camera gear. £100 deductible and they do old for new but only at 80%. Covered when it is at work, in my car while in tranist (including if I stop and go shopping) and while in a 'secure loction' (locked door) at home. They wont cover it while in use but my biggest concern was having my gear bag taken from a car or my flat because 'it's a big bag on wheels full of shit, must have something I can pawn for meth '

Share this post


Link to post
Share on other sites
OzzieDave

Possibly not super useful as a reply to your question specifically but in general terms could help someone from the UK.

I just insured all my gear for up to £20,000 as tools as I am a full time skydiver (underwritten by Beazley) for £250/year. in additon to my rigs/jump suits/wing suits etc it also covers my laptop and camera gear. £100 deductible and they do old for new but only at 80%. Covered when it is at work, in my car while in tranist (including if I stop and go shopping) and while in a 'secure loction' (locked door) at home. They wont cover it while in use but my biggest concern was having my gear bag taken from a car or my flat because 'it's a big bag on wheels full of shit, must have something I can pawn for meth '



Good deal. In Holland I pay EUR20 per 1,000 in value. They do give 25 towards a repack if you use your reserve and cover lost canopies in case of cutaway

Share this post


Link to post
Share on other sites
Quote

Good deal. In Holland I pay EUR20 per 1,000 in value. They do give 25 towards a repack if you use your reserve and cover lost canopies in case of cutaway



Dang, that sounds pretty good. Will they write a policy that covers me while in the US?

I'm calling State Farm corporate today, and will report back what they tell me.
Thomas Crowe, NRP
Nationally Registered Paramedic
Red Hat Linux Geek

Share this post


Link to post
Share on other sites
I have USAA for homeowners (renters before I bought a place) and car insurance. I've asked them specifically about theft from a locked vehicle and theft from a locked team room at the dropzone and they said they would cover it. Be sure to check on individual item limits and/or make sure you inventory everything separately (everything has its own serial number, so that shouldn't be a problem) to make sure you're covered adequately.

About a year and a half ago my wife and I were doing a balloon jump. She had a cutaway and it landed in a eucalyptus tree inside the walls of a concrete yard. We scrambled to get in touch with the yard, the security outfit looking after the yard, and a tree-trimming service. That was slow-going so I called USAA about it and they said "It can't be considered lost or stolen... yet. Get in touch with the concrete yard owner and if they refuse to let you make a reasonable effort to recover it then call us back." The security detail and the tree-trimming guy came through for us, though, so we didn't have to test that avenue further.

I've known a couple other people that have had cutaways that landed in neighborhoods but by the time we were able to get to it someone had apparently run off with it. Both had success with their insurance companies when they explained the situation. "I had an emergency, I released the main, I saw where it landed, I went to recover it, someone had stolen it."

Share this post


Link to post
Share on other sites
Tink1717

The only snag I hit with them was the dollar amount. They have a $5K cap on any single item.



Similarly I had a single-item limit of £5k per item. I got them to treat the rig/main/reserve as separate items. They agreed and I even got them to put it in writing.

Did the same with wife's silverware set which cost more than most peoples cars; the insurers also treat the items as individual for cover purposes.
"Pain is the best instructor, but no one wants to attend his classes"

Share this post


Link to post
Share on other sites
I've never seen anyone specifically cover it as a line item. In the past I have had it covered under the "personal property off premiss" clause, as well as under specific line items for sports and camera equipment.

I've always been really specific with my Agents to make sure it is covered one way or another, and to the proper amount (I had to bump up my personal property coverage, because one policy only covered 10% of that amount for off site claims.

We had a discussion in our A-License forum at our DZ that then got turned into this article. Some good info- http://www.skydivemag.com/article/covering-your-gear?articleId=skydivemag%230%23WrncWrktR324rd3iLVRB3Q

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account. It's free!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
0