April 2011    Download the Entire Issue (PDF)

Vol. 26, No. 4   What's this?

How to Insure Your Dive Equipment

readers debate: homeowners insurance or a separate policy?

from the April, 2011 issue of Undercurrent  

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In January, we sent our regular e-mail to subscribers and friends, asking about their experience with dive equipment insurance. We wanted to know if they filed a claim, and if so, whether their insurer had come through for them. We also wanted to know whether they preferred a separate policy for their gear, or were fine insuring it through their homeowners policy. The replies were split. Half the readers relied on their homeowners policy, others sprung for a dive-equipment policy. The majority were happy with the option they chose, while a few had complaints about how their insurer treated them.

"Why Should I Buy Additional Insurance?"

Many Undercurrent subscribers who relied on homeowners insurance were happy divers. When a rogue wave in Bonaire picked up Doug Welsch (Fennville, MI) during a shore entry and slammed him into the rocks, his camera and strobe were ruined. "My insurance agent said my equipment was covered, less the $200 deductible. As long as it is an 'accident,' my personal items are covered while I am traveling. This was covered to the tune of $2,200. With that kind of coverage, why should I buy additional insurance?"

John Dale Kennedy (Springfield, IL) finds scuba gear insurance too expensive. "I went to my homeowners insurer, Cincinnati Insurance Companies, and they added my gear on with an additional premium. I gave them lists of equipment with an estimated replacement cost. We finally settled on $4,000 worth for $80 annually. No deductable, no depreciation, and this is replacement cost. I thought this was a pretty good deal."

We wrote about Eric Ressner (St. Louis, MO) losing his gear aboard the Belize Aggressor last year (see the September 2010 article "The Unprofessional Side of Losing Blame") and he says dealing with his home insurance firm, Travelers, was easier than dealing with the Aggressor people. "Our theft loss came to $3,700 replacement value. To document ownership of the stolen items, we put together original invoices, reconstructed invoices obtained from our dive shop, and photos taken by us or the liveaboard photo pro showing us using the gear. Our insurance company verified our claim, and reimbursed us promptly for the gear's depreciated value - - 70 percent of the loss - - minus our deductible. We had replacement value insurance, so when we provided receipts for replacement items, we received the remaining 30 percent, minus the deductible." Aggressor Fleet president Wayne Hasson refused to reimburse for the deductible, claiming the items could not have been stolen from the Aggressor or the boat's dock....