Self insurance is a way that all members can group together to help cover the costs of equipment wear and tear as well as damage.
If you are borrowing gear outside of the studio and do not have film gear insurance, you should consider paying the self insurance price.
If the gear you are borrowing is damaged or lost or stolen, the self insurance fund will help cover the cost of repair or replacement.
Some members question why there should be an insurance cost if the gear is all owned by the co-op or by other members.
The primary reason is because accidents happen. If we did not have self insurance as an option, you would either be required to find gear insurance elsewhere ($500 a year or so), or you would be responsible for the entire cost of the gear you borrowed if it was lost, stolen or damaged.
If a friend of yours borrowed your most expensive film gear item and broke it, would you not want them to replace it?
Self-insurance lets us repair or replace the gear you might break or lose, but at a price much much cheaper than film gear insurance companies.
The price of gear self-insurance is based on how many claims you have had in the past 365 days.
If you have not had a claim in 365 days, you will pay 0.5% of the total cost of the gear you are borrowing.
Example: If you borrow $1000 in gear, your self insurance cost is just $5. If you borrow $10,000 in gear, your self insurance cost is just $50.
If you have one claim, your self-insurance cost goes to 1%, and after two claims is 2%. If you have 3 claims in one year, you will be barred from borrowing gear for 365 days.
If you have to file a claim for replacement or repair, you will also owe the cost of repair or replacement, maximum of 5% of the value of the gear you lost or broke.
Example: If you lost a $50 piece of gear, you will also owe up to $2.50 towards replacing it. If you brea a $1000 piece of gear, you will owe $50 towards repair or replacement.
If you have had one claim within the past 365 days, you will owe up to 10% of the cost of repair or replacement, and after 2 claims you will owe up to 20% of the cost of repair or replacement.
No! If you have your own gear insurance coverage, just provide a COI (every borrow session) and you won't owe a cent.
If you supply a fake COI or an expired COI, you may be banned from borrowing gear, or you may be required to pay a $50 fee.
Also, you can avoid gear self-insurance by paying up front for the cost of all gear on your credit card, which we will refund upon returning the gear in perfect condition.
If you lose any gear that is covered by self-insurance, you should let us know immediately so we can replace it for future borrowers.
Upon filing your claim, you will owe your 5% to 20% co-pay for repair/replacement, unless the repair cost is less than your co-pay.
If you lose or damage gear that is covered by self-insurance, you do NOT have to file a claim if you are willing to pay 100% of the cost of repair or replacement.
Filing a claim means future self-insurance for the next 365 days gets more expensive. Filing multiple claims in any 365 days can get you barred from borrowing gear outside the space.
If you have a $5000 camera you are borrowing and you cause $25 in damage, you are better off just paying the $25 instead of filing a claim.