insuring the observatory and gear

h0ughy (David) · #1 13-01-2010, 08:03 PM

I was wondering how people went with the insurance for their observatory and astro gear? Obviously i think i might have to consider this now

mozzie (Peter) · #2 13-01-2010, 08:07 PM

hi houghy
i had elise ring nrma thats where we are insured and it is covered under contents so we up'ed the contents to cover it,i was also very concerned especially with the bush fire hazard,try asking your own insurance company

mithrandir (Andrew) · #3 13-01-2010, 08:13 PM

You should check if you need to nominate items - usually those over some specified value, and if they are automatically covered away from home.

We only got about half the value of stuff stolen when our hire car was broken into. The nominated items were covered in full.

h0ughy (David) · #4 13-01-2010, 08:13 PM

Quote:

Originally Posted by mozzie

hi houghy
i had elise ring nrma thats where we are insured and it is covered under contents so we up'ed the contents to cover it,i was also very concerned especially with the bush fire hazard,try asking your own insurance company

i am also with the NRMA

erick (Eric) · #5 13-01-2010, 08:21 PM

Now my scope gear is increasing in value, I thought it was time to check coverage. Gee it is difficult now. Used to be you had automatic coverage for unspecified items (rings, cameras etc) that you took away from home. Not any more. You need to itemise everything etc etc. Agonising. I've been putting it off but I have to do it soon. Including resolving specified items within the house. Groan.

h0ughy (David) · #6 13-01-2010, 08:53 PM

geez if i have to itemise everything - oh wow i really dont want to know the final figure.....

bloodhound31 · #7 13-01-2010, 10:53 PM

CGU accidental damage policy wording all the way. Stuff NRMA.

Louwai (Bryan) · #8 14-01-2010, 08:20 AM

I looked into it last year.
To cover things correctly with no "loopholes" the premium was skyhigh. Something like $2k/yr to cover $40k of equipment.

The gear is covered under you contents insurance, but ONLY if it's damaged or stolen from your home.
I found that none of the majors would cover it away from the home (for a reasonable amount) unless you had seperate cover.

Several times I was told that telescopes are 'high risk' because they are left out in fields & paddocks unattended for weeks at a time....

MAybe we should try Youi. They ask US don't they??? Or so the add says...

multiweb (Marc) · #9 14-01-2010, 10:23 AM

Quote:

Originally Posted by h0ughy

I was wondering how people went with the insurance for their observatory and astro gear? Obviously i think i might have to consider this now

I pay an extra $100.00 or so on my House and content insurance with GIO. My gear is insured for a total of $10k, in the house, in the backyard, on site in the bush, in the car while commuting, if I drop it, etc... Old for new.

Barrykgerdes · #10 14-01-2010, 12:15 PM

I don't bother with the insurance of the gear. I just booby trap it so that anyone using it without my permission will be able to see the stars from close up (for a fleeting second). If you see any reports of exploding astronomers (or equipment) please do not direct them to this email!

Baz

Jeffkop (Jeff) · #11 14-01-2010, 01:51 PM

Costs me about $120/mth to have specified equipment insured. Items worth less than 2K can be covered by normal contents insurance.
The test will come if ever I need to claim I guess.

Rodstar (Rod) · #12 15-01-2010, 08:14 AM

we made an enquiry with our insurer recently, and we were quoted about $350 per year for $15,000 worth of gear (which works out at about $7.50 per week).

Our standard contents policy only covers 5 individual items of up to $2000 in value each, if lost or damaged away from home. This would obviously not cover my telescope, but it would cover my eyepieces etc.

Like you HOughy, i think the time has come. I would only need to be a in a motor vehicle accident, and the Mary Rose could be a shipwreck.

h0ughy (David) · #13 15-01-2010, 08:31 AM

Quote:

Originally Posted by Rodstar

we made an enquiry with our insurer recently, and we were quoted about $350 per year for $15,000 worth of gear (which works out at about $7.50 per week).

Our standard contents policy only covers 5 individual items of up to $2000 in value each, if lost or damaged away from home. This would obviously not cover my telescope, but it would cover my eyepieces etc.

Like you HOughy, i think the time has come. I would only need to be a in a motor vehicle accident, and the Mary Rose could be a shipwreck.

or be boarded by pirates. i am currently reassessing the whole house contents as well - seems as though i am way underinsured

floyd_2 (Dean) · #14 15-01-2010, 09:03 AM

I spoke to AAMI about insuring my gear a little while back, and they said that it was all covered under my contents policy. I further enquired about whether or not I needed to specify items, and they said that any items over (I think) $2,000 needed to be specified, but that there was no additional cost involved. So, I specified all of my gear over the phone and checked to ensure that the value of my gear would fit into my current contents insured value (which it did) and that was that. I was expecting to have to present a slew of receipts like I did with my last insurer.

I also asked them whether or not my gear was insured if it was housed in a locked shed. They said that it certainly was, as outlined in the policy wording document. Having noted that, I put a PIR in the shed and linked it to the main alarm system, and trained a security camera on it (just be too sure)

I was expecting to pay quite a lot to insure all of my gear specifically, and used to with another insurer years ago. So I’m glad to be paying no more and to have the peace of mind that everything is covered.

Dean

acropolite (Phil) · #15 15-01-2010, 08:15 PM

Sir h0ugh, when I last checked with a broker, I could get a policy that covered the usual house contents including personal effects to the tune of $14,000 anywhere in the country without having to specify.

Stupidly I took the advice of my current insurer who falsely claimed I could get insurance for cameras etc for under $100. Next year I'm going with the broker (who I know & trust). I suggest you find a decent insurance broker and see what they can do.

h0ughy (David) · #16 15-01-2010, 10:11 PM

might have to look at that option

vk6kb (Keith) · #17 21-10-2023, 05:24 PM

I found this thread while researching insurance for my gear.
I’ve been quoted an extra $67 per month on my contents insurance with RAC to cover $15,000 worth of gear.
Seems a bit high but Im concerned about it all being stolen while Im fast asleep in bed.
Has anyone found an independent insurer that would just cover the gear or had experience with claiming from other companies please ?
Cheers
Keith

GTB_an_Owl (Geoff) · #18 21-10-2023, 07:32 PM

my dad used to insure mums jewellery - always included copy of receipt and photo of each item

geoff

strongmanmike (Michael) · #19 23-10-2023, 03:52 PM

Quote:

Originally Posted by h0ughy

i am also with the NRMA

Ok so am I.

My previous observatory was on someone else land so I couldn't insure my infrastructure, like and buildings deck etc (luckily the land owners were happy to cover these in their building insurance

) and since it was also not located on my own property, I had to insure all my astro gear, as specified portable items and provide detailed descriptions of any single item valued at over $10K (Mount, OTA, CCD camera). Since all my astro gear is now on my own property, which I own, I was able to simply put all my astro gear on my home contents policy without any specific declaration of items, just so long as my overall cover value would actually cover the replacement cost of all the items I might need to claim on, ie avoid being "under insured", this was much cheaper than specified portable items insurance! My dome, deck and sheds etc are now covered under my buildings insurance, which once again, I just have to make sure I have enough coverage to cover "all" buildings on the property! ie avoid being under insured.

So in a nut shell, just value the total replacement cost of all your gear, add 10% and add that to your insured sum in your home contents policy, as for your dome, it may or may not be considered contents, pretty sure its a "building" like a garden shed fixed to a slab or a pergola (ring and ask). As for that wafer thin under engineered slab of yours (

), it will be part of your building insurance (aaand the Earths crust, even after dooms day!!).

In the end you can't escape insurance companies and if they feel you are under insured they will not pay your full claim if you make one.

Mike