FAQ's - Climbing GEAR Insurance
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Q: How does this differ from homeowner's, renter's or auto insurance? For example, if my gear is stolen from my garage/home, would renter's insurance cover the loss? What about auto insurance if stolen from my car?
A: Unlike some traditional personal lines or homeowners’ policies, this policy would cover the gear while it is being stored or while it is being used outside of the home/storage facility. Most auto insurance covers the vehicle itself in case it gets damaged or stolen, but those policies very rarely cover the contents inside the vehicle. Under this policy, theft is covered. If gear is stolen out of a vehicle, it can be covered as long as the insured can show physical signs of break in. There is also an option to remove the exclusion for theft from an unlocked vehicle. If this exclusion is removed, the policy would cover theft from a vehicle even if there are no physical signs of break in. Homeowner’s policies may include large deductibles, but even with adequate coverage, frequent claims cause homeowner policies to either charge much higher premiums upon renewal or be cancelled by the carrier. It is always best to reserve homeowner coverage for large/costly home related issues and not file claims for lower cost personal items.
Q: What is the claims process?
A: Should a theft or accidental damage to the gear occur, please email Athos right away. We will then send the insured a claim form to complete. We will review and submit the claim form to the insurance carrier on behalf of the insured. A claims adjuster would be assigned to the insured to assist them with the claims process.
Q: How do I value my gear and/or substantiate its loss/theft?
A: The insurance is based on replacement cost value. It is the cost, including taxes and fees, to replace the gear immediately in the event of a claim. Please note that replacement cost value may not be the same as the exact cost that the insured purchased the gear for. For example, if gear was acquired at a discount, this would most likely be less than the actual replacement cost value of the gear.
Q: How would you recommend the valuation of my gear?
A: The value of your gear should be based on replacement cost value.
Q: Should I take photos of my gear? How should I "inventory" my equipment? Is this necessary to file a claim?
A: All items over $5,001 must be scheduled listing their make, model, replacement cost value and (if applicable) their serial #. Please also be sure to always have proof of ownership of the gear, such as a receipt, since this will be required if a claim were to ever occur.