Posted 08 August 2015 - 06:42 AM
Long term care insurance is necessary but "too expensive" for most.
Now you can find term life insurance with a long term care component in it for half as much cost.
Regardless of age we need these things, for the risks of everyday life and especially with our jobs as freelancers.
Secondly, Walter P.'s equipment insurance now has no minimum on equipment so you can customize your $ value to what you really need which is very good.
Posted 11 September 2015 - 07:36 AM
Here's what I know.
You get life insurance policy and you can access a large portion of it for long term care, but either way you have life insurance if you don't need the long term care.
Traditional long term care only lasts for max of four years and is a fixed amount of value.
In a world where accidents happen and medical science can keep us alive for a long time but at a huge cost it seems like a thing to have. The discussion of life insurance is obvious if you have family responsibilities but often written off till later thing and luckily not used often but pretty much essential.
The trick is you can't wait til you're sick to get qualified, so that's a part of it too.
Gerry Stricker at WP is the person I've been talking to, because I'm old enough to know that my chances of needing this coverage is about 75%.
I've got my ear to the ground on this stuff because I am in the demographic to know i need things and I've had the time to have perspective on people who have needed it and didn't have it.
Posted 12 September 2015 - 02:10 PM
Thanks for consistently bringing up a lot of things we don't... but should think about! YOU'RE AWESOME.
Posted 12 September 2015 - 06:26 PM
Thank you Janice!
I'm not sure if this topic is meant to be exclusive to Long Term Care insurance but here's something else everyone covered by WP Dolle under the group Steadicam policy should know:
If you are renting your gear out to others and are not on the job yourself, your equipment is NOT COVERED under Dolle's Steadicam group policy and Dolle does not have a policy to offer that does. After many years and increasing rentals but no claims I had to go elsewhere for my equipment coverage. That policy is a great policy but you need to know the limitations.
I can't speak high enough about the great service we had over the years from Tanya at WP Dolle and thankfully we never had a claim.
Now, if you're running a good operation and you are always getting a proper COI from your rentors, that's fine as long as you always confirm their policy is active and in force. However, if their insurance declined for some reason you'd be SOL without your own coverage.
Posted 13 September 2015 - 07:12 AM
Thanks a bunch.
I recently found out a friend's policy apparently didn't cover "fraud" and I thought that crazy bad for him because it seemed like just a legit loss. Sadly he came out on the bad side without coverage when he needed it.
I don't know details but as Robert said shop for what is good for your situation.
I was surprised/shocked to hear about my friend and also the good tip from Robert which I didn't know about either.
I've rented out some gear in the past and thought it was covered.
Lately I've been deciding on whether I need equipment coverage on some pretty old but still useable gear.
It really does make me nuts that policies are written so densely that we take the word of agents and if you don't specifically ask you'll never know and are at the 'mercy' of their info. Now fast forward to the need and an "I'm sorry." Is all you get.
As an aside to the long term policy which costs a ton and I'm counting on it doing what I need in the future I'm strongly thinking of having a lawyer read it to prevent a problem at the most dire time when I need it.
Posted 26 September 2015 - 10:09 PM
Posted 30 September 2015 - 01:41 PM
This rented/unaccompanied gear not covered is news to me.
I haven't talked to Tanya in a long while so I don't know.
Posted 02 October 2015 - 08:23 AM
No one will not reply to questions via email which is maddening.
I suspect it's a liability issue and I get it but boy they can't respond really?
As public sentiment pushes for changes in the way business gets done in the new world I can see some changes needed.
Posted 03 October 2015 - 12:13 AM
In a total coincidence, I was corresponding with Tonya the other day about an unrelated situation and she wrote this:
"I wanted to make sure you are aware that your Steadicam Equipment Policy only provides $5,000 in Contingent or Secondary Coverage for Equipment you Rent/Lease To Others. Also, the loss has to be for a covered cause of loss; damage of some sort, etc. and there has to be a written contract in order for coverage to apply. Voluntary Parting is not covered under the policy. If you were to rent a camera to someone and they did not return it there would be no coverage for the camera."
So, like Robert said, don't rent to anyone else unless its in writing and they have valid insurance that will be primary.
On the other hand, the Dolle policy will cover equipment you rent FROM others, up to a limit which, I believe, is a percentage of your coverage limits for your own equipment. This allows me to get a COI whenever I need it to rent equipment from a rental house.
She sent a coverage summary which reads, in part:
Additional Policy Coverages:
Additional/Newly Acquired Equipment – coverage provided for owned equipment not included on equipment schedule for 180 days; however, coverage will not extend beyond the end of the policy period. The limit for Newly Acquired Property is equal to 30% of the total limit for scheduled equipment or $25,000, whichever is less.
Leased/Rented Equipment from Others - Equal to the limit of individual’s scheduled equipment up to a maximum of $100,000. This is the maximum limit on the policy for all rentals at any one time.
Contingent Coverage for Equipment Leased or Rented to Others - $5,000 limit. A written lease or rental transaction must be in writing for coverage to apply.
No Coverage for loss or damage to Covered Property caused by:
Governmental action, nuclear hazard, and war or military action
Dishonest acts of the insured, employees of the insured, those with an interest in the property, or anyone entrusted with the property (other than a carrier for hire)
Voluntary parting with property as a result of a fraudulent scheme, trick or false pretense
- Example: If you allow equipment to be borrowed by or rented to others and items are not returned coverage does NOT apply
Transfer of property on the basis of unauthorized instructions
Wear and tear
Collapse of a building or part of a building, unless caused by a specific Covered Cause of Loss (e.g. fire, lightning, windstorm, explosion, vandalism, weight of snow, ice or sleet, etc.) or as provided under Additional Coverage – Collapse (e.g. collapse caused by: building decay hidden from view, insect or vermin damage hidden from view, use of defective materials or methods during construction or renovation, and weight of people or personal property)
Posted 06 January 2016 - 02:16 PM
Anyone using TCP Insurance? If so, what do you think?