Here’s some good news for photographers and production teams who frequently rent cameras for their projects. Camera and gear rental startup KitSplit has recently partnered with Heffernan Insurance Group’s InsureMyEquipment.com to bring us a new and affordable gear rental insurance program. Called KitSplit Instant Insurance and supported by OneBeacon Insurance Group, this program offers the lowest rates for gear rental insurance in the industry with the convenience of online purchasing.
The KitSplit Instant Insurance program provides a comprehensive gold standard coverage for gear over $10,000 in value. Premiums start at $125 for short term insurance, and are quoted based on the value of the gear rented. For gear with value under $10,000 there’s an instant damage waiver program starting at $5. With a fully automated system, KitSplit renters can instantly purchase the insurance 24/7.
Who could possibly need and greatly benefit from this insurance program? Aside from photographers who typically rent additional equipment, the KitSplit Instant Insurance seems best for visual content creators who also manage their own production teams. They may need extra equipment for more large-scale or demanding projects, and it’s likely more cost-effective to just rent gear and purchase insurance for it if need be, instead of buying equipment that just ends up as an unnecessary expense.
However, KitSplit also applies a 40-point risk vetting system that allows them to handpick only trustworthy professionals to have access to the insurance program to reduce risks, and therefore, the costs. So, photographers and content creatives who are just starting out with projects that require high-end, pro-level equipment most likely aren’t going to qualify for this. It’s definitely more practical to rent the gear and get acquainted with it first before buying your own. But it could take you a few pro-level projects before you can get assessed for gear insurance programs like this.