PPA Insurance is a SCAM
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Old 01-04-2017   #1
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Default PPA Insurance is a SCAM

I was with PPA's insurance and I had a theft situation where almost 10K of equipment has
been stolen. I was insure with PPA for 15K for theft. They were very slow to process my claim. They didn't accept the original police report because it was hand written. After lots of headache and finally having the record section police supervisor signed and stamp it, they finally accept it and process my claim. Then once the settlement arrived they just settle half of the amount! BE AWARE! Read the fine prints.

They didn't settle the replacement cost as I was expecting but gave me Actual Cast Value of time of loss.
Due to all my receipts they determine the year of the equipment and calculated the depreciation. They basically devalued my gear and paid less that it was worth.
There was two small prints in the policy that I didn't see.

1.) The Depreciation
2.) Age per Year

They don't explain this to you. Once signing with them, you think you are coverd and have peace of mind. NOPE.



When I got the settlement in the mail I was expecting the full replacment cost. What I got was only half of my loss.


The Photo care plus policy come with two choices.

1) Scheduled Property where they pay the = Replacement Cost (but you need to list all your equipments and submit proof of purchase up front) OR

2) Unscheduled Property = Actual Cash Value Where they down value your equipments.

- Depreciation will apply as follows based on the age of lost or damaged property:

Age means Model Year minus Current Year plus one.

The calculation is based on model year minus current year plus one.
For instance, the Ipad purchased March of 2014 would be calculated as such:

Model Year Current Year + 1

2014 2016 + 1 = 3 years of Deprecation means 75% of down-valuing.

For my loss ipad that I paid $665, PPA settle it for just $166 Because they say it's 3 years old.

For my loss Macbook pro I paid 2014 $2400 + tax. They deprecated 75% off. I GOT $305!!!!

BE AWARE! PPA isn't a good choice. Read the Fine prints and ask Insurance companies for the replacement value. They mislead and pay less that you think.

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Old 01-05-2017   #2
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Default Re: PPA Insurance is a SCAM

Unfortunately, "CAVEAT EMPTOR" is still the watch words of commerce.
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Old 01-10-2017   #3
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Default Re: PPA Insurance is a SCAM

Newhere, PPA is primarily an organization of people who are in the business of photography. As a business proprietor, you are expected to know certain things about how to run a business, such as financial accounting and how to keep track of your capital assets, including the purpose behind depreciation, how to calculate it, and so on. You will learn these things, as well as a lot of other stuff you need to know about running a business, in a decent course in financial accounting. The insurance company shouldn't have to tell you these things; you should already know them. You should have been keeping records and your proofs of purchase and depreciation already, not only for insurance purposes but for tax purposes as well, not to mention for warranty repairs if they become necessary. It was your responsibility to list as scheduled property the stuff you expected to keep well after the depreciation period runs out.

The insurance company's responsibility to protect you financially against catastrophic losses that might endanger your business but not against all losses, nor to pay you more than your equipment was worth at the time of loss. You got three years of usage from your iPad. Electronics of this kind goes obsolete quickly, so has a short depreciation period associated with it. Presumably you would have been taking your old one out of service in a year or so because of obsolescence anyway and replacing it with a newer model if it had not been stolen. I don't see that the insurance company has cheated you.
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Old 01-10-2017   #4
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Default Re: PPA Insurance is a SCAM

Yeah, what the others said. Sounds like you hate PPA, and that is too bad. But you signed the agreement and they had it all spelled out for you. I really doubt PPA is the only organization that prints a "book" on the "what we cover, how and why" when it comes to insurance that isn't dead on to the point. As long as they print it, and you can read it before you sign it, they are good. Case closed. Take what you got for your old equipment and move on. Could have saved all the PPA money and gotten nothing. Or spent more and gotten more. Homework. Not just for school kids.
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Old 01-14-2017   #5
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Default Re: PPA Insurance is a SCAM

Scheduled Property where they pay the = Replacement Cost (but you need to list all your equipments and submit proof of purchase up front)

And this is a problem WHY? Any successful business keeps business records, both income and EXPENSES.
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Old 01-16-2017   #6
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Default Re: PPA Insurance is a SCAM

Afraid I have to agree with everyone else. It is certainly not a scam in any way shape of form. You had a written copy of their terms and it is up to you to understand them as written (not as you would like them to be written).


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