----- Original Message -----
From: "John Francis"
Subject: Re: Stolen Equipment
That's rubbish. There's absolutely nothing that says you have to buy
*anything* with the insurance money, let alone next-to-identical items.
The only possible reason for receipts would be as proof of market value.
John to a certain extent that depends on the policy. My insurance has
replacement value if I choose to replace it, or else fair market value if I
choose to take a cash settlement.
Unfortunately, as I am finding out with film gear, fair market value is very
little value at all.
The really rare stuff does well at fair market value. As an example, the
A*85/1.5 has a present market value of ~1200.00, perhaps a bit more on a
good day.
When I was selling equipment, we got a huge increse in insurance sales when
cameras such as the Canon EOS 650 hit the market and peoples manual focus
cameras started suffering victim of a rash of mysterious loss.
The insurance companies quickly became rather niggardly* about honouring
claims. I suspect Joe's insurance company will make him jump more than a few
hoops.
William Robb
*Not related to the "n" word in any way, shape or fashion.
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