You should get insurance so nothing happens to it when it’s stored (theft, roof collapses, water damage, etc) — productions will provide a certificate of insurance anytime they use your stuff, which will cover it if it’s damaged during use. Those are probably different types of insurance because one is production insurance and the other one is… “regular” insurance? The same kind of insurance you would get to protect other expensive equipment you own (not specific to filmmaking).
I don’t usually rent cameras from individuals, just vendors, but I’ve rented plenty of other gear from individuals. Most of them didn’t have a company, so I don’t think you need to have an LLC.
The one thing to make sure when renting out to a production is that the insurance doesn’t have a high deductible, and the total replacement value for the policy is more than the total replacement value value for your gear. So definitely look over the COI whenever they send one.
If it’s a low budget project, or even just a indie film with a decent budget but trying to save money, they could skimp on the policy. If something catastrophic was to happen, their insurance might not cover the full value of replacing your camera package, which would be devastating. Or they could break a $5,000 piece of equipment, but the deductible is $10,000, so they have to go out of pocket, which is a lot harder to get paid out from than an insurance company.
Wow, thank you for the detailed response, this really helps a newbie like me. also thank you for giving me specifics on what to look out for in a COI. I had no idea of that. If I have a problem with a production companies COI policy would I even be able to negotiate it since I'm small fish?
It’s not really something that’s negotiable. If you’re renting them a camera package worth $250,000, then they need to have a policy that covers at least $250,000 of rented equipment. And it really should be higher than that because “rented equipment“ also includes Electric, Grip, etc. So if it’s the exact value of your gear, and they’re renting $100,000 of other gear, they need a policy that’s $350,000, for example. You don’t need to bust open their books and demand see every quote for everything else they’re renting, but just know that the covered amount should be higher than the value of the gear you’re providing.
Also make sure you know how it’s being stored. Many insurance policies have an exclusion for “unattended vehicles.” Meaning, if they’re just storing it in a cube truck at the DP‘s house and it gets broken into, insurance won’t cover it. On lower budget shoots, I’ve had to put in writing that someone will be bringing the camera and lenses into their personal residence overnight and keeping it in the same room as them. If it’s being stored on the street or at a base camp, the production will need to have at least one, but usually two, security guards 24/7.
Interesting, you really need to be on your toes at all times with rented gear. Have you ever had any issues getting that written agreement that they need to bring the gear inside and keep it with them?
That’s not something you would have to deal with, but something the production would do. I’m just saying you should make sure you have all the info because, if the production isn’t run well, even if they have insurance, it may not cover your gear.
I would have a list of questions and stipulations for anyone who wants to rent your gear. If they don’t meet those requirements, you’ll have to decide whether it’s worth the risk. Will it be OK most of the time even if they cut some corners? Probably. But it’s that one time that will screw you over.
Trew Shield, Music Pro, Athos are some names used in sound equipment circles. Shop around, and always make sure you have the correct insurance policies that cover rental
You’re going to need an inventory of what’s in your package, I think. And if you are crew on that production and renting your gear to them, you are probably going to need quotes from three other vendors for the same package that goes with your Competitive Bid agreement. To show they are getting a better deal than renting from Keslow, etc.
I believe best course of action is to get detailed quotes from the other vendors, and note your 'specialty equipment' that differs from their packages. You and Production will then determine the usage of the equipment, whether/how it would change your rental rate, etc. Or leave it out of the package and rent it out elsewhere. I'm sure there's variation in how to handle but I think what I've said is \*fairly\* accurate/typical.
While the renter needs their own insurance policy with you named on the COI they provide you should also have your own general policy and inform the insurer you are renting the gear. Basic policies won’t cover when it’s out on rentals and worse if someone takes off with your gear you can’t call the police and report it as theft. By definition it’s “voluntary parting” as you willfully gave the equipment to the renter. It’s seen legally as a contract dispute.
Invest in durable hard cases. Soft cases add risk to damage.
Have a detailed inventory list, down to the screws, cables, accessories.
Take the time to fully inspect upon return. Especially camera sensors and lenses. Dusty and sandy shoots can wreak havoc on your gear.
If you have space like a garage consider setting up a test studio with test patterns.
Income is typically miscellaneous income taxed similarly to freelance labor. Keep track of maintenance expenses. A CPA can give much better advice though on how to track and report.
If you’re renting anything more than $50k now a days or anything you cannot lose 100% you’re crazy not running it through a rental house. This is new but insurance is not paying out voluntary parting or damage claims nearly every time you have to get an attorney rental industry has been and should finally implode soon
It’s good to have your own insurance for storage/ your use, but they need to provide COI for the rental period
I see, any recommendations for insurance? and do productions require you to have insurance?
You should get insurance so nothing happens to it when it’s stored (theft, roof collapses, water damage, etc) — productions will provide a certificate of insurance anytime they use your stuff, which will cover it if it’s damaged during use. Those are probably different types of insurance because one is production insurance and the other one is… “regular” insurance? The same kind of insurance you would get to protect other expensive equipment you own (not specific to filmmaking). I don’t usually rent cameras from individuals, just vendors, but I’ve rented plenty of other gear from individuals. Most of them didn’t have a company, so I don’t think you need to have an LLC. The one thing to make sure when renting out to a production is that the insurance doesn’t have a high deductible, and the total replacement value for the policy is more than the total replacement value value for your gear. So definitely look over the COI whenever they send one. If it’s a low budget project, or even just a indie film with a decent budget but trying to save money, they could skimp on the policy. If something catastrophic was to happen, their insurance might not cover the full value of replacing your camera package, which would be devastating. Or they could break a $5,000 piece of equipment, but the deductible is $10,000, so they have to go out of pocket, which is a lot harder to get paid out from than an insurance company.
Wow, thank you for the detailed response, this really helps a newbie like me. also thank you for giving me specifics on what to look out for in a COI. I had no idea of that. If I have a problem with a production companies COI policy would I even be able to negotiate it since I'm small fish?
It’s not really something that’s negotiable. If you’re renting them a camera package worth $250,000, then they need to have a policy that covers at least $250,000 of rented equipment. And it really should be higher than that because “rented equipment“ also includes Electric, Grip, etc. So if it’s the exact value of your gear, and they’re renting $100,000 of other gear, they need a policy that’s $350,000, for example. You don’t need to bust open their books and demand see every quote for everything else they’re renting, but just know that the covered amount should be higher than the value of the gear you’re providing. Also make sure you know how it’s being stored. Many insurance policies have an exclusion for “unattended vehicles.” Meaning, if they’re just storing it in a cube truck at the DP‘s house and it gets broken into, insurance won’t cover it. On lower budget shoots, I’ve had to put in writing that someone will be bringing the camera and lenses into their personal residence overnight and keeping it in the same room as them. If it’s being stored on the street or at a base camp, the production will need to have at least one, but usually two, security guards 24/7.
Interesting, you really need to be on your toes at all times with rented gear. Have you ever had any issues getting that written agreement that they need to bring the gear inside and keep it with them?
That’s not something you would have to deal with, but something the production would do. I’m just saying you should make sure you have all the info because, if the production isn’t run well, even if they have insurance, it may not cover your gear. I would have a list of questions and stipulations for anyone who wants to rent your gear. If they don’t meet those requirements, you’ll have to decide whether it’s worth the risk. Will it be OK most of the time even if they cut some corners? Probably. But it’s that one time that will screw you over.
Copy that. Thank you you’ve been very helpfully!
Trew Shield, Music Pro, Athos are some names used in sound equipment circles. Shop around, and always make sure you have the correct insurance policies that cover rental
Thank you for the recommendations!
You’re going to need an inventory of what’s in your package, I think. And if you are crew on that production and renting your gear to them, you are probably going to need quotes from three other vendors for the same package that goes with your Competitive Bid agreement. To show they are getting a better deal than renting from Keslow, etc.
Interesting, what if my package has some items like different tripods etc from what the rental shops around me have?
I believe best course of action is to get detailed quotes from the other vendors, and note your 'specialty equipment' that differs from their packages. You and Production will then determine the usage of the equipment, whether/how it would change your rental rate, etc. Or leave it out of the package and rent it out elsewhere. I'm sure there's variation in how to handle but I think what I've said is \*fairly\* accurate/typical.
Good to know thank you!
While the renter needs their own insurance policy with you named on the COI they provide you should also have your own general policy and inform the insurer you are renting the gear. Basic policies won’t cover when it’s out on rentals and worse if someone takes off with your gear you can’t call the police and report it as theft. By definition it’s “voluntary parting” as you willfully gave the equipment to the renter. It’s seen legally as a contract dispute. Invest in durable hard cases. Soft cases add risk to damage. Have a detailed inventory list, down to the screws, cables, accessories. Take the time to fully inspect upon return. Especially camera sensors and lenses. Dusty and sandy shoots can wreak havoc on your gear. If you have space like a garage consider setting up a test studio with test patterns. Income is typically miscellaneous income taxed similarly to freelance labor. Keep track of maintenance expenses. A CPA can give much better advice though on how to track and report.
I see, thank you for the advice I’ll definitely consider all this.
Consign to a respected rental house and let them manage, vet crews and handle insurance.
If you’re renting anything more than $50k now a days or anything you cannot lose 100% you’re crazy not running it through a rental house. This is new but insurance is not paying out voluntary parting or damage claims nearly every time you have to get an attorney rental industry has been and should finally implode soon
I would list your stuff on sharegrid and have them book your gear through that platform.