quote:

Originally posted by MacD37:

quote:

Originally posted by Opus1:
Wow, one can tell who actually understands the risks of traveling to and moving though Africa and who doesn't.

For more than 25 years of traveling to and living in Africa, I have lost count of the number of folks who have had bags, valuables, equipment and/or firearms stolen at airports, hotels, vehicles, and camps. And with the risk of violence and crime only rising on the African continent, it only makes sense to protect yourself and equipment with insurance.

I find it odd that some folks believe that emergency medical evac insurance or trip insurance is a good buy, but investing a few additional bucks for gun insurance is a terrible idea. Some folks need to go back to logic school. I suppose if one goes to malaria country it's also good idea to save all that money on prophylaxis medication and just roll the dice.

Insurance of any kind is a complete and total waste of money... until you need it.

I retired from 31 years working for one of the largest major international airlines in the world! Tell me again that things of real value don't disappear, to never be found!

…………………………………………………………...

quote:

Originally posted by Todd Williams:

quote:

Originally posted by MacD37:

quote:

Originally posted by Opus1:
Wow, one can tell who actually understands the risks of traveling to and moving though Africa and who doesn't.

For more than 25 years of traveling to and living in Africa, I have lost count of the number of folks who have had bags, valuables, equipment and/or firearms stolen at airports, hotels, vehicles, and camps. And with the risk of violence and crime only rising on the African continent, it only makes sense to protect yourself and equipment with insurance.

I find it odd that some folks believe that emergency medical evac insurance or trip insurance is a good buy, but investing a few additional bucks for gun insurance is a terrible idea. Some folks need to go back to logic school. I suppose if one goes to malaria country it's also good idea to save all that money on prophylaxis medication and just roll the dice.

Insurance of any kind is a complete and total waste of money... until you need it.

I retired from 31 years working for one of the largest major international airlines in the world! Tell me again that things of real value don't disappear, to never be found!

…………………………………………………………...

Not to mention items that get damaged. Not much practical difference between having a $20K or more rifle stolen and having it damaged beyond repair because of rough handling, or some asshole on the ramp hates hunting / guns and decides to give it the KOKO the Gorilla treatment.

quote:

Originally posted by Beretta682E:
The right math is

Value of insured items * probability of loss = expected loss

An insurance company spreads the risk over numerous events/policies and has the law of large number.

An insurance company is also risk neutral - so it only looks at expected loss over large number of policies.

Individuals - even macho dangerous game African hunters are risk averse. They also don’t do the work or it’s cost prohibitive or beyond their scope to observe the probability of loss as they are not under writing insurance. So for them it is pay $150 or $300 to insure a $30k gun. When the expected loss could be $10.

It’s all about how risk averse one is. Stone creek observation is people get risk averse about traveling with guns but not other things in life. Welcome to the beauty of dealing with primates - humans are not rational and real and perceived risk aversion plays a big part.

Mike

quote:

Originally posted by Michael Robinson:If there is any appreciable risk of loss, and if buyer’s due diligence on the insurer has been done and is satisfactory, then there is only one simple equation to solve:

Value of insured item(s) minus cost of insurance.

If the answer is a significant positive number, then buy the insurance.

quote:

Originally posted by Michael Robinson:

quote:

Originally posted by Beretta682E:
The right math is

Value of insured items * probability of loss = expected loss

An insurance company spreads the risk over numerous events/policies and has the law of large number.

An insurance company is also risk neutral - so it only looks at expected loss over large number of policies.

Individuals - even macho dangerous game African hunters are risk averse. They also don’t do the work or it’s cost prohibitive or beyond their scope to observe the probability of loss as they are not under writing insurance. So for them it is pay $150 or $300 to insure a $30k gun. When the expected loss could be $10.

It’s all about how risk averse one is. Stone creek observation is people get risk averse about traveling with guns but not other things in life. Welcome to the beauty of dealing with primates - humans are not rational and real and perceived risk aversion plays a big part.

Mike

Mike, you need to read the fine print. I didn't repeat it (from my first post on the subject) in the snippet that you referred to above, but here it is again:

quote:

Originally posted by Michael Robinson:If there is any appreciable risk of loss, and if buyer’s due diligence on the insurer has been done and is satisfactory, then there is only one simple equation to solve:

Value of insured item(s) minus cost of insurance.

If the answer is a significant positive number, then buy the insurance.

My firearms insurance covers everything: any physical damage, any loss, including by theft, whether at my residence, in transit or shipping, and at all locations, worldwide. I read all of my insurance contracts, including the fine print!

And what do deductibles and self-insurance have to do with it? Again, simple arithmetic - the higher the deductible, the bigger the hit to the insured, but the lower the premium.

Many would not buy property insurance on their homes, if their lenders did not insist, and many others would not buy car insurance, not even liability insurance, if their lenders and the government did not insist.

But having said that, our bankruptcy courts are still full of Chapter 11 claims filed by imprudent, under insured home and car owners, who underestimated risk of loss.

Firearms insurance, in comparison to those categories of insurance, is far more affordable, which leads me to another equation:

Small dollars = Huge peace of mind.