A new replacement would be pretty high when you consider it having a 1.7 lens and high quality optics and construction. I used to be an insurance agent and if it is the same in Canada as in the US, they should cover it for its collectible value or its new replacement which ever was greater. On our policies there was no limit to cameras for personal use and no issue with getting something like this covered, even if it seems high compared to a new point and shoot. I am confident that we would have gladly paid the $175 and I hope that your company will as well.

Good luck,