I have helped setup and manage over 50 base stations / repeaters. Our equipment is all at the top of the towers for the most part. We do this to maximize the output power of the radios using a short radio cable. We have had three occurrences of lightning strikes. We do carry insurance but have never used it in the four years of operation. I have yet to have the equipment damaged from any of the lighning strikes. Just last week one of our repeater radio antennas was hit and not hurt (but i can't say the same thing for the customers phone line and other equipment). Actually the equipment was still working after the strike and still broadcasting. Here is the main lightning protection we have:

Make:  Polyphaser Corporation PN:67184

I also use a 110v household surge suppressor for the power source and all my equipment enclosures are housed in a metal box that grounds it to the structure. Also i read somewhere that having non straight lines helps prevent surges as well since current would like to travel in a straight line. Therefor we have coiled up a little extra cord just as a preventative, not sure if that is true but we figure it can't hurt anything. I even tie knots in some of my household items at home to help stop surges. Sounds like a good test for the guys at Myth Busters, gotta love that show.

Obviously this is not an 100%, you are not going to see damage to the equipment, but hope it helps prevent it.

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