Insurance

[GMB]

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I figured out it's time to get proper insurance for my M9, M8, and my lenses. I often carry more than 10,000 Euros worth of camera gear with me without being protected against theft or loss. Not a good long term strategy, I am afraid

 

I wonder where others, in particular those based in (continental) Europe, have insured their gear and at what conditions. An initial research I did a couple of years ago produced somewhat unsatisfactory results, as the insurance companies I looked at would not pay the replacement price but the time value, determined by the purchase price and annual depreciation. Why this is ok for digital bodies, it makes no sense for Leica lenses, as some of the lenses I own are now worth more than what I paid for them.

 

Any suggestions are highly appreciated.

 

Many thanks and happy New Year to all of your.

 

Georg

[pop]

I can recall having had an insurance policy where the replacement value of stolen or lost goods was covered. As far as I can remember, it was a fire and household insurance which also covered traveling baggage up to an amount.

 

Since I live in Switzerland, the insurer's address won't be very useful to you, and the amount provided for the baggage was much too little for Leica bodies and lenses.

 

However, there exist different insurance types, and one might meet your needs.

[h00ligan]

I can recall having had an insurance policy where the replacement value of stolen or lost goods was covered. As far as I can remember, it was a fire and household insurance which also covered traveling baggage up to an amount.

 

Same in the USA for what it's' worth. My homeowners insurance would cover any camera loss - but for that value I would have to get an addon.

[dpattinson]

There are a couple of specialist insurers in the UK at least, who will insure against a nominated replacement value and include up to 60 days overseas travel as part of the policy. You can extend the overseas time limit by paying an additional premium. Mine is not cheap, but if I lose or have my stuff stolen, I can go and buy new replacements.

 

Glover & Howe Insurance Services - Colchester - Welcome... are the insurers I use.

[dkCambridgeshire]

You need 'all risks' insurance cover for 'specified personal possessions' and most insurance companies will require proof of valuation if in excess of normal values covered as standard on your existing policy. Best to contact your insurer and discuss. If you are under insured then in the event of a claim your claim will be 'averaged' downwards ... ie the loss adjuster will reduce the compensation paid in proportion to the amount of under insurance. The property needs to be insured for its full value.

 

Cheers

 

dunk

[JMK]

Here's my insurance story . . . all of my gear over the past 15 years has been insured with a rider on my homeowners policy. Last year, I was running through a swamp to "catch the light" when I dropped my camera and lens in the reeds. I was able to retrieve it, and sent it for repair. I filed a report with the insurance company, and then began interrogations by various tiered adjustors on a 2-3 times per week basis. The last insurance adjustor asked me how much income was generated in my photography pursuits, and I explained to this should be of no concern to them, but to the IRS. They asked me if it was greater than $100. I said yes. They then proceeded to read fine print stating that since the amount was greater than $100, it would only be covered if I had taken out a "professional rider" I told them that I would simply eat the cost of the repair, but I was planning on cancelling my home, automobile, and personal liability insurance with them. They then OK'd the repair, and asked me to upgrade to a professional rider.

 

Lesson: read the fine print. If you sell prints or make any money at all from your photographic ventures, your policy might construe you as being "professional" and they might try to renig on payments.

[mat_mcdermott]

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Similar to LMK: One thing to be aware of -- based on my experience with US insurers at least -- if you've made any money whatsoever from your photography, even if it's a tiny fraction of your income, is that your general policy won't cover you. Get specialized photo insurance. Also based on unfortunate experience, make sure everything is covered for actual list prices, not depreciated value or street value, if you have to collect the insurance company may not just write you a check but go through one of their suppliers to get you new gear and those prices could be higher than what you could do on your own.

 

All that said, having proper photo insurance (including professional liability) is a great relief when you've got $10,000+ worth of gear in your bag.

[glenerrolrd]

The other issue to understand is the cancelation policy. Increasingly the carriers in the USA are canceling policies with as few as two claims. For example we had a small claim when my daughter lost a watch . If we make a 2nd claim within 7 years ....the policy provider may (its up to them ) cancel our homeowners policies on two homes. This makes having a personal articles policy essentially worthless since we would never make the claim.

 

Generally most people assume they are covered and pay good money for the peace of mind associated with a low deductible.

 

The issue is that by tying the rider to your home owners policy ...can result in unintended consequences after you make the claim.

[GMB]

All -- Many thanks for the helpful comments.

 

JMK -- I am a lawyer by profession and I will certainly read the fine print.

 

Matt -- Thanks for the advice. I am amateur but who knows, may be someone pays something one day.

[pop]

I am a lawyer by profession and I will certainly read the fine print.

 

Ha, I have to remember this one.

 

I am an IT consultant and often work for lawyers. I always have to admonish them to make contracts with their suppliers and to actually read and store those contracts.