Insurance

[Gerard]

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With recent posts popping up about equipment theft, and occasionally doing some paid work where I really ought to have indemnity and liability cover in this 'claim culture' age, I'm looking to secure a single policy that will cover all three elements.

 

I see some here have rated Aaduki Multi Media. And I've seen good reports elsewhere about InFocus Insurance. Are there other companies you use that would be worth checking out?

[Jeff S]

As I replied to you elsewhere, old threads abound with possibilities...this is just one. You might find more current info, but using the search might provide additional thoughts. The home policy route is a common one; one that serves me well in the US, but same for many in UK.

 

Jeff

[Gerard]

As I replied to you elsewhere, old threads abound with possibilities...this is just one. You might find more current info, but using the search might provide additional thoughts. The home policy route is a common one; one that serves me well in the US, but same for many in UK.

 

Jeff

 

Thanks, Jeff. But home policies will not cover indemnity or liability and, through my research, seems to come with higher premiums and more exclusions (no cover in locked car etc.).

[Jeff S]

Well, I don't know about others' policies, and I'm not a working pro, but I have a rider to my home policy (not contained in the home policy itself) that is specific to camera gear. It covers all circumstances, including loss or damage, without regard to cause (even my own stupidity), and is worldwide in coverage. Plus, there is no deductible.

 

Each item is valued at full replacement, and even includes an 150% automatic increase (without my need to reappraise) in the event my replacement gear goes up in value at the time of a loss. Currently I pay just over $300 per year for over $22,000 (US) in equipment. I consider this minimal cost, as I used to spend far more for film and supplies annually before I switched to digital.

 

Jeff

[Gerard]

Again, thanks. But I'm looking for a single policy that cover equipment, liability and indemnity. The two companies highlighted offer such policies IRO £300 all in.

 

I'm hoping some here have personal experience with companies which may well be valuable insight for many forum users, including myself.

[Jeff S]

In the words of Emily Litella, never mind. Hope you get useful responses.

 

Jeff

[wda]

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Professional insurance does push up the premium quite a bit, but essential in your case. Why not Google camera insurance UK to get a short list, compare premiums and ask the forum at that stage. Historic evidence is not always relevant in a fast-changing world.

[tdtaylor]

Jeff may not be far off- in the US. I have an personal umbrella that covers business/personal liability excess to 3.5 million added on to my homeowners for about $650 per year. I specifically cover my photo equipment, which is personal/partly income earning for 1.7% premium per year for its current value, as I give to the insurance company, as Jeff mentioned.

 

Indemnity is NOT covered in the US- it may be different in other countries. This is specifically written out of most business/E&O coverage. To the extent my clients ask for it, when my clients (250 Architecture firm), I have to explain they have just written themselves out of our coverage. It is very common in contract proposals among those who are novices, but I don't encounter it much with my experienced clients. Now talk about expensive- Architect/Engineer E&O coverage. My premiums run $2m plus per year- and premiums have come down. E&O is just about the most expensive insurance on can get, especially for Structural Engineers.

[bocaburger]

I encourage anyone depending on their homeowner's policy for camera insurance to check the policy language, particularly if they've recently switched companies. We used to have our homeowners with a well-known major underwriter, and all my camera gear was covered to the full stated aggregate property dollar amount of the policy, wherever I went with my cameras. The state refused to grant that underwriter the astronomical premium increases they wanted (evidently not enough insurance-company loyalists/apologists got elected last time ) so the company opted not to renew homeowners policies. The number of affordable options is severely limited, and the company we ended up with covers the camera gear only when it's in the house. Otherwords, not covered on vacation, or even if I take it out in the backyard to shoot flowers and birds. So I had to take out a separate policy. The cost was about $1.15 per $100 of coverage. I only covered my M9 and the lenses I normally take on trips, as I figure I can self-insure the rest.

[tdtaylor]

Definitely read the language- big differences between companies. My last company had certain Countries and situations which were not covered. I am now with Encompass, and have throughly reviewed the policy as well as had a detailed discussion with my broker- I am covered anywhere in the world, for loss or accident, for the current market value of the item. THis helps with Leica lenses out of production, like my MATE. Also, with my company, my base covers anything up to $1,500, so I only specifically itemize and insure (by rider) items that are worth more than $1,500.

 

But as Bocaburger mentions, do read your policy.

[Lord Fluff]

When I last looked, about three years ago, Aaduki were a better bet than Photoguard, who I was with before that. In the time I've been with Aaduki I've yet to claim, but their policies are clearly written, you deal with humans, and they *seem* ok...and I hope not to find out, if you get me.

 

If you have a lot of gear, but don't always take all of it out on a shoot, choosing an 'at home' percentage save you quite a lot (i.e. say only 10k out of 15k is out of the house at any one time)