Camera Insurance

[paulsydaus]

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Hi guys,

I don't own an S but do own a Noctilux among other gear. I want to insure my gear against the usual: loss/theft/accidental damage etc. I'm not a pro, so I wouldn't need anything like loss of income or replacement gear. And I don't have any other contents insurance that I can tack this onto. What insurance companies can you recommend? I'm Australian but live in Korea. Thanks in advance,

Paul

[albertknappmd]

while you are at it... amy recommendations for me.. I live in the USA...

Albert :)

[faranstudio]

If you are in US, try: Photography Camera Equipment Insurance | Video Production Insurance

 

They are pretty good and well know for a long time in this business.

[CalArts 99]

If you are in US, try: Photography Camera Equipment Insurance | Video Production Insurance

 

They are pretty good and well know for a long time in this business.

 

 

http://www.l-camera-forum.com/leica-forum/customer-forum/175565-tom-c-pickard-tcp-insurance-nightmare.html

 

 

while you are at it... amy recommendations for me.. I live in the USA...

Albert :)

 

Most any of the brand name insurance companies like State Farm, Allstate, etc., sell what's called a 'personal articles policy' Personal Insurance for Computers, Jewelry & More - State Farm

 

They usually have no deductible (actual cash value) and also cover accidental damage and have worldwide coverage, etc.. I've carried one for many years and it covers everything except for 'act of war.' One just has to be sure to keep the items on file with the company with sales receipts and serial numbers. And be sure to update whenever something is bought or sold.

[stuny]

If you are current or former US miliary you should check out USAA for a personal effects policy and other insurance (household, auto, life).

[sblitz]

If u have home or renters insurance u can usually have a personal articles attachment for all your cameras lenses jewelry whatever. It is what I do

[mwilliamsphotography]

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Take care in securing insurance for camera equipment.

 

Homeowner's riders, even those titled "all inclusive" sometimes do not cover foreign travel, do not cover shipping gear, and they do NOT cover any loss if you are making any money from photography even if just expenses ... you need business insurance for that ... and, if you have business insurance, you are NOT covered for personal use, like vacations. Plus, riders usually have a hefty deductible, or the premium is very expensive.

 

I have a commercial "studio pak" policy that covers liability, damages, hospitalization, missed income, and over $110,000 of equipment with a $500 deductible on anything less than $6,000 in value with no listing of the items required ... anything over $6,000 (almost anything from Leica : -), is line listed and there is no deductible. If I lost my S2 or any of the CS lenses, they would be replaced with new ones. My Premium is about $90 a month.

 

Home owner's rider is the way to go if you do not make money from photography ... just take care to read the fine print.

 

Anyone that makes money, or once made money and retired, can join the PPA and get insurance through that organization.

 

PPA Insurance Solutions | PPA

 

- Marc

[Rosebud55]

Any recommendations please for the UK? I do not want to put cameras on house insurance, would like accidental damage, theft etc, especially when not at home.

Thanks.

 

Rosie

[IWC Doppel]

I put my equipment (M9-P and 10 lenses) on cover via home insurance, I had to change insurer (now NPAI) and its covered new for old for damage and theft in all circumstances

[Jeff S]

Any recommendations please for the UK? I do not want to put cameras on house insurance, would like accidental damage, theft etc, especially when not at home.

 

Don't know about UK, but in the US one can get a rider attached to a home policy to cover gear, but that is essentially separate from the home policy itself. My rider, attached to my premium home policy, covers my camera gear in ALL situations, including damage, theft or loss, even due to my own negligence, anywhere in the world, with no deductible and at full replacement value, even if the replacement cost has gone up. And it's only a few hundred dollars for over twenty thousand dollars of equipment.

 

No brainer, as they say.

 

Jeff

[ayewing]

Hi guys, ..........

What insurance companies can you recommend? I'm Australian but live in Korea. Thanks in advance,

Paul

 

I think you might have problems due to your place of residence. Policies issued in the UK generally specify that the insured person must be UK resident and I think similar provisions would apply to US and Australian companies as well. If your permanent address is in Korea it might be wise to consult a local insurance broker.

 

If we have any Korean forum members they might have useful advice to offer.

[paulsydaus]

I think you might have problems due to your place of residence. Policies issued in the UK generally specify that the insured person must be UK resident and I think similar provisions would apply to US and Australian companies as well. If your permanent address is in Korea it might be wise to consult a local insurance broker.

 

If we have any Korean forum members they might have useful advice to offer.

 

Thanks for the advice. I think you are right, there is a group on Facebook "Seouliters" which I might try. The language barrier is high, which means I need to rely on a local bilingual. I'll update with my final solution.

[mark_j]

Any recommendations please for the UK? I do not want to put cameras on house insurance, would like accidental damage, theft etc, especially when not at home.

Thanks.

 

Rosie

 

Rosie

 

I use Glover Howe and they seem pretty good, rates are competitive. Of course I won't really know how good they are until I have to make a claim!

 

Photographic Insurance, Camera Insurance, Photographers Insurance | Glover Howe

[Herr Barnack]

Be very extremely of insuring your camera gear via your homeowner or renter insurance policies. Most - if not all will not cover at replacement cost of your gear. They will cover at depreciated value. Huge difference.

 

Also - most if not all of these policies will not cover your kit if you make any money with it. Sold a print two years ago for $100? You are a "professional photographer" according to the insurance companies. Homeowner/renter policies will not cover what the insurance company labels as a "professional photographer."

 

There is also the issue of maximum coverage. If you have a $25,000 Leica kit and rely on your homeowner/renter policy for coverage, they may cover only a maximum for camera gear - like, say $500 or $1000. If something happens, you lose - not the insurance company.

 

The insurance companies have a mission in life that two-fold:

1 - Collect as much premium money as possible, and

2 - Pay out the absolute least amount for loss claims as is possible - ethics, morals and issues of right and wrong be damned.

 

Bottom line: If you have a $500 camera/lens combo and have never used your camera to make a dollar, your homeowner/renter coverage is adequate. For anyone who does not fit that box, all you really have is a false sense of security.

 

If you do not fit in the $500 camera/lens snap-shooter box, talk to Taylor & Taylor:

American Society of Media Photographers - Taylor & Taylor Associates

[Jeff S]

Be very extremely of insuring your camera gear via your homeowner or renter insurance policies. Most - if not all will not cover at replacement cost of your gear. They will cover at depreciated value. Huge difference.

 

Surely you're not talking about riders attached to the home policy, as mine (post #10) is not uncommon. And I would be considered part of 'all'. These can be offered by the same or different company as the home policy.

 

Not only does mine cover replacement value (at my value specification), it provides for up to 150% of my specified value if the replacement cost goes up over time due to cost increase and/or model discontinuation.

 

I'm not a pro, but I also wasn't asked.

 

Jeff

[Herr Barnack]

Surely you're not talking about riders attached to the home policy, as mine (post #10) is not uncommon. And I would be considered part of 'all'. These can be offered by the same or different company as the home policy.

 

Not only does mine cover replacement value (at my value specification), it provides for up to 150% of my specified value if the replacement cost goes up over time due to cost increase and/or model discontinuation.

 

I'm not a pro, but I also wasn't asked.

 

Jeff

 

That's not the experience I had when I talked to my insurance broker about camera insurance. The underwriter who insures my home would only insure camera equipment if I were considered an amateur or hobbyist photographer. In their view, I was not considered as such - so no coverage.

 

The broker dug for two weeks and every other insurer she contacted replied in one of three ways:

1 - Refused to insure

2 - Would cover only for actual cash value minus depreciation (as determined by the insurance company), not for my actual replacement cost

3 - Would not cover loss outside of the U.S.

 

Regarding actual cash value vs. replacement cost coverage:

...Depending on the carrier, there are different ways in which a company may calculate a payment should a loss occur. In general, payment based on the replacement cost is usually “better” than the depreciated actual cash value.

 

To take a simple example—suppose your camera was stolen, a replacement cost policy allows you to replace that specific camera, with a new camera, not taking into consideration that you have been using that same 6 megapixel camera for a year and have dropped it multiple times, causing considerable wear and tear.

In summary - Replacement Cost Is Preferred Over ACV.

 

It is important to note that because replacement cost is preferable, the price of the policy will reflect this. Depending on how many valuables you have, it might be worth paying a little extra to get the upgrade. With expensive electronics, actual cash value usually will not even come close to paying for a replacement of what you've lost.

Here another quick example - Suppose you now need to replace a laptop that is stolen or damaged, more likely than not, you paid at least $1,000 for this a year or two ago, and it is now worth far less than that. You'd be likely to get a check for $300 or dollars or so, but finding another laptop at that price is impossible...

Source: Actual Cash Value vs. Replacement Cost

 

My whole point in my previous post (#14) was this: The devil is in the details. Therefore, be 100% certain you read and understand all the fine print in your camera insurance policy/rider/whatever.

 

Surely you're not talking about riders attached to the home policy, as mine (post #10) is not uncommon. And I would be considered part of 'all'. These can be offered by the same or different company as the home policy.

 

Not only does mine cover replacement value (at my value specification), it provides for up to 150% of my specified value if the replacement cost goes up over time due to cost increase and/or model discontinuation.

 

I'm not a pro, but I also wasn't asked.

 

Jeff

Interesting; that makes me wonder who your insurance company is...

[Jeff S]

My whole point in my previous post (#14) was this: The devil is in the details. Therefore, be 100% certain you read and understand all the fine print in your camera insurance policy/rider/whatever.

 

Interesting; that makes me wonder who your insurance company is...

 

Chartis, premium policy (Private Client Group). The details are just fine. Chubb (Masterpiece) should offer something similar.

 

Jeff

[IWC Doppel]

Do write or email clarifying specifics and risks covered. I sent a detailed exel spreadsheet with specified items and new for old pricing with agreed valuation where they cannot be replaced with new

[Herr Barnack]

In the end, I bought coverage offered by Taylor & Taylor with Fireman's Fund being the underwriter. This policy meets my coverage needs. YMMV, as they say.