Insurance - specialist or home contents?

[dunos]

Advertisement (gone after registration)

Now I have this expensive bit of kit I am thinking about insurance. Previously I have had everything insurance on my home contents insurance but is it preferable to insure with a specialist? If so who (in the UK) are considered good insurance companies for camera equipment?

 

I would be looking for UK + EU with occasional (once a year) worldwide cover.

[La Morte]

Here in South Africa my home insurance cover it, but I have to specify it.

[dkCambridgeshire]

Now I have this expensive bit of kit I am thinking about insurance. Previously I have had everything insurance on my home contents insurance but is it preferable to insure with a specialist? If so who (in the UK) are considered good insurance companies for camera equipment?

 

I would be looking for UK + EU with occasional (once a year) worldwide cover.

 

IME, UK insurance companies require recent professional valuations for all risks cover of valuable cameras - which is fine if you have a recent invoice - but not so good if you have a collection of vintage/classic equipment. I eventually decided to 'self insure' my valuables and take the risk myself because it would have been too much hassle to have items professionally valued. Many people think they are covered under their household policies for their camera equipment but they do not check their policy wordings and the 'all risks' cover £limits - so in effect they are not fully insured. Because they are in effect under-insured they risk any claims being 'averaged' which in effect penalises them for not taking out full cover. Furthermore, all risks cover for valuable items can be prohibitively expensive. Often it's better to 'self insure' but declare to your insurance company that you possess items that you do not want covered under the policy - thus avoiding 'averaging' in the event of a claim for other other valuables which are covered. I bought a gun cabinet to securely store my cameras at home - it's fire proof and burglar proof. And over the years I've saved £hundreds in insurance premiums. This is my personal choice and might not suit others - but I used to work as a insurance professional and am aware of the risk - and also aware of how claims assessors work e.g. when they 'average' claims and only pay out a fraction of losses incurred.

 

Specialist insurers do offer separate cover for valuables but can charge very high premiums - and require professional valuations. And valuations cost ££ … often only offered for a % fee based on the total valuation … thus £10K worth of cameras and lenses might incur e.g. a 2.5% valuation fee of £250 which seems excessive … but would cover assessment with full descriptions … and might even be more than actual insurance premium. And some so-called professional valuers do not have much idea of the worth of some items - even though their valuation certificates can look very professional; it's a racket and a good money earner for them.

 

As an example, some years ago I had four watches professionally valued by a well known high street jeweller. The watches were sent off by the jeweller for valuation to their 'specialist' who duly photographed them and produced an inventory with the most OTT descriptions - and the printed inventory looked like an illuminated manuscript. Three Rolex watches were way over-valued and one Zenith 'El Primero' chronograph was way under-valued for just £600. I queried the Zenith valuation but the 'valuer' insisted that it was only worth £600. Nine months later I part exchanged the watch when was allowed £1500 for same by a London dealer.

 

Thus I do not trust professional valuers or their valuations.

 

There used to be an advert on TV advocating, "Get the strength of the insurance companies around you' … but that phrase needs careful consideration. Too many insureds are either over or under insured - and many do not realise.

 

Buildings and normal household contents insurance is a different matter - the foregoing is just my own personal opinion regarding all risks insurance for personal possessions.

 

Before taking out additional all risks cover please weigh up the cost and the benefits … and consider how much you can safely 'self insure' yourself … especially if you acquire a decent safe.

 

dunk

[M9reno]

Dunk, can you provide a link from which to source such a cabinet?

 

Thanks.

[dkCambridgeshire]

Dunk, can you provide a link from which to source such a cabinet?

 

Thanks.

 

Bought mine direct over 15 years ago from Boxx Security Ltd. , Richardson St , High Wycombe HP11 2SB … no website traced. Not sure if still trading under the same name but if you Google "Boxx Safes" they regularly come up on Ebay.

 

dunk

[colonel]

Home insurance

 

Don't know about antique glass but I told my home insurance about cameras. Anything is insured in the house up to total limit but need extra for taking out of house.

Some things that have changed recently:

1. My home insurance won't just insure the body now, they want to be informed of the entire kit and insure in total.

2. Will not cover if stolen from car. Leaving things Ina. Car is generally not insured for extras now.

3. Replacement new value is insured. I.e. If stolen they will replace. If you wanted cash it would have a discount based on their sourcing of new items at below retail. All insurance is going this way, big payouts are a thing of the past.

4. I have claimed before (not for camera equipment) and my company (prudential in uk) are very good here

 

Rgds

[spylaw4]

Advertisement (gone after registration)

Covered by my home insurance. I have repeatedly asked re this very question just to make sure I am covered. Every time same answer "you are covered provided the values are in the overall sum". They are! As my insurance renewal is now in I shall re-ask once more this year to make sure before I depart for points East next month.

[IWC Doppel]

I have listed item, pictured and provided replacement costs, all covers by house hold policy

[dunos]

Thanks for the advice everyone. Since this is new rather than vintage/classic equipment I think I will try and cover it on my household contents insurance. My main fear is having it stolen from my person while out of the house.

[Bill W]

Here is the US, it can vary by insurance company. I checked on scheduling my equipment which I did many years ago. I got a quote of $600 for $50,000 coverage. If I do not schedule I am still covered but must first incur a $1,000 deductible and I do have "replacement" coverge. Scheduling you would only get what you scheduled your items for. I decided to stay with my equipment as part of my home contents. If I were a professional I might schedule since it would be more exposed.

[AlanJW]

I have $50,000 blanket coverage which is all risk and replacement value, as a rider to my homeowners policy. I also provide a schedule of items but the insurance is not limited to the items scheduled.

[DMJ]

Try Hiscox insurance.

[jdsheepdog]

Having just received a quote for off premises insurance for the soon to be with me M 240 in an eye-watering amount that makes me think it was underwritten by "Red Dot Insurance," I see little alternative to self insurance.

 

I can actually insure a $195,000 sailing yacht, our normal home, when not working here in Tassie, for half what they want to cover a little over $20,000 worth of photographic equipment, a decent watch, and a couple of Mac laptops.

 

We do have a land address, my stepsons, for insurance and general administrative purposes, since no one understands that you can actually live on a boat.

 

Anyone in Oz with a better idea?