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Camera Insurance Scheme for photographers - Here at ePHOTOzine we realise the benefit of protecting your valuable photographic camera gear. So we'd like to offer some general information around Camera Insurance to help you take out a policy that suits your needs.
Posted: 3rd December 2002
Jargon Buster: OffCamera insurance is offered by several insurance providers. Some providers offer two different types of policy, one for amateurs and one for professional/semi professional photographers. Typically, the professional camera insurance policy will offer more levels of cover than the amateur policy such as public liability, legal expenses and employer's liability, whereas the amateur policy is more likely to offer you those levels as optional or not at all in the case of employer's liability.
Type of equipment
You should make the insurer aware of all the photographic equipment you have, and many providers offer cover not just for cameras but also for camcorders and video cameras. You will also find some insurers have other cover levels available, for example photographic equipment at your home and on computer equipment.
New for old compared to market value cover
It is worthwhile finding out whether the type of cover, if your equipment needs to be replaced, is new for old or market value, as you might want cover which replaces your camera equipment with a new equivalent camera rather than the market value of your camera equipment.
For example, if you make a claim for photographic equipment that will cost £500 to replace, yet the market value is £200, then the market value policy would pay you £200 and the new for old cover would pay you £500.
Single item value limits
You will usually be asked to specify single items of equipment with a value above a specified limit, and it is important to declare all equipment that is valued above the specified limit. You may be covered up to an amount appropriate for the camera equipment you want to insure, but if single items are more than the single item limit and you do not make the insurer aware of them, then you may not be able to claim for the value above the single item limit.
Public liability insurance
If your policy has public liability insurance, which is often optional for amateur camera insurance, you have a level of protection in place in case of damage to another person or property, which is proven to be caused by your negligence.
An example of this cover is if you drop your equipment and cause damage to property. This would be a public liability claim.
Receiving income from your camera equipment
If you are taking out an amateur insurance policy, you should make it clear if you receive any income whatsoever through your camera equipment. If you do, you might be required to take out a Semi-Professional camera insurance policy. Be sure to ask this question if it is appropriate to you.
When travelling abroad with your camera
Policies that offer cover whilst travelling usually have territorial limits as to where you can travel to and be covered. Some policies require an additional premium if you need worldwide cover rather than European only cover. As a rule, if you know where you will be travelling before you take out cover you should check to make sure you will be covered. Also, if you plan a trip after you have taken out a policy you should check before you leave to ensure that you are covered if you are planning to travel with your equipment. Most policies will have maximum single trip cover as well as a maximum number of days per year you can travel. So, if you are planning to be travelling with your equipment abroad, make sure you are not planning to exceed any of these limits.
Theft from unattended vehicles
This is often an optional cover as it can increase the cost of your policy quite significantly. So, if you have a policy that has unattended vehicle cover then be sure to find out what restrictions (if any) there are. For instance some policies may not provide cover if the equipment is in a convertible car, the car is left unlocked, or the equipment is visible from outside the vehicle. And if you understand what is not covered under this section you can ensure that, for example, you do not leave your camera equipment on the front seat of an unattended vehicle if your policy states the equipment should not be visible inside (or from outside) the vehicle.
No claims bonus
Some providers allow you to build up (or indeed take with you) a no claims bonus, and this can be a way of reducing your premiums over a period of time. Some insurers will give you a good level of discount if your no claims bonus is for a number of years, and it is always worth checking to see how other premiums compare.
Excess
Some policies will have the same excess on all cover levels of your policy, others will have different levels of excess depending on the type of cover (for instance, public liability might have a higher excess to other cover levels) and some may not have any excess at all. It would be beneficial for you to find out what excess, if any, you have before taking out a policy so you know, in case of a claim, how much your excess would be.
You may also have the opportunity to reduce your premium by agreeing to pay a voluntary excess. If you would rather pay a smaller premium and be happy to pay an excess if you make a claim then you might want to consider this.
For example, you could purchase an insurance policy for £100 that has no excess. If you then make a successful claim for £200 you will be paid £200. If you purchase the same policy for £80 which has a £100 excess and you make a successful claim for £200, you will receive £100 (£200 minus £100 excess). So your premium is £20 cheaper but you are £100 worse off for the claim (however, if you do not make a claim you will be £20 better off!)
Exclusions and what is not covered
Most policy wordings will tell you section by section what events are excluded from cover and what is not covered. It is important to find out what is not covered and exclusions, as you might find that the policy is less suited to your needs than you otherwise thought. You can also avoid certain eventualities by taking care not to fall into these exclusions.
Policy amendments
Take time to notify your insurer of any changes in your circumstances once you have a policy, for example moving property and buying new equipment, as this could affect you premium; it is always important for your insurer to be aware of any relevant changes to your details.
For more information visit www.camerainsurance.co.uk
Type of equipment
You should make the insurer aware of all the photographic equipment you have, and many providers offer cover not just for cameras but also for camcorders and video cameras. You will also find some insurers have other cover levels available, for example photographic equipment at your home and on computer equipment.
New for old compared to market value cover
It is worthwhile finding out whether the type of cover, if your equipment needs to be replaced, is new for old or market value, as you might want cover which replaces your camera equipment with a new equivalent camera rather than the market value of your camera equipment.
For example, if you make a claim for photographic equipment that will cost £500 to replace, yet the market value is £200, then the market value policy would pay you £200 and the new for old cover would pay you £500.
Single item value limits
You will usually be asked to specify single items of equipment with a value above a specified limit, and it is important to declare all equipment that is valued above the specified limit. You may be covered up to an amount appropriate for the camera equipment you want to insure, but if single items are more than the single item limit and you do not make the insurer aware of them, then you may not be able to claim for the value above the single item limit.
Public liability insurance
If your policy has public liability insurance, which is often optional for amateur camera insurance, you have a level of protection in place in case of damage to another person or property, which is proven to be caused by your negligence.
An example of this cover is if you drop your equipment and cause damage to property. This would be a public liability claim.
Receiving income from your camera equipment
If you are taking out an amateur insurance policy, you should make it clear if you receive any income whatsoever through your camera equipment. If you do, you might be required to take out a Semi-Professional camera insurance policy. Be sure to ask this question if it is appropriate to you.
When travelling abroad with your camera
Policies that offer cover whilst travelling usually have territorial limits as to where you can travel to and be covered. Some policies require an additional premium if you need worldwide cover rather than European only cover. As a rule, if you know where you will be travelling before you take out cover you should check to make sure you will be covered. Also, if you plan a trip after you have taken out a policy you should check before you leave to ensure that you are covered if you are planning to travel with your equipment. Most policies will have maximum single trip cover as well as a maximum number of days per year you can travel. So, if you are planning to be travelling with your equipment abroad, make sure you are not planning to exceed any of these limits.
This is often an optional cover as it can increase the cost of your policy quite significantly. So, if you have a policy that has unattended vehicle cover then be sure to find out what restrictions (if any) there are. For instance some policies may not provide cover if the equipment is in a convertible car, the car is left unlocked, or the equipment is visible from outside the vehicle. And if you understand what is not covered under this section you can ensure that, for example, you do not leave your camera equipment on the front seat of an unattended vehicle if your policy states the equipment should not be visible inside (or from outside) the vehicle.
No claims bonus
Some providers allow you to build up (or indeed take with you) a no claims bonus, and this can be a way of reducing your premiums over a period of time. Some insurers will give you a good level of discount if your no claims bonus is for a number of years, and it is always worth checking to see how other premiums compare.
Excess
Some policies will have the same excess on all cover levels of your policy, others will have different levels of excess depending on the type of cover (for instance, public liability might have a higher excess to other cover levels) and some may not have any excess at all. It would be beneficial for you to find out what excess, if any, you have before taking out a policy so you know, in case of a claim, how much your excess would be.
You may also have the opportunity to reduce your premium by agreeing to pay a voluntary excess. If you would rather pay a smaller premium and be happy to pay an excess if you make a claim then you might want to consider this.
For example, you could purchase an insurance policy for £100 that has no excess. If you then make a successful claim for £200 you will be paid £200. If you purchase the same policy for £80 which has a £100 excess and you make a successful claim for £200, you will receive £100 (£200 minus £100 excess). So your premium is £20 cheaper but you are £100 worse off for the claim (however, if you do not make a claim you will be £20 better off!)
Exclusions and what is not covered
Most policy wordings will tell you section by section what events are excluded from cover and what is not covered. It is important to find out what is not covered and exclusions, as you might find that the policy is less suited to your needs than you otherwise thought. You can also avoid certain eventualities by taking care not to fall into these exclusions.
Policy amendments
Take time to notify your insurer of any changes in your circumstances once you have a policy, for example moving property and buying new equipment, as this could affect you premium; it is always important for your insurer to be aware of any relevant changes to your details.
For more information visit www.camerainsurance.co.uk
