You’ve invested in photo and/or video gear, whether for professional or personal use, but what if disaster strikes? Accidents happen fast – and so does theft. Insuring your valuable gear is extremely important, providing peace of mind as well as financial security. We take a look at the benefits of insuring your gear as well as looking at a few options and questions to keep in mind when speaking to an insurer.
Short term vs. long term insurance
Short-term insurance is a type of insurance that covers your valuable possessions from unforeseen events through repairing or replacing the items. The goal is to put you in the same financial position that you were in before the insured event occurred. An example is a car accident or accidentally dropping your camera. Short-term insurance can be taken in personal or business capacity to provide cover for a specific risk.
Long-term insurance is a type of insurance that compensates for life changing events such as death, retirement and disability, loss of life, injury and loss of income. Benefits are offered individually or to employer groups.
Types of coverage available for equipment insurance
“All Risk Cover” is the golden standard of coverage in short-term insurance, it provides comprehensive protection for photographers. It’s specifically tailored to meet the unique needs of the client, offering broad coverage for a wide range of equipment like cameras, jewellery etc. It also covers your gear while travelling.
Specified insurance
Each insurance company operates under distinct underwriting guidelines, varying according to individual circumstances and the insured equipment’s location. Your broker or insurer is responsible for providing this information, clearly outlined in your policy schedule, which comprehensively details all specific exclusions or limitations.
Comprehensive coverage for accessories
Supplement your security by specifying accessories like lenses, tripods, or filters for an additional premium. With this added coverage, enjoy travelling while being protected on an “All Risk” basis.
Value of equipment determined for insurance purposes
Insurance determines the value of equipment. Upon insuring the item, proof of purchase is provided, the item will then be covered for that amount. Should the insurer not be able to replace the exact, a similar model will be provided.
Exclusions or limitations to coverage
Every insurance company has its own underwriting guidelines. It also differs from one person to the next, as it depends on where your equipment is insured. It is the duty of your broker or insurance company to inform you and will be noted in your policy schedule, which will contain details of all specific exclusions or limitations.
Deductibles, precautions and premium impact
An insurance deductible is a specific amount you must pay towards the claim. Deductibles can be lowered or increased with some insurers and bigger deductible may result in a lower premium. Some insurers have fixed deductibles and most average around R750 – R1500 per claim.
How to file a claim for damaged, lost, or stolen gear
- Immediately inform your insurance company/broker of the incident
- Complete a claim form and provide details requested
- Provide a repair quotation and damage report
- An assessor may be appointed for assessment
- The insurance company decides on settlement basis – cash, replacement, or repair
- Once agreed upon, you’ll receive an agreement of loss form to sign, and compensation will be provided accordingly
Gear insurance offers assurance in an unpredictable world. With the right coverage, you can focus on your craft worry-free. Whether you’re a experienced photographer or a beginner, protecting your gear might just be your saving grace one day. For more information contact Optimum Financial Services Group, 0861 678 4346 or Boerfin, 071 890 6371.
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