Value of kit for insurance....

^^Gord^^

^^Gord^^

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Hi all,

Having just ordered a new lens I need to raise my insurance cover on my kit.

The question that is puzzling me is how to value the kit.

I was worried that my insurance company would give me vouchers I could only use at a high street shop leaving me unable to get all my kit for the insured value.

I asked my insurance company how they pay out and was told they have a company that sources the kit that I claim for but they were unable to tell me how they come up with the pricing. They were also not interested in having a list of my kit.

At the moment I've valued it using Jessops website but if this company uses the RRP then even this might not cover it.

Anyone work in the insurance industry or have been through a claim that can help me out?

Thanks in advance.
 
I've got my insurance with Photguard and I just put down the price that i paid for each item, then added a few hundred quid for accessories (filters, reflectors, off-shoe cords, remotes etc)

It's very unlikely that prices will go up so you should get more than enough to replace your kit in the vent of a claim.

I'm not liking the bit where you say they didn't want a list of your kit. I list everything including serial numbers on my policy it was a requirement if I remember rightly.
 
ffej1405 said:
I've got my insurance with Photguard and I just put down the price that i paid for each item, then added a few hundred quid for accessories (filters, reflectors, off-shoe cords, remotes etc)

It's very unlikely that prices will go up so you should get more than enough to replace your kit in the vent of a claim.
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But if they have another company that sources the kit for me it will be there prices against the insured values rather than them giving me a cheque for me to buy the kit again.

I would suspect the prices this other company will use won't be as good as Kerso's!

ffej1405 said:
I'm not liking the bit where you say they didn't want a list of your kit. I list everything including serial numbers on my policy it was a requirement if I remember rightly.
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I know they will want either receipts or valuations in the event of a claim but why they didn't want a list did puzzle me a little.
 
You have to be very careful with insurance they will insure your kit but when you claim 99% of them want a receipt for the item that was insured, if the item was second hand they may even refuse to payout. A mate of mine had this problem he was insured by photoguard, I suggest you read all the information you are given with the policy even the mega mega small print.
 
A few more conversations with my insurance company and they have said that I don't need a receipt but it would speed the process up. Even proof of purchase such as a credit card statement or a purchase e-mail from eBay would do.

I have all my receipts anyhow so it shouldn't be an issue.

I've decided to insure my kit using Jessop's prices as a worse case. The difference was only a few pounds a month which isn't going to bankrupt me.
 
mho said:
You have to be very careful with insurance they will insure your kit but when you claim 99% of them want a receipt for the item that was insured, if the item was second hand they may even refuse to payout. A mate of mine had this problem he was insured by photoguard, I suggest you read all the information you are given with the policy even the mega mega small print.
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No offence but most of the above is rubbish, only the last line is in anyway right. I worked in the insurance industry for 8 years and my tuppence worth is listed below:

Specialist insurers such as Photoguard will always have more restricted policy requirements than using normal household contents and personal possession cover to insure your gear. General insurers also tend to be less picky during the claims process. I have never heard of 2nd hand gear not being covered and there is absolutely no reason why that should be the case. I would recommend that you look first at your household insurance cover unless you regualrly do paid photographic commissions and/or the majority of your income comes from photography. Household insurance policies have public liability cover for general situations, but if you were on a commission then this probably wouldn't cover you and you would need professional PLI.

  1. When it comes to insurance you need to find out whether the insurance policy is a replacement (new for old) policy or not. Do not buy a policy which isn't.
  2. Find out the sums insured, both for the total and for what they call the Single Article Limit.
  3. Find out how the insurer classifies photographic equipment, whether it is classed as a "valuable item" (an insurance term not related to the cost of the item) and whether they class cmaera equipment as one items under the Single Article Limit (more usually this applies to travel policies)
  4. Once you have done the above, work out what sums insured you'll happy with. For example, in the house, your equipment will be covered by household contents cover and unless it is included in the High Risk/ Valuables limit of the policy you don't need to worry about the total. However when taken the gear outside, or to cover for accidental damage to it you will need to take out Personal Possessions cover, sometimes called All Risks. Here you need to make sure that you Sums Insured is high enough to cover the kit you are likely to lose in one go. You might have £5000 worth of kit, but if you only ever take £3000 out at one time then that's all you need to insure for. Remember that you are working out how much to buy the new equivilent model, so if you have a D70s you would replace it with a D80, if you had a D1 it would be either a D2xs or a D3. If it is an item which cannot be replaced new, you can use the average high street 2nd hand price as a guide or the cost of the nearest match new.
  5. Insurance companies only require proof of ownership. With DSLRs this is easy as you will have the EXIF data from shots, however boxes, user manuals, serial numbers registered with the manufacturer's Professional registration services, photos. Even without proof of ownership (or POO as I used to say in my reports :) ), as long as your claim doesn't look dodgy and you can provide POO for the majority of the items the insurers will pay out.
  6. Read the policy carefully. The small print is there to protect you as much as the insurer. If something is excluded see if you can pay extra to have it covered or shop around for a policy that will cover it. Bear in mind though that some exclusions are common across insurance, you have to show reasonable care for example.
  7. If you ever have to make a claim. remember that there is a good chance that the person at the end of the phone doesn't know that much about the policy. It often helps if you can tell them which section under the policy you think you are covered by.
  8. If the insurance company appoints a Loss Adjustor to investigate your claim this does not necessarily mean that they think you are lying. Most companies have set limits, over which they automatically appoint an adjustor.
  9. Remember, the squeaky wheel gets the oil. If you sit back and wait for your claim to be settled it will take a long time. Always ask for timelines. If they say it will take two days to process your claim, call after two days and ask for an update. Get specific names and direct contact numbers if you can.
  10. If they repudiate (turn down) the claim , settle for less than you are happy with or try to make you take a replacement that you are not happy with DO NOT TAKE THERE WORD FOR IT. You can make use of independent Loss Adjustors yourself if you have read the policy and you feel that you have a reasonable cause to disagree with the decision.

That's what springs to mind at the moment but I'll update this is I think of anything else.
 
Hi! I used to work in insurance as a commercial underwriter. They use the principle of 'Indemnity', which means to put you back in the same position you were in before your loss but this is often modified (items purchased new) by the policy wording of 'new for old' (ie replace your 3 year old camera with a new one - no reduction for age, wear and tear) BUT your sum insured has to be adequate to replace (as new) at the time of loss.

Check your policy - do you have 'new for old'? Does your policy have provision built-in for any increase in prices between now and renewal? Remember, you could lose your camera on the very last day before renewal and prices could have gone up in that time (not really likely but possible). If your policy doesn't have these things (for new purchase items) you should change it.

For items bought 2nd-hand strict Indemnity usually applies; the sum insured should be the amount paid and they probably will deduct 'wear and tear' based on how long you've had it.

The Ins Co can elect to replace your item with the same (or latest) model or settle with cash. Their choice, not yours.

My policy requires me to list all items purchased new over a certain value and a separate box for the total s/i of items purchased new under that value. Yet another box for the total s/i of items purchased 2nd-hand. I think that's fair and reasonable and should, SHOULD, eliminate any potential problems in the event of a claim.

Sorry this so waffly but ins is complicated! Read your policy carefully - make sure you understand and are happy with it.

Oh, and keep your fingers crossed (tho' that doesmake focussing difficult!)
 
barsbyart said:
For items bought 2nd-hand strict Indemnity usually applies; the sum insured should be the amount paid and they probably will deduct 'wear and tear' based on how long you've had it.
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This may apply in Commerical Insurance but rarely in domestic policies where no difference is made between good bought 2nd hand and new.

Is your policy provided by a specialist or do you cover under your domestic household policy?
 
My cover is with a specialist as photography/art is my living.

Point taken re MOST household covers (but not all!); my wife was also an underwriter - in Household Ins. Prior to working for an Ins Co. we had both worked for (different) brokers. Always check the policy wording.
 
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