How much do you value your camera gear and equipment? A good friend who is also a female sports photographer recently told me that she does not dare part with her camera equipment when taking a flight…the risks are simply to big and the value of the equipment too expensive to leave to the control of others!
On Phototalk we would also like to place camera insurance under the lens and assist our photographers in making informed decisions when considering the insurance options available in the market! In this process we will consult with a few experts and share examples, claims experiences and recommendations!
Camera Equipment and Specialized Insurance
I have discovered that there are companies specializing in the insurance of photographic materials and would like to share some information from one of these insurers
Artinsure Photographer
Artinsure has pioneered a new specialised product for the photographic market – Artinsure Photographer. Until the introduction of Artinsure Photographer, there has been no comprehensive insurance product for professional and enthusiast photographers, as well as videographers.
Many photographers are not aware that most policies are not comprehensive and do not offer full coverage due to the specialist nature of their equipment.
In fact an ordinary ‘all risk’ policy will not cover the normal risks that photographers encounter and could leave them exposed and out of pocket.
True to their core value added offerings, Artinsure Photographer offers expert advice and knowledge of the photography market, specialist repairs and replacement, as well as a tailored offering to meet the unique needs of the market.
Top 10 Frequently Asked QuestionsWhat are the questions most asked by photographers about insuring their equipment?
1. Why does photographic and electronic equipment need to be separately insured?
We provide comprehensive cover against physical loss or damage to the equipment on a worldwide basis. Standard policies are not comprehensive and do not offer full coverage due to the specialist nature of photographic equipment. An ordinary ‘all risk’ policy will not cover all the risks that photographers encounter and could leave them exposed and out of pocket.
2. Why doesn’t the domestic or commercial policy cater for the client’s needs?
Photographers have found great difficulty in securing appropriate cover as the extension to domestic policies lead to lack of cover in view of business use, unattended vehicle cover and worldwide exposure. There is a high degree of dissatisfaction with the insurance industry in this sector in view of the poor response to claims.
3. What is the process to get a quote?
We work closely with brokers and their clients to ensure delivery of the best solution. Please e-mail us the values, risk address, security and relevant claims record and we will provide a same day quotation.
4. What do we do if our client has a claim?
Our claims process is our expertise. Let us know as soon as possible (the earlier the better to minimise loss) and we will take over the process with the key aim of making this a smooth process that returns your client to the same financial position they were in prior to the claim.
5. What happens if an insured item is damaged or stolen?
It will be sent to South Africa’s leading photographic equipment provider Orms (www.orms.co.za) to manage the repair process. If it is not repairable, a total loss is declared and Orms will supply a replacement of the same brand and specification. If equipment is stolen, Orms will supply a replacement of the same brand and specification.
6. Is there a policy excess?
Yes, we have standard policy excesses which are detailed in the policy.
7. Can you insure all types of equipment?
Yes, all equipment used by the photographer in pursuit of photography can be covered. This includes camera, video, computer equipment, lighting, props, portfolios, image capture media and electronic equipment.
8. How expensive is it?
Most photographers take care of their property and usually employ higher than average levels of security. Our unrivalled expertise in this area, allows us to offer extremely competitive pricing.
9. Is there a minimum sum insured?
No, there is not but we do apply minimum premiums of R298 monthly.
10. What commission do you pay and do you charge policy, administration or debit order fees
All premiums quoted contain a 20% commission payable to the broker. We do not charge additional fees. Brokers with whom we deal may charge additional declarable fees.
Artinsure serves a wide range of clients from the enthusiast to top professionals, through brokers. Specialist skills offered by trained experts have ensured that Artinsure is the preferred insurance provider for photographic equipment and is endorsed by leading associations, camera clubs and equipment suppliers.
If you’d like to know more about Artinsure, visit our website at www.artinsure.co.za.
Or Call 086 1111 096
E-mail Gordon@artinsure.co.za
086 1111 096www.artinsure.co.za
[Authorised Financial Services Provider FSB License Number 36954, Underwritten by Hollard Insurance]
Camera Bag ready for the African Safari
What are the the insurable interest or photographic materials to be insured?
The key coverage areas are:
1. Theft of the property insured (when not from a vehicle)
2. Theft of the property insured when from a vehicle
3. Accidental damage to the property insured
4. Hire of equipment
5. Accidental damage to or theft of your portfolio
6. Accidental damage to or theft of your film stock
7. Deterioration of film stock
8. X – ray scanning
9. Processing loss
10. Accidental damage resulting in reshoot costs*
11. Accidental damage to or theft of property at exhibitions*
12. Unwitting handling of stolen photographic equipment
[We will continue to discuss camera insurance in depth on this Blog]
Interesting offer.
I did give them a ring, but taking out insurance from them is not that easy.
Firstly, as an individual you cannot take out insurance directly from them. You have to work through a broker. Direct insurance service providers have spoiled us with their business model and for me it is the preferred channel when it comes to a basic item such as camera equipment.
Secondly, as I understand (I have to point out that I am not a broker); a broker must have a contract with a specific company to be able to promote their services. Thus, your current broker who services your insurance needs may not be able to insure your photographic equipment with such a company, because he/she does not have a contract with them. So, a broker will be recommended to you in such an instance (this is what they offered me). By nature, we humans like to develop relationship with key service providers such as insurance brokers, which make the ‘recommended broker’ option less attractive for us. It may be a case of status quo bias 🙂
Lastly, your monthly insurance premium is determined by your total portfolio and your history. Hence, insuring your total portfolio with one service provider may lead to a lower total premium than insuring with multiple service providers. Working with this proposition it may not be that feasible to use an additional service provider to insure your camera equipment separately.
Just some thoughts that I have on the posting.
Lastly, GO BOKKE!!!
Hi
Thank you, we appreciate the feedback.
Please note the following:
1) We are required from a regulatory perspective to deal through FAIS accredited brokers.
2) Brokers are there to provide best advice to clients .
3) We recommend brokers competent in our products where a client does not have a broker.
4) We are happy to establish agency agreements with proposers’ brokers so long as there is a competence in our products
5) we transact business with 100’s of brokers
6) our product is about meeting the claim and satisfying the client at the point of claim. Zero complaints and zero ombudsman cases
7) our order ratio shows that we are competitive and clients are able to insure their equipment efficiently and with the required tailored cover.
8) this is based on 18 months of transacting the photographer products
9) caution about just seeking lowest premium as it is at the point of claim that you get what you paid for.
Kind regards
Theresa
Hi Theresa
All though I am not a broker I am well familiar with FIAS and the role of brokers.
I just have to point out that low premiums do not necessarily coincide with problems at the point of claim – I trust that this is not what your are implying. Sometimes, a customer is able to get an excellent low premium, a very low excess and excellent claim conditions from market leaders in the insurance industry; it depends who you choose as a service provider and how you negotiate.
Cheers
J