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  1. #1
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    Camera gear insurance

    Hi all,
    Can anyone recommend a company to insure my equipment with as I operate in a professional capacity.

    regards
    Ken

  2. #2
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    Re: Camera gear insurance

    The company who supplies your business insurance (public liability etc) should be able to offer you coverage for your equipment...
    Mark
    ORF>DxO Pro11 Elite=TIFF>Zoner Photo Studio X=JPEG

  3. #3
    Join Date
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    Re: Camera gear insurance

    Quote Originally Posted by syddie18 View Post
    Can anyone recommend a company to insure my equipment with as I operate in a professional capacity.
    If you are already running a business then you should already have Public Liability, Third Party Personal and Property Insurance. Maybe also Personal Accident Insurance. The first place to look is those insurers - and you should look at getting a "bundle deal" which includes insurance for your gear.

    If you are a member of a Professional Association, then there are deals be had within that group: so it is worthwhile looking at joining an association, for example I think that Professional Photographers Insurance Brokers still cut a deal with AIPP Members.

    Having said that, the insurance business appears to me to be tough going at the moment: I think it is somehow linked to the Property Market's bull and bear - so in this case shopping around (via telephone - NOT on line) can get good deals. My company got a good bundle for the last two years with GIO Business Insurance sector.

    HOWEVER the bottom line is - equipment insurance (aka "tools of trade insurance") is often not a rational business choice. If you are running a business then your gear should be listed on a depreciation schedule and in this respect you should carefully assess the ACTUAL depreciated value of the gear and reckon the RIO value of having that gear insured.

    For the likely benefits to your business of having a depreciation schedule for your gear, you should consultant your accountant or your tax advisor.

    Considering these points, often for a meager increase in your household and car insurance premiums, your gear might be able to be insured when in either of those situations – and when is it not? – perhaps only when you are using it?

    The actual depreciated value of gear is almost always much less than the emotional dollar value which people seem to attach to there gear.

    WW

  4. #4
    Join Date
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    Re: Camera gear insurance

    I understand what you are trying to say, but that's not really a sensible way of looking at it - depreciation is an accounting adjustment and serves a different purpose. If your gear is lost/stolen/damaged you need to be able to replace it with new not "same condition". If my camera bag went for a swim as I am crossing a river for a waterfall shot, I may not be too upset at the 7 year old body being written off, but I would certainly be crying at having to replace all the lenses and other odds and sods as well which I would likely keep with a new body otherwise. But if I was relying on the income generating capacity, I'd want to be up and running asap. I'd suggest insurance would add a small margin to the overheads and thus be worthwhile considering.

  5. #5
    Join Date
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    Re: Camera gear insurance

    Quote Originally Posted by William W View Post
    If you are already running a business then you should already have ........
    g'day WW, good to know you still lookin ; like me . Great advice as always . Apparently we are one of the most insured and signed/advertised mob on the planet

    Household insurance will generally cover happy snapper gear [if listed on the policy] . Household insurance might be able to cover occasional work related gear for a fee

    Camera insurance used to be rather expensive as a lot of non-working cameras were accidentally on purpose dropped into deep water or from a great height onto something hard . I always wanted to drop one from a aircraft just to see what happened

    However ; professional advice is always best

  6. #6
    Join Date
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    Re: Camera gear insurance

    Sensible (adjective) = having or demonstrating sound reason and judgment

    Quote Originally Posted by Q97 View Post
    . . . depreciation is an accounting adjustment and serves a different purpose.
    It is an accounting adjustment. It also serves other practical business purposes and the OP was advised to investigate those areas, because some might prove a substantial benefit to him.

    Additionally, the insured items’ ‘insured value’, is not necessarily an arbitrary figure that the owner is necessarily allowed to prescribe: this is especially so for business insurance cover.

    Quote Originally Posted by Q97 View Post
    . . . If your gear is lost/stolen/damaged you need to be able to replace it with new not "same condition".
    That’s a good idea. Can you recommend an Insurance Company that will cover for NEW replacement Lenses used for a business in West Australia, no matter how old the lens is and/or if Lens is already written-off the Capital Assets inventory (i.e typically 5 year depreciation)?

    Quote Originally Posted by Q97 View Post
    . . . I'd suggest insurance would add a small margin to the overheads and thus be worthwhile considering.
    Yes, your suggestion (perhaps supposition is a more correct word), is understood – but the question above still remains – will the premiums from those Insurance Companies that will cover for NEW replacement (no matter how old the lens is) also “only add a small margin to the overheads”?

    And yes: agreed insurance is worthwhile considering, it was never stated that consideration was not a good idea - BUT in this CONSIDERATION phase the establishment of a realistic RIO is vital - what that means is the premiums have to be both realistic and affordable AND the consideration of getting insurance also should include the consideration of NOT getting it.

    As was mentioned, GIO provided to my company a good bundle for the past two years, but that was after a lot of haggling.

    WW

  7. #7
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    Re: Camera gear insurance

    Hello Ian.

    I've been absent from here for a while, but I have been busy . . . and that's good.

    WW

  8. #8
    Join Date
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    Re: Camera gear insurance

    Quote Originally Posted by William W View Post
    Hello Ian.

    I've been absent from here for a while, but I have been busy . . . and that's good.

    WW

  9. #9
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    Re: Camera gear insurance

    Pressed for time I perhaps didn't make myself clear.

    The only value of replacing your gear relevant to the insurance decision is the cost of replacing like for like, and by that I mean an equivalent version of what you are using now, in terms of features etc. Depreciated values aren't really suitable for this decision task. Depreciation only really exists to smooth out profits from purchases of capital expenditure. So instead of taking a big hit in one year, you apportion it over a few years, and generally this is allowed, approved and encouraged through various accounting standards and taxation rules. But outside of this, it is important to remember the numbers are pure fiction. That is my real point. Keep it in mind, and you are better able to assess and evaluate the suitability of any insurance to your specific situation.

  10. #10
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    Re: Camera gear insurance

    I believe that I do understand what depreciation is and how it works.

    The OP is asking for advice as to where to go for Insurance Coverage for his gear
    , and, in this instance, and in my experience, depreciation values are NOT 'fiction' and certainly should not be so easily dismissed.

    The T&C of insurance policies are detailed, usually quite detailed for business cover and the insured value is often (again in my experience) linked to the depreciated book value of said gear, especially so when it comes to making a claim.

    So... upon re-reading Post #3, it is clearly a warning the OP on this point, here:

    "HOWEVER the bottom line is - equipment insurance (aka "tools of trade insurance") is often not a rational business choice. If you are running a business then your gear should be listed on a depreciation schedule and in this respect you should carefully assess the ACTUAL depreciated value of the gear and reckon the RIO value of having that gear insured.

    For the likely benefits to your business of having a depreciation schedule for your gear, you should consultant your accountant or your tax advisor."

    Clearly, I never suggested that depreciated values be used for "replacement insurance" - it was you who brought up the topic of replacement insurance - and the question still stands - whom do you recommend that will insure business usage gear, (for example two cameras and five lenses all six years old) for 'replacement' and will also give a premium that a new business can afford.

    Assumed the OP is a new business, if not, he likely wouldn't be asking the question.

    WW

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