What all a good photographer needs is a good camera. Today, there are so many high end and high tech cameras available in the market to choose from. But buying a good camera can be an expensive affair. Most cameras used by professionals are expensive. It is not only about camera, the lenses used in such high end cameras are also highly priced in the market. At the same time, one should not forget about the costs of camera equipment.
Most photographers use cameras in situations which can potentially damage them or their lenses. e.g. shooting in rains, snowfall, etc. To safeguard their investment and ensure low repair costs going forward, camera owners should go for camera insurance.
Benefits of Camera Insurance
Most of the camera manufacturing companies offer warranty for the gear, equipment and lenses lasting from a period of 6 months to 1 year. All the technical aspects of mishaps are covered under this guarantee but damages caused by the customers are not covered in the guarantee guidelines. After the guarantee expiration, nothing can be as better for financial security as camera insurance. It protects policy holders against accidental damages, theft, loss, indemnity claims and third party liabilities.
Some most common aspects covered by camera insurance are:
Coverage for Photographers and Their Cameras plus Equipments
There are flexible coverage choices for the camera owners. For example some camera insurance plans cover camera equipment up to $80,000 and moreover, there is up to $25,000 coverage for every single item. This varies based on insurance provider and plan chosen.
There are optional in-vehicle and worldwide coverage which can be availed by the camera owners as per their requirements. In some plans, personal accidents can be covered up to $8,000 or $15,000 depending upon the requirement of the policy holder. Props and accidental portfolio damages are also covered under this insurance policy.
Under this policy, there is general public liability coverage. Some plans cover up to $1.5 million with possible extension up to $3 or $8 million. There is money back guarantee in 28 days in case if policy holders change their minds.
Photographers’ Professional Indemnity
This coverage is applicable over both professional as well as amateur videographers and photographers. This coverage can safeguard the policy holders from getting into any difference of opinion with the customer by paying the cost of defending them.
Professional indemnity provides following covers:-
- Coverage for the insurance holders, their partners, employees and directors
- Coverage for the rectification of a cost
- Coverage against professional duty breach occurring due to negligence
- Worldwide coverage
- Coverage against the policy holders’ alleged contravention of patent, registered design, copyright and other rational property rights
- Coverage for the replacement or restoration of the lost, destroyed or damaged information, data or documents which are essential for the business
- Defense fees coverage against Valid/invalid claim by the dissatisfied customer
Types of Camera Insurance
Camera insurance can be purchased as per the requirements and usage of the photographers. On the basis of requirement, this insurance can be divided into two types namely:-
Amateur Policy : This policy is applicable for amateur and semi-professional photographers who utilize their personal usage.
Professional Policy : If photography is a source of income for professional photographers and videographers, then they should get professional camera insurance for their cameras and related equipment. Under this insurance, they get coverage in the form of professional indemnity cover, public liability and legal expenses. Moreover, all the supplementary products as well as hiring expenses are covered under this insurance.
For both the insurances, policy holders get two types of coverage in terms of replacement and reimbursement of market value. Replacement policy is also known as “New for Old” policy which provides new camera with similar characteristics and functionality if old camera gets damaged, lost or stolen. On the other hand, reimbursement on the basis of market value is done by calculating the current market value of the camera.
On the basis of usage, insurance policy can be segmented in two types which are:-
Commercial Insurance Policy : Commercial policy is applicable is business-oriented purposes. The cost of such a policy varies based on insurance provider but roughly it costs between $1.75 and $2.25 for every $100 of the insured value which ranges from $175 to $225 annually. There is supplementary deduction ranging between $250 and $500 under commercial insurance policy.
Non-Commercial Insurance Policy : This insurance policy is applicable for amateur photographers plus videographers which can be taken along with homeowners or renters insurance policy as “All Risk Floater”. Typically such a plan costs between $1.35 and $1.75 for every insured value of $100 making it $135 to $175 of payment every year. If taken along with homeowners or renters insurance policy, it provides complete coverage with no need to pay any deductibles.
Camera Insurance Providers
There are various insurance companies providing user-friendly camera insurances. These companies are:-
Tom C. Pickard (TCP) & Co. Inc. Insurance Agency
With their 33 years of experience, TCP & Co. Inc. insurance agency provides an assortment of insurance packages for:-
- Advertizing photographers
- Photography studios
- Production companies
For photographers, they provide a full package at varying cost from $500 to $700 every year depending upon the location. Initially, there is a new placement fee requirement of $50 for every new policy. Their policy plans include:-
- Rented camera gear
- Worldwide protection for camera paraphernalia for damages, theft and loss
- Portfolio coverage up to $3,000
- Office furniture and other equipment coverage against damages, theft and loss
- Coverage up to $15,000 for computer equipment within the premises
- Third party property damage from $5000 to $1,000,000 at a base price of $200 per year
- Business income protection along with additional expenses coverage
Along with these mandatory covers, TCP also provides optional coverage for following aspects:-
- Up to $2,000,000 coverage against professional omissions and errors
- Entertainment policy cover up to $15,000
- Building coverage
American Photographic Artists (APA) Insurance Services
APA Insurance services come up as a valuable financial solution for professional photographers. Their insurance package consists of following coverage aspects:-
- Countrywide camera gear protection including theft
- Rented camera equipment coverage
- Portfolio coverage
- Others’ properties on and off premises protection
- Photographers’ E&O Professional Liability for some states
- Office furniture and other equipment protection including theft
- Comprehensive general liability coverage up to $2,000,000
- Business income protection
Along with the aforementioned insurance schemes, they also provide insurance for business owners, professional liability and general liability