|
When it comes to spending thousands of rands on photographic equipment, the last thing you want to scrimp on is the insurance to cover your lost, stolen or damaged photographical gear.
The terms might vary between insurers in cases where an item is lost/stolen or accidentally broken: Some may ask for a list of the used gear (including serial numbers), the nominal value of each item and some proof of ownership. In practice, you should try and insure your used kit for a sensible replacement value. It is always good to keep records (or photographs) of your photographical gear's purchase price, the date of purchase, and serial numbers.
Many factors need to be taken into consideration - eg a standard equipment policy won’t cover the depreciation of a camera or lens. However, an “indemnity policy” will assess the ongoing condition of your gear, and match any replacement to its last usable state.
Different photography focuses: Sports, underwater, wildlife and travel photography are just a couple of specialities where insurance becomes … well, complicated. These are seasonal vocations where some insurance companies might cover you for set periods of time, rather than annually. Another area of focus, is Drones and Aerial Photography - New regulations and the risk of damage and/or injury make drones a deceptively risky venture for a photography business. Aerial photographers need to be aware of any premiums where unmanned aircraft are concerned. Even if a liability program covers all your business operations, you still need aviation risks checked off if you operate a drone. Otherwise, you won’t be covered if your business has a ”crash landing”, so to speak
Rentals: Most rental companies offer insurance at the time of rental (eg for lenses and other equipment). However, you should always read the Terms & Conditions carefully - eg. Will they pay the full replacement value; Do they cover loss/theft as well as damage; Will you have to put the full cost of the rented equipment on your credit card as a hold; Do they cover you if the damage happens in another country, or check if “loss of use” income is included? Even if the company doesn’t offer insurance themselves, you can purchase short term rental equipment coverage.
Warranties: Most photography gear comes with a one-to-ten year warranty. Keep that little card with your purchase – you could save tonnes of money and insurance-induced-headaches.
DIB Solutions (Pty) Ltd have partnered with reputable underwriters and various insurance companies in order to assist our clients with appropriate Insurance cover – we can therefore also assist clients with tailor-made products (where applicable) at competitive premiums. We provide a professional and personal service, as well as build long-term relationships with our clients. Photographic Insurance is a niche type of insurance - therefore evaluate your insurance options carefully and discuss your individual needs with one of our experts so that we can assist you.
|
| |
- General Liability: A must-have to consider, whether you’re photographing weddings or models in your studio. It could help pay for medical/legal costs in case of an accident (including consultations), or cover the replacement charge for any damaged items. Large clients will only hire you if you meet a minimum amount of coverage, so there’s really no option (or reason!) to avoid liability coverage.
- Business Interruption coverage – replaces your income in case of fire or any other disaster
- Business Plans: Even the smallest photography companies require expensive cameras, lenses and computer equipment. How do you go about protecting your investment?
- Public Liability;
- Reshoot costs;
- Theft;
- Accidental damage of property worldwide;
- Cards and film X –Ray scanning;
- Deterioration of film;
- X –Ray scanning;
- Hire of equipment;
- Backup Equipment: If your entire photography setup is tragically lost, insurers can cover the downtime. However, if you don’t want that job opportunity or client to slip away, make sure you’ve got a second shooting bag that you can access when needed.
- Accidental damage to the portfolio & memory cards and film.
|