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Camera and Equipment Insurance
tomorrow.
What type of policy do I need?
The type of policy you need depends on how you use your equipment. If you do not make any money
through the use of your equipment, a standard homeowners or renters policy should cover against theft
and fire, even when your equipment is outside your home. Typically, standard homeowners and renters
policies cover you against named perils only. They also typically have deductibles. If your equipment
is accidentally damaged, for example, you drop it, chances are it will not be covered under a standard
homeowners or renters policy.
If you use your equipment for non-commercial purposes, another alternative is buying an "all-risk"
floater. This attachment to your homeowners or renters policy includes a schedule of covered items. An
all risk floater generally covers the scheduled equipment against everything except specifically
excluded perils stated in the policy (e.g., acts of war). So if you're walking down a street and you
accidentally drop your camera and a car drives by and runs it over, smashing it into pieces, it's covered
unless that situation is specifically excluded in your policy.
If you use your equipment primarily for business purposes, you should be insured by a commercial
inland marine policy. A commercial policy offers all-risk coverage for equipment, eliminates the
potential of exclusions if equipment is used professionally, and offers a variety of optional floaters
designed to insure against the liabilities faced by a professional (e.g., someone trips over your tripod).
What type of policy do I need if I occasionally use my equipment for commercial purposes?
That's a difficult question to answer. Some photographers who generate revenue from their work, even
if it's not their primary source of income, need a commercial policy. Commercial policies are generally
more expensive than personal policies and might be required depending on the value of your equipment
and the level of income you generate from photography. It's not unusual for a photographer to talk with
two different insurance agents and be told by one that they require a commercial policy while the other
says a personal policy is sufficient. Your best bet is to talk to a number of insurance agents representing
different companies and see which company will offer you the best deal. Remember that
misrepresenting your information could cause your coverage to be denied. Worse, if you are offered a
policy, misrepresenting your information could cause your claim to be denied, even though your policy
is fully-paid!
Due to interest from the community, photo.net has been talking to insurance companies about
potentially offering a photo equipment insurance program for photo.net members. This program, which
will not result in a dime of income to photo.net, could provide photo.net members with a professional
exposure with some combination of all-risk worldwide coverage, competitive rates, coverage for leased
or borrowed equipment and peace of mind that your equipment is properly covered. To determine if
offering a photo equipment insurance program to photo.net users is viable, the insurance
companies have asked us to post this survey to evaluate the demand for such a product. If you
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