Camera Insurance-Part 1
Typically, a person who owns a significant amount of photography equipment may depend upon their HO policy to provide protection. However, this is a poor alternative. Unless the coverage has been modified, a HO policy only provides a modest amount of coverage (around $1,000) and no protection applies if the equipment is used for a business reason. The best coverage option may be a camera floater policy.
The Camera Floater insures photography equipment against loss or destruction. Camera Floater insurance indemnifies the insured for loss or damage to scheduled property for all risk of physical loss. The policy applies to property of the insured or property of others in the custody or control of the insured while that property is located anywhere in the world.
Coverage extends to cameras, projection machines and accessories, lighting equipment, carrying/storage cases, motion picture equipment, sound, recording and playback accessories, home video cameras, playback recorders, and similar property (binoculars, telescopes, microscopes), etc.
The policy may not be used to cover television cameras and equipment; coin or token operated devices; cameras or other camera property for the benefit of dealers or manufacturers; aerial cameras or radar cameras. The Camera Floater does not insure against loss or damage caused by wear and tear, gradual deterioration, insects, vermin, and inherent vice.
As is the case with other types of insurance policies, a loss creates obligations for both the insurer and the insured. The property owner must quickly report claims involving scheduled cameras. When a loss is reported and substantiated, the insurance company then has a given amount of time to reimburse the loss.
While floater coverage is a good way to protect such property, there are still many instances that don’t qualify for coverage such as business activity involving the following:
Coverage for high-valued, specialty equipment
Liability for injury to others during photography activities
Loss of commercial income
Work-related employee injuries
Coverage for lost or destroyed film
Coverage for property in photographer’s care or control
For information on other aspects of camera insurance, please see part two.
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