Equipment Insurance

[iceberg]

i've enquired about an insurance scheme for my equipment too. Am meeting up my insurance agent later this evening to find out more from her.
But essentially, it's a similar plan to the above. Insure some amount of items in the house of a certain value. I believe it's something like total of 6k. It is insured against theft etc. I specifically asked about theft while travelling overseas and she mentioned yes, it covers.
Will have a more detail look later on in the evening.

 

[Andy Ang]

Thanks. Anxiously anticipating good updates.

 

[treo650]

emm, dont meant to have my first post that looks like prowling for biz (i am an insurance agent), but just to share with fellow cs members.
try this link. in case it cannot work, Allianz Insurance can covers at a premium of 1.5% of the value.

http://www.allianz.com.sg/pdf_news/Homesafe Write_up (New).pdf

 

[vince123123]

Do you have a plan for travelling where I can insure by DSLR and stuffs against theft, robbery, luggage loss or any type of loss. Short term insurance only.

emm, dont meant to have my first post that looks like prowling for biz (i am an insurance agent), but just to share with fellow cs members.
try this link. in case it cannot work, Allianz Insurance can covers at a premium of 1.5% of the value.

http://www.allianz.com.sg/pdf_news/Homesafe%20Write_up%20(New).pdf

 

[Terence]

Home contents insurance ONLY cover loss of valuables while its inside the house. ie, due to burglary or fire. It does not cover the items once its taken out of the house. There is also a cap on the amount claimable (plan dependant) based on category. Cameras and accesories are under a single category (eg, Photographic equipment) and not valued individually. So if your plan states $1,000 or $500 cap per category of equipment, thats the max you can claim regardless of the total value.

However, you can proposed to have your equipment assessed individually and valued accordingly instead of blanket cover. This will not be cheap and it will still cover ONLY burglary or fire damage while inside your home.

Coverage while travelling is when you're away and your house is broken into or caught fire. Once your valuables leave your home, this policy will not cover...period.

There is a special rider which covers your equipment whilst on travel, whether the gear is with you or at home. Why are guys questioning me so much? I have been on this plan for the last 3 years and ought to know what it covers and not cover, and when such cover is valid. Why not go talk to your agent or broker instead of spewing out this stuff?

 

[justshot]

i am on the insurance plan with AIA.

I insure my equipemnts, 2% of my total cost is my premium. Reciept and picture is required to show proof.

The plan covers travel, lost and thieft. No depreciation.

However, it has to be tagged to the home insurance plan, which covers fire, thieft.

My total plan costs about SGD$400 per year.

With it, it sets my heart at peace....

 

[Andy Ang]

Is it hundred percent re-inbursement or have depreciation? If yes, how much?
Is there a ceiling payout per item / pairing? Say $1000 Cap?

 

[justshot]

100% re-imbursement.

No depreciation.

No ceiling cap.

 

[treo650]

for the benefits of fellow cs memebers, i extract out the policy wordings for your reference. This terms and conditions is from one of the insurer that i represent, wordings may defer from insurer to insurer.
here goes:-

Personal Possessions

definition: articles of personal use specifically designed to be worn or carried (including but not limited to sporting equipment and valuables) belonging to you or any memeber of your family.
Valuables refer to jewellery, precious stones, item of gold, silver or other precious metals, watches, PHOTOGRAPHIC EQUIPMENT, binoculars, work of art, curios, furs, music instruments(not piano) belonging to you or any member of your family.

Insured Events: cover you in respect of personal possessions against any accidental physical loss or damage anywhere in the world.

How to meet claims?: settlement of claims will be made by repair if item is partially damage, or replacement as new if it is totally lost or destroyed.

Max claim?:
*S$750 each item in respect of each UNSPECIFIED article
*the sum insured stated in the schedule in respect of any one specified article
*the total sum insured stated in the schedule is respect of all loss or damage during any one period or insurance
*it an item has been totally lost or destroyed and is not replaced, the amount payable will be the market value of the item at the time of loss or damage
*it a damage item can be repaired but the repair is not carried out, we will pay the reduction in the value of the item as a result of the loss or damage but not exceeding the estimated cost of repair
*if the item is part of a pair, set or collection, we will pay the value ot that item lost or damaged as a single item. we will not pay for the replacement of, or work on any undamaged or remaining items solely because they form part of a set, suite, group or collection of articles of similar nature colour, pattern or design.

what is not covered?:
*money or credit cards
*contact or corneal lenses
*property more specifically insured
*property held or used in connection with business, profession or employment

*loss or damage caused by or arising from:
-wear and tear
-rot, mildew, rust, corrosion, insects, woodworm, vermin, dyeing, scratching, cleaning, repair, renovation
-faulty manipulation, design, plan, specification or materials
-gradual deterioration, market depreciation
-mechanical or electrical breakdown, failure or deraangement unless accompanied by other damage for which indemnity is provided by this section
-change in temperature, colour, flavour, texture or finish
-domestic animals

*loss of or damage to personal possessions by theft or attempted theft
-from unattended vehicle unless all windows are securely closed and all doors and the boot are locked with the personal possession kept out of sight
-from any open or convertible car or car with sun roof opened
-not accompanied by forcible and violent entry into or exit from your home while any part of it is loaned or let to any person
-whilst your home is unoccupied for more than 60 consecutive days

* loss caused by detention, seizure or confiscation by customs or other officials
*consequential loss of any kind
*THE FIRST S$100 of each and every loss or damage.

very lengthy, but clear. so there is no argument.

 

[iceberg]

i just came back from meeting with agent..

the plan is under AIA. It is called Elite Homecare. Look under the Flexi part. I guess that serves more for our need. Protection against equipments against theft, lost etc.

 

[eclectyx]

For higher-end home protection coverage that is flexible though possibly more costly in terms of premiums, have a look at http://www.chubb.com/international/singapore/cpi/chubb5059.html (I think it will be hard to find policies that cover even the food spoilage in your fridge and data contents of PC!) :thumbsup: And no, this firm is not directly related to the security company.

As noted by others here, certain comprehensive or deluxe home protection plans, you can ask agent about a rider or endorsement for specific camera equipement. Unlikely to be available for "Fire" insurance, and the common variety home insurance policies.

In general for all these policies, you may wish to find out about coverage (worldwide?), exclusions (acts of God, riots, extreme sports, etc), payout limits (total and per item), depreciation, settlement options (replacement unit, cash, associated costs), deductibles/excess (first N dollars not covered).... Check if the assessment will reduce premiums if your home has an alarm system, safe, etc. Even if not strictly required, an itemised list of high value items can be given to the insurance company. It might speed up claims if you ever lose them. YMMV.

 

[Funny]

Juz accidentally chance upon this thread. Juz to share... I juz sold this plan recently. I have wat Iceberg is interested in. Interested? Can PM mi. Travel insurance oso no problem for mi.

 

[iceberg]

Hi Funny
I have an agent whose service I might take up later.. might prob just stick to her =)
Thanks anyway. If anyone is interested to get in touch with an agent, maybe you can contact Funny, or if you would like my contact, feel free to PM me. My contact is a very friendly person.