Equipment Insurance


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sandman

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#1
How do you guys insure your expensive camera equipment when travelling? Usual travel insurance covers only up S$500 per item or set of items. Does a set mean body, lens and flash? I find the available travel insurance really inadequate. Any suggestions?
Regards.
 

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sandman

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#3
Thanks. This insurance is for up to 3 years from the 6th month of purchase. Is there any adequate insurance that goes beyond 3 years or better still, that can be activated on a per trip basis? Losing a few thousand bucks of equipment even after buying for 3 years is still painful.
 

Tuck Loong

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Mar 11, 2003
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#4
I bought all my travel insurance for cameras from Liberty Citystate....U can get in touch with my agent for a quote and more details....tell her I send u =)

Soo Ailing
ailing.soo@united-team.com

Typically, I insurea ard 5K of equipment for 2 weeks in europe for ard $200....Do be prepared to give her details of ur equipment such as serial number and make/model and evaluation.....

Cheers,
Tuck Loong
 

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sandman

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#6
Thanks for all the info! Welcome any more leads on this, will kiv till next trip, meanwhile can share with all.
The $200 might seem expensive at first, but when you return with all your equipment (a few thousand bucks) broken or stolen, and your insurance company compensates with you with $500, less the cost of purchasing it, netting at approx $400, you will feel the pain.
On the other hand, also depends on where you go. Some places are relatively safe, but i got friends who went South Africa and Spain, some got robbed silly.
Keep the info coming! Thanks!
 

cyrilng

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Nov 24, 2002
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#7
I've insured my stuff with Income. Recently my F100 film back cover was damaged in transit. Replacement cost at Nikon SG was $75. I submitted the claim & after about 2-3 weeks, got a cheque for $63 only as they said they had deducted $12 for depreciation. I pointed out to them them that for repairs or replacement of parts, compensation should be for the full amount as stated in the policy. How do you calculate depreciation on repairs costs or a part that has been replaced with a brand new one? Only if the entire camera had to be replaced would the depreciation cost deduction apply based on the original price it was bought for. The Claims Officer haughtily insisted that they were right & my 'interpretation' of the clause was wrong! I asked her how could an insurance policy clause be open to 'interpretation' when it should be very specific & clear.

Only after calling them twice & demanding to speak to the manager & having informed them that I had consulted my lawyer on the issue, did the officer get back to me & say that she 'was wrong' (fullstop) & would send me a cheque for the difference. Not a word of apology was forthcoming! I wonder how many claim payments went unchallenged & ended up filling their coffers at the expense of the ignorant or unquestioning policyholder.

The amount involved was small but it is a matter of principle, just like the recent case concerning their motor insurance. It seems only after you make a big noise & fuss about it, will they then do something about it or else they'll just quietly & conveniently going about business as usual for them.
 

StreetShooter

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Jan 17, 2002
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#8
Thanks for the info on NTUC. Although I recommended the link, I have not signed on, and in the light of this new info I probably won't.

Tuck Loong's deal sounds much closer to my needs. Thanks!
 

ivor

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Jan 26, 2002
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#9
Sound tempting... Good for frequent travellers or people of the move...

NorthLights did a purchase of a insurance plan for his previous DC, any comment for him...??
 

kelster

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#10
chked out the income site....realised that they only provide insurance coverage for equiptment less than 6 mths old...sigh...all my kits are at least 1 to 3 yrs old liao....like that how??....

Hmm...wonder if Tuck Loong's deal actually provide coverage for older equiptment....
 

cyrilng

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#11
Originally posted by kelster
chked out the income site....realised that they only provide insurance coverage for equiptment less than 6 mths old...sigh...all my kits are at least 1 to 3 yrs old liao....like that how??....

Hmm...wonder if Tuck Loong's deal actually provide coverage for older equiptment....
Should be that's why you'll need to submit all the deatails for evaluation.
 

Tuck Loong

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#12
Forgot to add that the coverage include normal travel insurance at 500K coverage and third party claims beside the cameras =)

So far, my friends have claimed satisfactory from them....they minus 100 bucks from sum insured and the evaluation is reasonable =) Do ask her to give you more details =)

Yup...the sum of 200 bucks was for Spain ...wanted more coverage for my life at 500K..that explains why so high mah.....

I was offered the same deal for Income but they did not accept older equipment even for coverage in Singapore only. Hence, will still get the home insurance plan from Liberty Citystate.....The foreign companies are more used to handle photographic equipment then local ones......

Cheers,
Tuck Loong
 

David

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Mar 21, 2002
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#13
Originally posted by zekai
2 week for $200 is too expensive
the income one look better
Yup, I got my advice from Tuck Loong a long time ago too. Covers old equipment as well.

Seems like over here, there doesn't exist any photo equipment insurance maybe cos maybe there isn't a niche for profesional or "enthsiastic" travel photography. Yes, $200 for 2 weeks is expensive, but u wanna risk $5000 or $200?

As for Income... I don't think they are experienced in this area. So their policy is craps which explains why cyrilng almost got peanuts from them. The difference in money would prob have gone into the pockets of their staff or some Income internal funds/profits.
 

V

vince123123

Guest
#14
well basically all insurance companies are crap when it come s to payment. if can eat you, they will eat you. thats how they earn their living - by collecting premiums and paying out as little as they can get away with. The problem is further exacerbated with the poor consumer protection in Singapore as well as the fact that corporations here know they can get away with a lot of things

:)


Originally posted by cyrilng
I've insured my stuff with Income. Recently my F100 film back cover was damaged in transit. Replacement cost at Nikon SG was $75. I submitted the claim & after about 2-3 weeks, got a cheque for $63 only as they said they had deducted $12 for depreciation. I pointed out to them them that for repairs or replacement of parts, compensation should be for the full amount as stated in the policy. How do you calculate depreciation on repairs costs or a part that has been replaced with a brand new one? Only if the entire camera had to be replaced would the depreciation cost deduction apply based on the original price it was bought for. The Claims Officer haughtily insisted that they were right & my 'interpretation' of the clause was wrong! I asked her how could an insurance policy clause be open to 'interpretation' when it should be very specific & clear.

Only after calling them twice & demanding to speak to the manager & having informed them that I had consulted my lawyer on the issue, did the officer get back to me & say that she 'was wrong' (fullstop) & would send me a cheque for the difference. Not a word of apology was forthcoming! I wonder how many claim payments went unchallenged & ended up filling their coffers at the expense of the ignorant or unquestioning policyholder.

The amount involved was small but it is a matter of principle, just like the recent case concerning their motor insurance. It seems only after you make a big noise & fuss about it, will they then do something about it or else they'll just quietly & conveniently going about business as usual for them.
 

S

sandman

Guest
#16
I have heard of the depreciation thing before. Wonder how much you will get (hypothetical) if its for a 2nd hand lens bought at say $500 for 5 years? I have some nikon AIS primes which I will probably keep forever, you see. $50? :confused:
 

cyrilng

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#17
Originally posted by sandman
I have heard of the depreciation thing before. Wonder how much you will get (hypothetical) if its for a 2nd hand lens bought at say $500 for 5 years? I have some nikon AIS primes which I will probably keep forever, you see. $50? :confused:
2% deduction for every month. You do the math.:what:
 

S

sandman

Guest
#18
Assuming straight line depreciation, 2%x12x5=120%?? I gotta pay them back if my equipment gets busted? :eek:
 

S

sandman

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#20
Is Liberty Citystate the only one providing such insurance? How about like travelex?
By the way, Liberty insures for all types of travel right? I heard some insurance companies do not cover you if you travel by yourself free and easy, ie not in a chartered tour group. Is it true?
 

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