Camera Insurance Overview:
Photography is that evergreen hobby which will never fade away. For some of us, it’s an obsession and for others capturing those moments through lens is a passion. There are many who have turned their passion into profession through their expertise. There has been a rapid progression in the technology in terms of the gadgets available for capturing photos. From point and shoot cameras to DSLRs, there is a plethora of gadgets available for this purpose with a varied price range.
Depending on the price of the camera, it’s important to insure the gadget by means of an equipment insurance so that you shield it against loss or damage. It compensates the insured gadget up to the extent of sum insured.
Benefits of Camera Insurance:
Considering all the risks involved it the process of transporting and using the cameras, having an Electronic Equipment Insurance makes you feel secure so that you can carry on with what you the best, confidently. Here are some of the benefits of having this insurance for your shooting gadget.
- Damage/loss of equipment due to fire
- Breakdown due to mechanical or electronic failure
- Accidental damage caused by the user
- Total loss due to theft
- Damage to the gadget due to riot or strike
Most of the insurance companies offer a worldwide cover. The sum insured is based on the market value/purchase price of the camera. In case of total loss of the unit, the replacement cost borne by the insurance company includes freight, custom duty and all other charges involved in procuring the new equipment.
Camera Insurance Exclusions:
Damage/loss from the following reasons does not find a cover under this insurance policy.
- General wear and tear
- War or war like situation
- Wilful negligence on behalf of the user
- Manufacturing defects and consequential loss
- Deterioration due to climatic conditions
- Maintenance costs associated with the unit
- Functional failure which finds coverage under the warranty
- Pre-existing defects
- Terrorism
List of companies Providing Camera Insurance are:
1) Bharti AXA Commercial Insurance: The Portable Electronic Equipment Policy from this company offers comprehensive cover on a wide range of electronic equipments such as laptops, mobile phone and cameras. It offers to cover the gadget against loss and damage to offer compensation as per the sum insured. Claims assistance service is accessible through a toll free number and also via branches located nationwide.
2) HDFC Ergo Portable Electronic Equipment Insurance: This policy covers the camera against accidental damage including fire, theft, robbery and malicious damage. With a worldwide coverage, the sum insured is up to the extent of the market value/purchase price of the unit. The policy can be easily availed by either calling the toll free customer service number of by visiting any of the branches.
3) ICICI Lombard Electronic Equipment Insurance Policy: With a premium as less as 1% of the gadget value, this camera insurance policy from ICICI Lombard offers a wide range cover. It not only offers to replace the gadget in case of loss, but also pays of miscellaneous charge associated with the replacement.
Camera Insurance Claims Process :
If a claim situation occurs, the insurer must be contacted immediately to lodge a claim. Use the toll free number to contact the insurer and provide details of the incident. In case of total loss of the camera unit, you will be required to lodge a complaint with the local police and provide a copy of the complaint to the insurance company. Based on the turn around time, the representatives will provide further instructions for replacement/repair.