Insurance Policies....

I have seen the topic come up from time to time. Who to use, etc..

I am insured with Travelers. I called today to attempt to get some straight answers, and there are none to be had.

I threw out a few examples to see if I would be covered. At no time was I given a definitive answer.

Example:

I go to San Francisco and my car window is smashed, my camera bag stolen. I file a police report. Nothing fraudulent is suspected with my claim/report by the police or claims personnel.

My question was simple. How long could I expect to;

1. Hear from a claims adjuster after filing my claim.
2. What is the average turnaround time to settle a claim.

The BEST answer I finally received was something in the neighborhood of one month to a few years.... Unreal.

I went over the policy for about an hour. In short, you MUST be a lawyer and/or have experience in the insurance field to understand what actually IS covered.

There are so many exemptions in the policy I'm not sure if it's worth the paper it's written on.

Each and every sentence started with 'potentially', 'maybe' or 'possibly'.

I pay more for my camera insurance than I do my house. I don't think I'm being unreasonable to try and find some black and white definitions about my policy. EACH and EVERY point in my policy is, in their words, 'subject to interpretation'.

WTF???

Check your policy and have someone you can TRUST review it. That's my next step.....
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[email protected]
http://www.courtlevephoto.com

I dropped a camera. It took about 3 weeks to get a repair estimate from the Nikon repairer here, but once that had happened I got an offer from the insurer in a week and the cheque in two.

I just switched companies and during the shopping process I asked a LOT of questions and all I know for sure I hope I don't have claim!

Things that are scary to say the least:

Insured only for the depreciated value, but you have to pay for full value. So you gott pay for $2700 insurance on a 5D2, but if it's stolen you'll get the depreciated value. I could not get an answer on how they figure that, and if i'm only getting back say, 80%, why am I paying for $2700 in coverage and not 20% less?

I'm covered when at a location to shoot for the full $35,000. But in transit - while traveling there - I'm only covered for $2500. ??? Yeah, I can up that of course, for a fee.

As long as all I do is photography and video, I'm OK, I'm insured. If I were to do ANYTHING else, say day of wedding coordinator or teach a photography class, then I'm not covered (liability wise).

Insurance is gambling. You're betting you need it and they're betting you won't. They're the House and the House always wins.
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If I knew how to take a good picture I'd do it every time.

hi found this website hope it will be useful to u.. it gives info about insurance policies .. check the below link

http://www.altiusdirectory.com/Insurance/

owenleve said:

I am insured with Travelers. I called today to attempt to get some straight answers, and there are none to be had.

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A. You were talking to customer service, so you were not talking to anyone who would have had enough on-the-ground experience even to guess. You were not talking to a claims adjuster

B. Call a lawyer, propose to him a hypothetical legal case, and then ask him when it will come to trial, how long will the trial will be, and who will win.

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RDKirk
'TANSTAAFL: The only unbreakable rule in photography.'

I know they offer insurance at reduced rates. You might find more insight on their forums from other members to see whom they recommend. I do not carry insurance myself. Instead I've installed burglar alarm with glass break detectors, and surveillance cameras around my house. Besides, all of my equipment is scattered arond the house at various locations. I don't exactly keep it all on one shelf. It is because of experiences like yours that I am hesitant in paying excess for equipment insurance.

As an ex risk manager, I worked with many insurance companies. Brokers are better than insurance companies because they shop around for you and give you straight answers insurance companies avoid. I will say though, asking how much time it takes to file a claim is (pardon me but..) kinda pointless and like asking what weather will be like in three years...and the person is right, depending on the accident/claim it could take months or even a year (if many different people were involved in the incident). They are though, obliged to tell you what you are covered for, and in what situations. I usually ask this in writing, in order that if anything were to happen, I have proof that they would cover me. All I have to say is from my experience, insurance is a must, and if you're a successful photographer and you work with noteworthy clients, they will ask for a "proof of insurance certificate"...so that when you're shooting around their premises, lot, office etc..., they know you're covered.
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Shoot for pleasure and the rest will come...

http://www.saykowski.com

Michael Kormos said:

I know they offer insurance at reduced rates.

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it's not a reduced rate. Plus you have to be a PPA member at $300/year. What you do get as a PPA member is more thtings covered (like errors and omissions) and legal assistance.

Michael Kormos said:

I do not carry insurance myself. Instead I've installed burglar alarm with glass break detectors, and surveillance cameras around my house.

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If your gear never leaves your house that's fine. As a working pro I am on location as much or more than I am at my studio, and I also need liability insurance (in case I damage someone else's property or someone gets hurt on a shoot, etc) and itincludes coverage for advertising issues (no release), business interruption (should a fire burn my studio to the ground my income is replaced and they'll rent me a new place until the rebuild my studio).

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If I knew how to take a good picture I'd do it every time.

I've got to concur with some of your observations regarding insurance.

I was in the process of looking for insurance a couple of months ago. I spent several weeks trying to get answers from a firm that is very recommended on this forum . It took them more than a week to respond to my questions. After I got all the answers, I sent in my check. The agent then called me, via phone, and told me everything was in order. He then said the policy was in effect and that I would get an e-mail in a couple days with the policy number. After a few days rolled around and nothing, I called him. He said there was a problem in that the insurer was not honoring the original quote, which had a special discount that was no longer being offered. He was waiting to get a waiver that had not yet been approved and he wasn't sure it would. As a result, I was NOT insured - and on top of that, received no call informing me of that minor detail. I was furious!! Needless to say, I told him what he could do with his insurance.

I then spent a few more days, this time dealing with local agents. I came across someone that recommended CNA. They now insure photographers. I just got the 75 (?) or so page policy in the mail. Lots of details! Like you said, there are lots of details that would take a lawyer to understand. I feel I understand the main points. I posed a question to my agent, in writing via e-mail, and he got me an official response. That adds some peace of mind. Plus, I have the e-mail should something ever happen.

I felt like I had just gone through a slime bath after the whole process. Hopefully your experience will be better! I now have a new level of low respect for the whole insurance industry.

PenguinPhotoCo said:

Michael Kormos said:

I know they offer insurance at reduced rates.

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it's not a reduced rate. Plus you have to be a PPA member at $300/year. What you do get as a PPA member is more thtings covered (like errors and omissions) and legal assistance.

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For $50 per year you can also buy into the Trust Indemnity Fund, which is the "errors and omission" protection--very important for a wedding photographer as well as portrait photographers who handle high-end clients.

But just being able to get legal advice and have their lawyers write a "lawyerly" letter for you can easily be worth over $300 a year.

PenguinPhotoCo said:

PenguinPhotoCo said:

I do not carry insurance myself. Instead I've installed burglar alarm with glass break detectors, and surveillance cameras around my house.

Click to expand...

If your gear never leaves your house that's fine. As a working pro I am on location as much or more than I am at my studio, and I also need liability insurance (in case I damage someone else's property or someone gets hurt on a shoot, etc) and itincludes coverage for advertising issues (no release), business interruption (should a fire burn my studio to the ground my income is replaced and they'll rent me a new place until the rebuild my studio).

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Truly, certainly, absolutely.

--
RDKirk
'TANSTAAFL: The only unbreakable rule in photography.'

I've been putting this off for way too long. Pity there aren't any conclusive answers here. I'd like to hear from people who have made sizable claims about how the process went.

That might be interesting to here, but then I've been driving for 30 years, owned a house for 20 some years and have filed exactly one claim - I had a classic car for 2 weeks when a teenager hit me and totalled it. I got a check for the full amount w/i 2 weeks.

I worked at several car/motorcycle dealerships over the years (pre-photo) and had lots of interactions with claims adjusters from all sorts of insurance companies and never had a problem with them, nor heard the car owners complain about their insurance companies.

So I'd say claims are rare to begin with, even rarer if you use a little common sense and care, and insurance companies are pretty easy to deal wtih.

What sucks is not having insurance when you need it. That can ruin your life.

C S A said:

I've been putting this off for way too long. Pity there aren't any conclusive answers here. I'd like to hear from people who have made sizable claims about how the process went.

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If I knew how to take a good picture I'd do it every time.