Don't guess when it comes to valuing your gear
How have you valued your equipment for insurance?
Back of a fag packet, finger in the air? Or have you created a spread sheet itemising every single last bit of kit from lens wipes to camera bodies old and new?
Are you and your insurers clear which items of kit you are insuring (or not), for how much it needs to be insured and where it is insured; studio, in transit, on location and at home?
If you get it wrong there could be a hefty price to pay.
The Insurance Act may have understandably slipped Photographers radar, but not insurers. The term ‘Fair Presentation’ has been introduced requiring policyholders to be fair with insurers when presenting the subject of insurance i.e. the people, property and activities.
Deliberately or recklessly failing to be fair, for example under stating equipment replacement values now allows insurers to invoke ‘remedies’. This could now mean reducing claims in proportion with any underpayment of premium arising because of understating total equipment replacement values or worse turning claims down altogether.
Infocus recommend you assess the replacement value of all your kit at today’s prices and keep this up to date with kit changes and additions. You should also identify portable equipment for which cover is required away from any business premises such as a home office &/or studio or commercial studio at a different location.
Infocus only ask for a total replacement value of all kit with specific details only required for individual items worth £5,000 and over.
If in doubt ask Infocus Insurance for advice. It costs nothing and could save a fortune.