You have insurance to cover damage to, lack of, or theft of your photography gear, or do you?? We have all heard what of warning, look both methods before you cross the street, don’t speak with strangers, and read the fine print.? Maybe with regard to photographers it should be read the fine print before you market a print. Recently a friend associated with mine (who, for the purposes of this awesome article we’ ll call Bill), discovered insurance and the fine print found in procedures in an unfortunate way. Bill experienced his home broken into and several of his expensive photography tools stolen. Having someone violate your house is hard enough, but the loss of valuable products is like salt in a wound. Finding out that the insurance you purchased plus thought protected your loss doesn’ t have you covered, might take you to definitely a different state of mind and not in a great way. Read the fine print.
It turns out that Bill, like a lot of us, insured his valuables on his homeowner’ s insurance policy. Being careful sorts, we as photographers often make an effort and go to the expense to announce our gear and take out extra coverage (a rider or addendum to the insurance to cover the specific property) to protect us from loss. However, we really don’t know how good (or bad) our insurance is till we need a claim paid. All of us assume that as good, conscientious citizens, whenever we pay our premiums, our home is protected. After the theft, Costs got over the initial emotions (violation, fright, shock, anger, etc) to be a victim and made the claim with his insurance that he thought would certainly reimburse him for his reduction.
Surprises can be enjoyable, such as when receiving a gift or even having a good friend show up unexpectedly. Unfortunately, to my friend’s surprise, he discovered that the claims adjuster did a fast web search and saw that will Bill has advertised prints available. Because he sells a few designs a year, his gear is now regarded “ commercial” equipment and as such, not really covered by his homeowner’s insurance policy that is intended to cover “ personal” home. Bill countered with the claim adjuster, “But I’ ve rarely offered a print? To which the adjuster countered, “It doesn’t matter, even though you just attempt to sell a print, it is considered commercial or professional and it is no longer covered? Hmmm, so the $1 you earned from the stock company that just sold one duplicate of your print, could now gap your insurance. Sadly, I have heard about this scenario being played out more often than once.
This is a painful, costly lesson that is better learned just before there is a loss. Please, if you market or even advertise your prints for sale, look at your policy and make sure your coverage is suitable. I am sure your insurance company will be pleased to convert your coverage to an industrial policy if needed, but it will probably be at a higher cost. There are options available, check with your insurance agent in addition to some professional groups or organizations such as NANPA or PPA which offer insurance choices for their members. Another thing to consider, and it is a whole other topic, is the requirement for liability insurance to protect you in the event someone trips over a light endure or power cord, etc . Some of the insurance policies available from these organizations also offer legal responsibility insurance.
Your insurance professional can help, but be your own supporter and read the actual policy pertaining to “coverages? and “exclusions? Usually, the particular policy will state specifically what exactly is and what isn’ t covered. Along with coverage amounts, deductibles and limitations, you should find out if the policy covers you should you travel out of the nation.
Check the replacement worth. Will they pay you the unique purchase price or the cost to replace this? Is there a depreciation plan? Is there a formula that is used to look for the benefits paid? I once employed a small firm to help with a proceed I was making. They showed up past due and exhausted from two prior moves that day and it has been clear that they didn’ t value the job or my furniture. Instantly, they dropped a piece and out of cash the corner off. I asked all of them about insurance and they said, yes, they were covered,? 0 cents the pound. At that point I informed them that they were finished and may leave. While I knew they were insured when I hired all of them, I didn’ t ask the actual insurance specifically covered or just how it paid. A 100 lb piece of furniture that cost $1500 would certainly hardly be replaced for $50 depending on their insurance!
They are just a few things to consider as you review your insurance policy and make sure that your policy really has you covered based on your needs. This public service announcement was presented by the folks here at Photography Lifetime in the hope that we can help
