Table of Contents
Introduction
Cameras and lens, for many people, are more than just equipment. They are friends, travel companions, and the witnesses for many memorable occasions. However, they are very delicate, one mishap and it could cost the owner hundreds and even thousands of dollar in repairing or replacement.
Even though Singapore is known to be extremely safe and the rate of theft is relatively low compare to the rest of the world, Singaporean travels approximately 3-4 times per year to foreign countries. In such time, the risk that your valuables get lost or damaged increase significantly. Therefore, many people are now seeking to find insurance, especially camera insurance for their gears before traveling to be able to fully enjoy their adventure.
This article will walk you through different type of camera insurance in Singapore, what do they covers, the top providers and how to make a claim if something were to happen.
Types of Camera Insurance
There are several types of insurance policies that can cover cameras and photography equipment in Singapore:
Standalone/Specialized Camera Insurance – This is a policy purely for insuring camera gear. It can evaluate and insure your gears up to its closest market value. It provides comprehensive coverage for damage, theft, or loss of equipment. Currently, the only standalone camera insurance in Singapore is KoverNow.
Travel Insurance – Many travel insurance policies offer optional coverage for cameras and photography equipment while on a trip overseas. This protects the gear against loss, damage, or theft when traveling but it will come with a maximum cap, usually 500-1,000 SGD. You can find out more from this SingSaver comparison article: Travel Insurance for Camera Equipment
Home Contents Insurance – Most home insurance policies allow you to add coverage for valuable items like cameras and lenses on top of the standard contents cover. If you mostly keep your item at home, and don’t bring them during your holiday then this could be a good option.
Business/Professional Insurance – For professional photographers, coverage for photo gear can usually be added to their business insurance policy. This covers equipment used for work against damage, theft or other losses.
When choosing camera insurance in Singapore, consider the value of your gear, where you’ll be using it, and your specific coverage needs.
Coverage Details
Camera insurance policies typically cover damage to or loss of your camera equipment. Standard coverage includes:
- Accidental damage – Dropping your camera or having it damaged in an accident.
- Theft – Having your camera stolen, often with limitations on unattended equipment.
- Loss – Having your items loss due to accidental circumstances.
However, most camera insurance does not cover:
- Manufacturer defects – These should be covered under warranty.
- Gradual deterioration – Wear and tear over time is not covered.
- Intentional damage – Deliberately damaging your own equipment is excluded.
- Professional use – Policies for professional photographers differ.
It’s important to read the fine print to understand exactly what scenarios your camera insurance will and will not cover. Restrictions on unattended equipment and deductibles also often apply. Overall, camera insurance aims to protect your investment should unforeseen damage or loss occur.
Top Camera Insurers
KoverNow – KoverNow provides specialized camera insurance policies in Singapore, allowing you to insure individual camera gear or entire collections. They offer worldwide coverage and policies can be customized. KoverNow partners with QBE Insurance (Singapore).
FWD Insurance – FWD offers travel insurance plans that can include optional coverage for cameras and other valuables. Their First plan covers up to $7,500 for baggage loss/damage with a limit of $500 per article. FWD is owned by Pacific Century Group.
Allianz Insurance – Allianz Travel Platinum covers cameras under their baggage coverage at competitive rates. Allianz is a leading global insurance company based in Germany.
Cost of Premiums
The cost of camera insurance premiums in Singapore varies depending on several factors. According to KoverNow, the monthly premium range is around 0.44% of your camera’s current value (KoverNow). So for example, the premiums for a $2,000 camera would be around $8.80 per month. Their policies are available on a 3, 6, or 12-month basis with attractive discounts, allowing you to insure your camera as needed for your travel plans.
The type of coverage and policy duration also affects pricing. Comprehensive policies that cover damage, theft, and loss cost more than basic policies that only cover damage. Annual policies usually cost less per month than monthly policies. Deductibles can reduce premiums as well, but you’ll have to pay more out-of-pocket for each claim.
Some other factors that may increase premiums are depreciation or the condition of your gears, your claim history and the duration of the policy and whether or not you are a professional photographer. According to Reddit users, commercial camera insurance can be quite costly compared to typical travel insurance (Reddit). So avid photographers need to weigh the costs and benefits when choosing dedicated camera coverage versus basic travel insurance.
Making a Claim
If your camera is stolen, damaged, or lost while covered under an insurance policy, here are the general steps to file a claim in Singapore:
1. Notify the insurance provider as soon as possible. Many policies require reporting within 24-48 hours. Provide details on what happened and obtain a claim reference number.
2. For theft or loss claims, file a police report. Give a copy of the report to the insurance company.
3. Gather supporting documentation. This may include proof of ownership, receipts, repair estimates, photos, statutory declarations, and other evidence to support your claim.
4. Submit the claim form and documentation through the process specified by your insurer. This may require visiting an authorized repairer or submitting documents online/by email.
5. The insurance company will assess the claim. A claims handler may contact you for more information. Wait for their response.
6. If approved, the insurer will arrange for repair, replacement or reimbursement per the policy limits and terms. Replacement value may account for depreciation.
7. For denied claims, you can provide more proof and appeal the decision if you believe it was unjustified. Be aware of the time limit for appeals stated in your policy.
The claims process can take weeks or longer. Be patient, responsive, and thorough in providing details.
Policy Limitations
There are a few key limitations to be aware of when purchasing camera insurance in Singapore. Many policies have per item, per claim, and aggregate claim limits that cap the maximum payout amount. This means even if you have high value gear, the payout will be capped.
Insurers may also apply depreciation, especially for older equipment. So you would not get the full current value back on a claim.
Many policies also have limitations or exclusions for damage during commercial use, intentional damage, wear and tear, etc. It’s important to read the fine print to understand what circumstances would invalidate a claim.
Deductibles are also common – you may need to pay the first $50-100 of any claim. This helps reduce premiums but means you cover small losses yourself.
Overall when buying camera insurance, pay close attention to sub-limits, depreciation, exclusions, and deductibles to ensure the cover fits your needs.
Insuring Expensive Gear
Professional photographers often have thousands of dollars invested in high-end camera bodies, lenses, lighting equipment, and other photography gear. Insuring expensive equipment can be challenging, but there are some tips to get proper coverage:
Look for photography equipment insurance policies that are designed for professional gear. General insurance policies may not provide adequate coverage or value. Companies like KoverNow offer plans tailored to cameras and other expensive photography equipment up to 35,000 SGD per item.
Disclose full details of your gear, including each individual item and its value, so you are covered for its true replacement cost. Don’t underestimate the value of your equipment.
Consider getting worldwide coverage if you travel internationally for shoots. Lost/stolen/damaged gear can happen anywhere.
Pay close attention to policy limits, deductibles, exclusions, and claim procedures. Make sure you understand exactly what is and isn’t covered.
Ask about extra coverage options like gear rental if equipment needs to be replaced during a claim event or coverage for props like drones, which have additional regulations and risks.
Work with an insurer that specializes in photography equipment and has expertise in covering high value gear for professionals. This can help streamline the claims process if an unfortunate incident occurs.
Conclusion
When it comes to protecting your camera equipment from theft, damage or loss, getting camera insurance is highly recommended. As we’ve covered, camera insurance provides peace of mind by covering the cost of repairs or replacement if your gear gets damaged, lost or stolen. The key points are:
- Get a policy that covers worldwide coverage, accidental damage, theft and other risks.
- Reputable provider like KoverNow offer camera-specific policies.
- Premium costs vary based on your equipment value, deductible and other factors.
- The claims process can be easy with the right documentation and policy.
- Pay attention to exclusions like gradual damage and unauthorized equipment use.
With expensive camera bodies, lenses, flashes and other gear that are vital to your livelihood, camera insurance is an affordable way to protect your investment. Ensuring your equipment is covered means you can focus on capturing incredible images without worry. Safeguard what matters most with a tailored camera insurance policy.
