UPDATE: Reviews section refreshed, redesigned, searchable: Go take a look
I will shortly be borrowing a valuable item and want to insure it for while it's in my keeping. Specifically it's a camera that the manufacturer is lending me for a trial, and I plan to take it with me on a trip. I've asked my home insurer and they say no, because it's not mine. I've asked the usual ranks of photo insurers (Eversure, Photoguard etc) and they will only cover professional photographers for loaned equipment, not happy snappers like me.
So I'm stuck. And that means one thing - appeal to the assembled wisdom of STW! Any ideas ?
The owner should have insurance.
Actually, don't you have travel insurance? Travel insurance covers equipment and you can generally add named high-value items, I don't recall it ever requiring receipts.
The blocker seems to be that they won’t insure something without proof of ownership:-(
You can insure anything, you just have to find the person who wants to carry the risk. I’d speak to a local insurance broker (there’s branches of Howden’s everywhere) and see if they can find a home for it. It’s a niche risk but a good broker should be able to find someone to cover it.
First of all, who's your home insurer? And what's the product name?
Just browsing a sample policy wording, which is the AA (a broker) and their Personal Possessions wording says:
What is covered?
1. Personal Possessions which belong to You or which You:
• are responsible for under a hiring or legal agreement; or
• have in Your custody and are legally liable for.
So, I take this to mean that you can borrow something and if it's damaged or destroyed, then the owner can sue you, you would be legally liable for it and hence the policy will pay.
I'll hasten to add that I've not read the rest of the wording.
The definition of Insurable Interest (which is a fundamental principle of insurance) says:
"The legal right to insure, arising out of a financial relationship recognised at law between the insured and the subject matter of the insurance."
You don't have to own something to have a responsibility to pay for it if you lose/knacker it.
Of course, it may be more tricky to actually insure, and if it's high value I think I'd want to have a chat with the insurance company and/or specify it on the policy, but if you can point me at the policy wording I'll have a look. If you're having to deal with a call centre overseas then good luck.
First of all, who's your home insurer? And what's the product name?
Direct Line Plus home insurance.
Amazingly looks like direct line are correct
Personal possessions High-risk items, sports
equipment and bikes that belong to you. This
also includes any of the following that belong
to you, or that you’re legally responsible for:
> Luggage.
> Clothes.
> Other items that you normally wear or carry.
Sorry DrJ you're out of luck there. Have you asked the manufacturer what would happen if it's brokenor lost while on trial?
Have you asked the manufacturer what would happen if it's brokenor lost while on trial?
Yeah - I have to pay the normal repair fee or 75% of the new price if it needs to be replaced Now I’m unsure about going ahead Accidents do happen even if you’re careful
Not sure if the basics changed after I left the industry, but you need to have "insurable interest" in the item, ie suffer a loss if you lose/damage it.
Provided you have something from the camera people saying "you bend it, you mend it", that's your insurable interest, as explained above.
I think the problem is "computer says no", so a broker would be your best bet.
Hmm. The only options I can think of are to approach a broker like lunge said, or take out another home insurance policy that covers loaned stuff.
Or don't insure it.
Or don't borrow it and tell the manufacturer why you're not able to.
Or turn pro?
Thanks guys - sound advice. I'm thinking "don't borrow it" and rent it from a shop who offer a damage waiver. It seems like I'd be saddled with the full liability in the event that the camera malfunctions due to something in its history outside my control. That doesn't feel fair.
You need a basic contract stating the terms with the lender then go to an insurance agent.
Does anyone remember cheques? Give them a cheque for the value of the camera. When you return it undamaged they give it you back. In the meantime it's legally yours and your insurance covers it.
It seems like I'd be saddled with the full liability in the event that the camera malfunctions due to something in its history outside my control.
Eeek. Definitely a no. Hire it from somewhere else as you've said.
Rental sounds like the easier option. Which camera is it?
Which camera is it?
Fujifilm GFX100SII
Ah, I can see why you'd need to have some kind of insurance or damage waiver then!
I assume you've looked at the likes for hireacmera.com? In addition to their own camera rental, I notice in their FAQ they recommend performance-insurance.com who cover hired equipment, which may mean you could still take the original trail.
First return from Monsieur Google...
<edit> Sorry, wot e said up there^
they recommend performance-insurance.com
I'm trying to get confirmation from them that they cover amateurs. The wording of their documents is all in terms of "your production", "your business activities" and suchlike - not a casual snapper taking pics of sunsets.
EDIT - just spoke to them. Sorted :-). Thanks again for the comments - always good to get other peoples' ideas as I sometimes find myself spiralling down rabbit holes 🙂
Sell some pics to your Auntie then you're a pro...🙃
If you can't insure it and they won't insure it (why?!) then I wouldn't be going near it. Frankly they need their bumps feeling lending it out otherwise anyway, if you could afford to replace it then you could just buy your own.
[EDIT never mind, glad you're sorted.]
