BE CAREFUL you are not under insuring your equipment

Posted by on Nov 16, 2015 in Blog, Media Bar

BE CAREFUL you are not under insuring your equipment

We see on occasion a number of claims where the sum insured of the equipment is well under what the total equipment claim totals.

Our policy provides you with new for old. So if you are under-insured this will have a significant impact of your claim amount being paid out.

So what do you need to do to make sure you are note under insured?Do up a full list of your equipment (in a spreadsheet is easiest) and put in a current replacement value on each item. Refer to any of the shops websites such as Berminghams.


1. Make sure to list all lenses, camera bodies, bag, tripod, filters, triggers, batteries, memory cards etc. If you bag was to be stolen you need to make sure you are covered for everything


2. Make sure you put the sum insured against the next available model. If you have a Canon 7D make sure to put the value of the 7D MKII against your current camera.


3. Remember that any replacement item over €4000 needs to be specified on your policy. For example if you have a Canon 1DMKIII you need to have the value of the 1DX against your camera and the serial number of your 1DMKIII noted on your schedule.


4. Now the scary part when you total the replacement value !!!! Really I have that much equipment????


5. Keep a list of serial numbers & Keep photos of the items and also receipts if you have them in an online folder such as google drive or dropbox. Don’t keep it just on a pc or laptop in case that gets stolen too.


6. If you bought any items second hand, again take photos of it, take screen grabs of the add you purchased it from such as adverts or donedeal.


Personally I had my camera gear stolen form the boot of my car back in January and it is not a nice experience to go through, but I did get first-hand experience of our claims process. Having everything recorded and receipts made it a lot easier. Although I did need to go look online on my various amazon, 7dayshop and mymemory accounts for additional batteries and memory cards dates of purchase etc. So it is worth updating and checking after getting a new piece of equipment or at least each year at your renewal.

So if you do happen to have a claim and your total sum insured is less than what the total loss is ‘Average’ will apply. This is the same with any bespoke policy, like our own, or if you have cover on your household policy.

So if my total value was insured for €5,000 and it should have been €10,000 based on the list of equipment submitted. You do not get €5,000. You would get 50% of the sum insured you would have had covered as you were 50% underinsured.

So you can see the importance of making sure your policy is on the correct sum insured.

If you feel that your policy might need revision give the Rita, Aisling or myself a call in the office on 01 8408060


Derek Balfe


Derek Balfe is a keen photographer himself and a director of who specialise in Imaging Insurance in Ireland. He has over 25 years’ experience in the insurance market both as a broker but also working for some of the largest insurance companies in the country.

Camera Insurance is online at or 01 840 80 60 Mon – Fri from 9am – 5pm

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Camera Insurance is a registered business name of the O'Loughlin Insurance Group.D O'Loughlin & Co Ltd. T/A O'Loughlin Insurance Group is regulated by the Central Bank of Ireland.
Registered in Dublin No. 104227. Registered Office: Little North Street, Swords, Co Dublin. Directors: Paul O'Loughlin, Michelle Richardson.

P O'Loughlin Financial Services Ltd. T/A O'Loughlin Insurance Group is regulated by the Central Bank of Ireland. O'Loughlin & Co. Limited T/A O'Loughlin Insurance Group is regulated by the Central Bank of Ireland.
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