Photographers often ask us “what are the claims you get most often? What should I be careful about?” – and until recently, we didn’t have enough data to opine. As our business has grown, we had had the opportunity to help a few of our customers when things went wrong – and in those moments, the rubber really hits the road and one finds out whether their insurance product will perform for them.
The claims patterns we are seeing are also learning for us – they help us understand what aspects of the coverage are particularly important, and we want to share these learning with our customers.
Leading drivers of claims so far:
Theft is the most common case of claims for our photographers by far. We all know this can happen – yet quite a few equipment insurance products out there specifically exclude theft.
Water damage. Many of our customers shoot in the wild, and water is often involved. We’ve seen cases where equipment fell into the ocean and even off the top of a waterfall!
All claims we’ve received involved equipment getting damaged or stolen while away from the photographer’s premises. This reinforces our belief that having coverage for both on-premises and off-premises incidents is critical for a photographer. ††
Finally, we had a claim for equipment theft that took place outside of the US – and were glad to reassure the customer that the policy he had protected his equipment wherever he went.
As much as we hope our customers don’t encounter scenarios that lead to claims, we are delighted to see that the equipment coverage we are offering is solid and relevant exactly for their business and the risks that may threaten their tools and their business’ livelihood.