The Insurance Emporium
ADVERTISEMENT FEATURE
Specialist camera insurance provider The Insurance Emporium discusses the benefits of taking out a New For Old policy to protect the full value of your photo equipment Give peace of mind your best shot: New For Old camera insurance explained
GET 30% OFF*
premium, so always check your policy wording. The Insurance Emporium has two policy types, and Photography News readers can receive a 30% discount* on new policies. Visit the website to check out the full range of benefits.
What is New For Old cover? New For Old cover means that if your equipment is stolen, lost or accidentally damaged within the period set out on your policy, you’re covered for the cost of replacing it with a brand-new version of the same make or model (or a similar one if it is no longer available). An important thing to note is that you’ll only get replacement gear to the value of the sum insured – that is why it’s so important to keep this updated on your policy. If you don’t, your insurance company will calculate your claim settlement based on the price paid, less depreciation, sum insured and/or market value. The Insurance Emporium’s policies come with four years New For Old as standard, which means the insured item must be less than
WHETHER YOU’RE AN amateur snapper who likes to dabble at weekends or a photographer by trade, you’ve probably accumulated a fair bit of kit – not just cameras, but lenses, memory cards, chargers and more. As we head into the time of year when we’re bombarded with sales events, chances are you could be adding to your collection. Camera equipment doesn’t come cheap, so of course you’re careful with it. However, there is always a chance something unexpected could happen – which is where insurance comes in. But what kind of cover do you need? The Insurance Emporium offers specialist camera insurance. They know all about New For Old cover and the importance of insuring your equipment for the correct replacement value.
four years old from the date of manufacture to qualify for this type of cover. However, the company also offers New For Old for life as an optional benefit, allowing the item to be claimed for up to the sum insured amount on the policy, regardless of how old it is. Why is it important to update the sum insured? Your insured amount should match the current cost of replacing your equipment, otherwise New For Old won’t apply. For example, say you insured your camera for £1000 a few years ago, but now that model costs £1500 to replace; if your camera is then stolen but the sum insured hasn’t been updated, you would only get up to the £1000 it is insured for. It’s your responsibility to update the sum insured on your policy, which you can do at any time – although it’s best to make changes to your policy at the time of renewal as changes made mid-term could incur an admin charge. It’s also worth remembering that altering the sum insured will affect the
theinsuranceemporium.co.uk/PNEWS or call 03300 242 898
“Your insured amounts need to match the current cost of replacing your equipment”
* The maximum available discount is 30% – this is a combination of 25% Introductory Discount and 5% Photography News reader discount. The Introductory and Promo Code Discounts are available from the start of the policy until its first review/renewal date. This policy is subject to change at any time. The Insurance Emporium offers a variety of cover levels, so please check the policy cover suits your needs before purchasing. For your protection, please ensure you read the Insurance Product Information Document (IPID) and policy wording for information on policy exclusions and limitations. Lifestyle Policy Limited is an appointed representative of The Equine and Livestock Insurance Company Limited. The Insurance Emporium is a trading name of The Equine and Livestock Insurance Company Limited (registered in England and Wales no: 294940), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority no: 202748.
Issue 118 | Photography News 7
photographynews.co.uk
Powered by FlippingBook