In order to ensure that your item is insured for the correct amount, please observe the following:
For items purchased new
- Insure the item for the current usual, undiscounted, UK retail price.
For used or pre-owned items purchase by you
- The current market price of an equivalent item taking into account age and condition
1. If you purchased a kit (for example a camera body and lens together), you must insure each part of that kit for the current usual, undiscounted, UK retail price as individual items.
2. If the item is no longer available, insure the item for the nearest available item and keep a copy of your rationale for the higher price.
3. If the item is vintage, obtain a valuation or repair invoice, no more than 3 years old, from a reputable dealer/repairer showing the item make and model.
4. If you bought your equipment outside the UK, that's fine, but you need to insure it for the UK value of replacement.
5. If you under-insure the item, you will only receive the amount that you have insured the item for, less the applicable excess.
You should review the value of the Insured Items regularly to ensure Your sums insured are sufficient and renew valuations for rare or vintage items at least every 3 years thereafter.