Is all-risk insurance from Allianz Global Assistance really worth it?

I would have had a waterproof camera from Nikon and after three years water penetrated inside the housing. The camera was out of warranty, but as you can see, waterproofing can fail.

Let's now say that the same thing happens for the Olympus TG-5, but the camera is within the manufacturer's warranty and there would also be an all-risk insurance policy from Allianz. Is the camera really covered against this problem or do you have to pay for the repair yourself? Unfortunately, the information from digitec, Allianz and Olympus contradict each other.

At digitec you read:

All Risk
* Insure your item with Allrisk by Allianz against drop, impact, breakage and display damage as well as water and moisture damage.

In the general insurance conditions of Allianz one reads:

6.1 No insurance cover is provided for:
a. Damage that falls under the warranty or liability of the manufacturer or seller

It is stated in the liability conditions on the camera manual:

Terms of Liability
This warranty does not cover the following, and you must pay the cost of repair even if such defects occur within the warranty period.
g. Any damage caused by sand, mud, water, etc. that has entered the interior of the housing.

So, if the waterproofing of the camera is lacking, it means that neither Olympus nor Alianz will cover anything.

Question

Is all-risk insurance from Allianz Global Assistance really worth it?

I would have had a waterproof camera from Nikon and after three years water penetrated inside the housing. The camera was out of warranty, but as you can see, waterproofing can fail.

Let's now say that the same thing happens for the Olympus TG-5, but the camera is within the manufacturer's warranty and there would also be an all-risk insurance policy from Allianz. Is the camera really covered against this problem or do you have to pay for the repair yourself? Unfortunately, the information from digitec, Allianz and Olympus contradict each other.

At digitec you read:

 All Risk 
* Insure your item with Allrisk by Allianz against drop, impact, breakage and display damage as well as water and moisture damage. 

In the general insurance conditions of Allianz one reads:

6.1 No insurance cover is provided for:
a. Damage that falls under the warranty or liability of the manufacturer or seller

It is stated in the liability conditions on the camera manual:

Terms of Liability
This warranty does not cover the following, and you must pay the cost of repair even if such defects occur within the warranty period.
g. Any damage caused by sand, mud, water, etc. that has entered the interior of the housing.

So, if the waterproofing of the camera is lacking, it means that neither Olympus nor Alianz will cover anything.

Accepted Answer

Hello Mile. In my opinion, this is not contradictory. Basically, the manufacturer gives a guarantee and this has certain conditions. Water damage is very often taken out of the warranty by the manufacturer, even with "waterproof" items. Especially since it is very decisive how deep (pressure) and how long the appliance was under water.
So the manufacturer clearly excludes water damage. This means that there is no guarantee for water damage, which is in line with the statement of the Allianz insurance company. Because if there is no guarantee, the insurance company will pull out.
Digitec says exactly that in a somewhat simplified way and lists examples of cases in which, as a rule, no warranty claim can be made against the manufacturer. It doesn't matter whether you are still in the warranty period or not.
Hope this helps you a little :)

Your data. Your choice.

Search

Question about Olympus Tough TG-5