Would you be interested in a “warranty” for your wedding client/prospect?

[Winsonapm]

Calling all Wedding Photographers, regardless of whether you are a high-end or low-end wedding photographer, your client/prospect would have concern on their 50% deposits. Would you turn up on AD? etc.

This is a feasibility study on the interests, if any and concern, feedbacks appreciated. This subject had been discussed, fought over many times since the article on The New Paper on “Wedding Insurance” some months back. Spoke to a couple of Insurance companies (worried) and the possibilities of WPAS underwriting it for our members. Premiums would be in the range of 2% to 4% of package or contract signed. Ideally paid by clients on signing. We’ll be presenting the findings and schemes on WPAS Members Networking in Dec.

 

[godzilla60]

not sure if can just underwrite without an insurance license from MAS... :think:

but an escrow service will be easier, i guess?

 

[vince123123]

Yea, you probably cannot just issue insurance like that.

 

[Winsonapm]

not sure if can just underwrite without an insurance license from MAS... :think:

but an escrow service will be easier, i guess?

We have the same concern too. If the Insurance companies we spoke to are not interested or felt that we are not worth the risk, we'll have to take care of our own. Escrow or cooperative warranty for our fellow members would be one way.

 

[Winsonapm]

Yea, you probably cannot just issue insurance like that.

You are the man that we need help. Please.

 

[yqt]

not sure if can just underwrite without an insurance license from MAS... :think:

but an escrow service will be easier, i guess?

No, MAS will not allow underwritting of insurance without a insurance license.

But what is more inportant is the mindset of the wedding couple, if you're the one getting married, will you be more assured if the photographer tells you that, if he don't turn up on your actual day, you can claim $XXX from his insurance company? What good will $XXX do to the wedding couple if no one turn up to capture their Big Day? Their day is already sabo by the no show of the photographer.
A better deal would be the assurance from the photographer that should they not be able to turn up on the actual day, they will first inform the couple, at the earliest possible time, with a reasonable reason ie: sick, accident, army recall, etc. and a replacement will be provided at the same or lower cost.

The above have beed tested and proven to be a better deal, though there have been no incident where the photographer can't turn up.

 

[CYRN]

A better deal would be the assurance from the photographer that should they not be able to turn up on the actual day, they will first inform the couple, at the earliest possible time, with a reasonable reason ie: sick, accident, army recall, etc. and a replacement will be provided at the same or lower cost.

The above have beed tested and proven to be a better deal, though there have been no incident where the photographer can't turn up.

That would fall under the replacement option. In this case instead of the individual giving the assurance, WPAS would (for a fee) provide a pool of wedding photographers as such backup for contigency.

It's still incubation stage tho, the details have yet to be worked out.

 

[Winsonapm]

No, MAS will not allow underwritting of insurance without a insurance license.

But what is more inportant is the mindset of the wedding couple, if you're the one getting married, will you be more assured if the photographer tells you that, if he don't turn up on your actual day, you can claim $XXX from his insurance company? What good will $XXX do to the wedding couple if no one turn up to capture their Big Day? Their day is already sabo by the no show of the photographer.
A better deal would be the assurance from the photographer that should they not be able to turn up on the actual day, they will first inform the couple, at the earliest possible time, with a reasonable reason ie: sick, accident, army recall, etc. and a replacement will be provided at the same or lower cost.

The above have beed tested and proven to be a better deal, though there have been no incident where the photographer can't turn up.

You have a very important point. On replacement:
Imagine, your photographer had an accident on the way to your AD, or a bad food poisoning from his breakfast. A replacement at 7AM would need to be activated, probably the most challenging in executing, still fine-tuning this system.

On Money back Guarantee: There are concerns on bridal studios closing shop and photographers running away with deposits, it had happened before. In a financial crisis, consumers are worried. Banks don’t trust each other, pulling back from lending to clients, lowering credit limits, etc.

If it helps our members in assuring their clients, the committee in WPAS is working. If no claim, we’ll be rich is another thought :bsmilie:.

 

[vince123123]

Unfortunately, this is one of those areas which are very deep and usually involve hiring professionals to advise. A quick check does show this:

3. —(1) Subject to the provisions of this Act, no person shall carry on any class of insurance business in Singapore as an insurer unless the person is registered by the Authority under this Act in respect of that class of business.

Of course a lot more will be required in order to determine what the rules are. If the WPAS is embarking on this as a commercial venture, I would suggest budgeting to get legal and regulatory advice on this aspect. A free forum would not be the way to go.

You are the man that we need help. Please.

 

[Winsonapm]

Unfortunately, this is one of those areas which are very deep and usually involve hiring professionals to advise. A quick check does show this:

3. —(1) Subject to the provisions of this Act, no person shall carry on any class of insurance business in Singapore as an insurer unless the person is registered by the Authority under this Act in respect of that class of business.

Of course a lot more will be required in order to determine what the rules are. If the WPAS is embarking on this as a commercial venture, I would suggest budgeting to get legal and regulatory advice on this aspect. A free forum would not be the way to go.

That's why we need you. Vince, coming forward for the first cut?
This poll is to get an indication of interests from members and non-members.
Would "Tradesman Warranty" or "Cooperative Guarantee" by fellow members come under the Insurance Act?

 

[perspectives-act]

I have no experience in this area, but I guess it is a viable option that we can explore. Tks for bringing it up for the benefit of the wedding photographers in this industry.

 

[fotoudavid]

This topic was discussed and debated among the committee for many times, and after more feedbacks was collected, we should be able to sort out the details.

We need ppl that are well verse in such area, if u can help, pls step forward.

 

[vince123123]

Not sure if you get what I'm saying, its not a matter of help or not. If you rely on a free forum, and things go wrong, you have no recourse. If you pay for a professional to assist you, you can be quite sure you won't go wrong.

It's similar to hiring a professional phogorapher vs a fly by night amateur. Which would you trust with a high lvl shoot? The fly by night amateur can give you nonsense and you can't do anything about it.

All I'm saying is that your requiremetns are one which probably require you to pay for the certainty that the advice is good, and which you can rely on to progress your insuracne business.

That's why we need you. Vince, coming forward for the first cut?
This poll is to get an indication of interests from members and non-members.
Would "Tradesman Warranty" or "Cooperative Guarantee" by fellow members come under the Insurance Act?

 

[CYRN]

Calling all Wedding Photographers, regardless of whether you are a high-end or low-end wedding photographer, your client/prospect would have concern on their 50% deposits. Would you turn up on AD? etc.

This is a feasibility study on the interests, if any and concern, feedbacks appreciated. This subject had been discussed, fought over many times since the article on The New Paper on “Wedding Insurance” some months back. Spoke to a couple of Insurance companies (worried) and the possibilities of WPAS underwriting it for our members. Premiums would be in the range of 2% to 4% of package or contract signed. Ideally paid by clients on signing. We’ll be presenting the findings and schemes on WPAS Members Networking in Dec.

No, MAS will not allow underwritting of insurance without a insurance license.

But what is more inportant is the mindset of the wedding couple, if you're the one getting married, will you be more assured if the photographer tells you that, if he don't turn up on your actual day, you can claim $XXX from his insurance company? What good will $XXX do to the wedding couple if no one turn up to capture their Big Day? Their day is already sabo by the no show of the photographer.
A better deal would be the assurance from the photographer that should they not be able to turn up on the actual day, they will first inform the couple, at the earliest possible time, with a reasonable reason ie: sick, accident, army recall, etc. and a replacement will be provided at the same or lower cost.

The above have beed tested and proven to be a better deal, though there have been no incident where the photographer can't turn up.

I have no experience in this area, but I guess it is a viable option that we can explore. Tks for bringing it up for the benefit of the wedding photographers in this industry.

It all began with...

http://newpaper.asia1.com.sg/printfriendly/0,4139,153261,00.html

This could very well be the first step to evolve the industry for the better.

 

[godzilla60]

Not sure if you get what I'm saying, its not a matter of help or not. If you rely on a free forum, and things go wrong, you have no recourse. If you pay for a professional to assist you, you can be quite sure you won't go wrong.

It's similar to hiring a professional phogorapher vs a fly by night amateur. Which would you trust with a high lvl shoot? The fly by night amateur can give you nonsense and you can't do anything about it.

All I'm saying is that your requiremetns are one which probably require you to pay for the certainty that the advice is good, and which you can rely on to progress your insuracne business.

that's true... and if i am not wrong, nobody that is not a qualified lawyer can give legal advice in singapore too.... so it is better to get a professional lawyer to help u out...

 

[godzilla60]

another possible solution is:

charge a recurring membership fee for WPAS members, out of which a certain percentage goes into a common pool that is dedicated for contingency purposes in case a WPAS photographer genuinely cannot make it for the appointment. Then WPAS will have one or two photographers on standby to be activated. If the standby photographers are activated, the standby photographer will be paid out of the common pool first and the WPAS photographer who defaulted have to reimburse WPAS with the fees collected.

Of course...this will bring other questions into mind....what if the couple insist on the standards of the hired WPAS photographer? what if the standby photographers cost more or less than the hired WPAS photographer? etc.....

It is a tough world out there...but truly, if you are able to find a perfect win-win situation, this will enhance the standing of WPAS greatly.....

good luck in your search:thumbsup:

 

[CYRN]

Of course...this will bring other questions into mind....what if the couple insist on the standards of the hired WPAS photographer? what if the standby photographers cost more or less than the hired WPAS photographer? etc.....

It is a tough world out there...but truly, if you are able to find a perfect win-win situation, this will enhance the standing of WPAS greatly.....

good luck in your search:thumbsup:

We have already considered such situation.... but the committee isn't almighty... we need members and volunteers to stand up and offer their time and resources. The more the load is spread, the easier for every one.

There are ideas of "banding" photographers and matching the back-up against those bands... but details would be tricky and getting photographers for all the different bands are at the moment.... not feasible. :sweat:

 

[vince123123]

anyone can give legal advice.

a lawyer can also give free legal advice, but in the industry, when it is free, they take no responsibility for whether if it turns out wrong. Hence which is why I suggested that they pay for one.

that's true... and if i am not wrong, nobody that is not a qualified lawyer can give legal advice in singapore too.... so it is better to get a professional lawyer to help u out...

 

[godzilla60]

We have already considered such situation.... but the committee isn't almighty... we need members and volunteers to stand up and offer their time and resources. The more the load is spread, the easier for every one.

There are ideas of "banding" photographers and matching the back-up against those bands... but details would be tricky and getting photographers for all the different bands are at the moment.... not feasible. :sweat:

true......and it will be tough for a replacement photographer coz he does not know what has been agreed on, etc.....

even the option of escrow services is a bit tough to implement unless you are collecting via internet or the clients are willing to come to the WPAS HQ.....:sweat:

 

[godzilla60]

anyone can give legal advice.

a lawyer can also give free legal advice, but in the industry, when it is free, they take no responsibility for whether if it turns out wrong. Hence which is why I suggested that they pay for one.

ah...that's how it works? thanks for the clarification!