The Gear Insurance Thread

#162
Hoffman6000 said:
Musicproinsurance.com is insurance through the Fireman's fund and they will insure EVERYTHING including wardrobe for $10 for every $1000 of insurance. There's a $50 minimum purchase (so $5000 of insurance) Only a $100 deductible. Did I mention that $50 covers you for a full year? They will cut you a check to replace whatever breaks for ANY reason, (and there's no limit on location) including pouring beer on a pedal board, or running over your bass with the truck, or theft, or floods, or fire, etc....and they don't ask many questions/paperwork....Awesome insurance. I've had to use it a few times. They are incredibly fast with the reimbursement to get you back on stage quickly too. When you sign up have you're model and serial numbers along with the replacement value of each individual piece ready, as it saves you a bunch of time.

Never thought I'd be "old enough" to have insurance on my gear, but for a few $ a year, I have no worries about that chick that's dancing with a full beer over my pedalboard or the big guy behind her who's ready to charge me for flirting with his girl....haha...BRING IT!
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Musicproinsurance.com is definitely the way to go! I second everything said there. I was an idiot and let my insurance run out and what happens? My Stringray got stolen! I will never go without insurance again and with musicpro being so cheap...what the hell was I thinking?? Uh oh, now I sound like a salesman!
 
#164
Rockin John said:
This one might be a trifle close to the edge but here goes.....

Does anyone have advice for pertaining to where to go for this insurance: what companies, who's best, etc?

Thanks.

John
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Hi John,

Not sure if this has been answered yet (confess i havent read the whole thread as im at work) but i just wanted to say that im a homeinsurance underwriter (UK), and most people are right, most home insurance companies are pretty restrictive when it comes to musical instruments, especially away from the home.

Personally I use a company called MusicGuard (Musical equipment insurance from Musicguard) and they do standard equipment, orchestral, DJ stuff and lots of other stuff. Having reviewed their policy, and got a quote I would defintely recommend them, although I havent had to claim (touch wood) so i dont know what their claims history is.

So yeah, my 2 pence worth :)
 
#165
Insurance is not black & white. SoComeSurfing says gear was covered on the homeowners policy at all times. The answer is maybe. If you play for a volunteer community band or just jam for free, it should be covered. Theft out of an unattended vehicle.... if the vehicle is broken into, it should be covered. If there is no sign of break-in, you may get a battle from your insurance carrier.

When shopping for insurance, don't just look at when it's covered, also look at how it is covered. Scheduled instrument policies agree to a value. Scheduled instrument policies also offer broader coverage.... falling over and breaking vs theft and fire. Replacement cost vs. ACV. All Risk (Special Form) vs named perils.

Some policies do not exclude hobby use. Get the definition of hobby. $1,000 a year income? $2,500? Some policies cover fire for full value but theft at an internal limit of $2,500. If my house burns, I have replacement cost. If someone breaks in and takes my guitars, I have replacement cost up to $2,500.

Don't assume anything. Policies are written funny. One sections says you're covered. Another section say "Unless" this, this, or this. Have the facts before the loss. Know what is covered, when, where, and for how much. Good Luck!
 
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#166
Anyone knows a good musical instrument insurance in Canada (that exists in Ontario)?

Also, if a musician doesn't play often (say, once or twice a month), would this be considered as business gear? Also, where does a paid gig end? If they pay you in beer, is it still a "paid gig"?
 
#170
I have homeowner's insurance for my residence, but (stupidly) never even thought about insurance for the recording/rehearsal studio I share with a half dozen other guys. The place itself was probably illegal as far as building codes go, and we had no signed lease with the landlord.

Last Monday night, during Hurricane Sandy, the studio burned to the ground, along with all our equipment. It looks like we're going to take a total loss. So, if you have a studio, please don't be as cavalier about it as we were.
 
#175
CamMcIntyre and others who have MusicPro insurance - it seems that on their site they state that you don't get replacement value unless they replace your instrument for you, which may not be exactly what you had (or as good as what you had). You only get actual cash value if they're not able to replace, which means you get the value that someone could essentially buy your instrument used for - not enough by far to replace it with a new one if you want that.

I know about this too well, unfortunately. I had a Warwick that I had on my renter's insurance that I had to put a claim on. It was a Streamer Stage II 5 string, which, when I bought it in 2000, had a list price of $3,700. Now, they have a list of well over $6k. The insurance only paid me $2500 or so, as it was 9 years old and was assessed at ACV, which was not enough to pay for a brand new one. Would barely have paid for a used one in great shape.

I have USAA insurance and have had my instruments on a Valuable Personal Property rider for the past several years, and talked to them on the phone for about an hour today about my policy after reading this whole thread. Sure enough, even though I'm not a full time pro, I can't count on being covered with that plan while gigging, which I never knew. I thought it was great insurance, mainly because it's so inexpensive, but I'm really not covered under all the circumstances I thought I was.

I'm interested in learning more about what companies offer real replacement value. What have been peoples' experiences with repl value through Music Pro? Any others to suggest that don't have a minimum premium over $150?
 
#176
Just to update, I have looked into Clarion and spoken with one of their reps today, and they're looking the best to me so far. As I was writing this, I had to edit it; I was going to say that MusicPro seemed unresponsive, after I had submitted an application yesterday and received an email back this morning, and had replied to that email with some questions. But actually a rep just called me, so it's only fair to mention that.

In talking with both companies, I get the feeling that Clarion would be a little better to work with. I liked the rep, he was very knowledgeable and courteous. The rep from MusicPro sounded less enthusiastic. Clarion had no deductible, but is about $40 per year more expensive for me (roughly $12,000 worth of gear at around $140/yr and $180/yr). Clarion I believe covers gear when you lend it to others, MusicPro does not. MusicPro does not cover latent defects, which I have actually experienced and had to make a claim on in the past, but I didn't ask specifically about that when talking with Clarion.

All in all, I feel like Clarion's the more pro way to go and have a better (faster) payout history. They also do agreed value, which essentially comes down to getting things over $5k appraised or just providing a price list from the mfr or providing a web link that shows the selling price, whereas MusicPro was admittedly more actual cash value for most pieces of equipment. I want to know I can go to the store the same day and replace what I need to get the job done, if I have to.

Anyway, that's my take. What do Clarion customers think of them?
 
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#178
AFM members can purchase equipment insurance through the carrier used by the AFM. The post above this may be misunderstood to come with paying your dues, it does not.

Wally
 
#179
I did end up signing up with Clarion, and have since referred about 5 people to them. I've been very satisfied. Never thought of it before recently, but also just put my musician's earplugs on my policy! I'm always wary of losing those.
 
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#180
Alright, I have closely read every posting on this thread. Lots of great options in the USA, but has anybody found an insurance provider in Canada? I spoke to all of the US providers and they don't support in Canada (but your USA gear is protected while you're in Canada), I was actually given a Canadian company and the quote was insane (like $500 a year insane). I spoke with my insurance company, and apparently they don't want me to even take it out of my house. it would have been a $200 rider and I would need to get my gear appraised for a value. And even after that, NOOO leaving the house with the gear. Would love some direction. Just want some coverage for my gear. Don't need tour insurance, lol.
 
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