Insuring a studio

[rcktdg]

Now that I have my space in a usable state I am wondering how to insure myself against fire, theft and other such tagic mishaps. My problem is that I'm not really using this space as a primary business location (I teach guitar) but I perform some tasks related to my business. I also rehearse my band there and that can only barely can be described as a business. It is in a comercially zoned complex.

In any case I have no idea what kind if insurance I need. I called my insurance guy and he had nothing for me. It seems that I lack an effetive description of my activity and the space. I am probably looking to get about $25,000 worth of coverage for the PA, amps, instruments and fixtures.

Any ideas, advice, experience?

Thanks, RD

[Michael Jones]

I'm not an insurance salesman, but I used to own a business, and I would think it could be considered a sattilite branch of your primary business.

We used to store data and other sensitive documents off-site from the primary business, and it was insured as a rider on the main policy.

[DigitalDon]

My wife works for an insurance company. She said what you need is called a "Personal Articles Policy." You set the total value of the policy and the premium is based on that. If your agent won't write it then check with a company like State Farm, Allstate, etc. You might also want to consider an "Umbrella" policy. This covers you personally for liability issues whether it's a car wreck, your business, or the drummer falls off the stool and shoves his sticks through both eyes while on your property.

DD

[harley96]

Originally posted by DigitalDon
My wife works for an insurance company. She said what you need is called a "Personal Articles Policy." You set the total value of the policy and the premium is based on that. If your agent won't write it then check with a company like State Farm, Allstate, etc. You might also want to consider an "Umbrella" policy. This covers you personally for liability issues whether it's a car wreck, your business, or the drummer falls off the stool and shoves his sticks through both eyes while on your property.

DD

Here in Michigan I was told by several insurance companies that will not cover recording equipment.They all told me I had to get a business policy...

[rcktdg]

No one I've talked to has said it directly but that's the feel I'm getting. They just don't want to cover the equipment. I can't believe it's so difficult to get insurance that matches the risk.

Thanks, RD

[harley96]

Originally posted by rcktdg
[B They just don't want to cover the equipment. I can't believe it's so difficult to get insurance that matches the risk.
[/B]

That's the point...they figure you'll be in several bars with several drunk assholes/thieves/lowlifes/etc. and there right... While your hitting on the girl in the corner some drunk moron is loading your brand new mesa boogie head into the back of his car.happens all the time.

[DeadPoet]

Insurances are a laugh...

Last Januari I bought myself a +5,000$ bass and naturally wanted to insure it for theft and such.. Went to my usual insurance that covers fire, house, personal and medical. The guy didn't quite understood I wanted to insure an instrument, and wanted to know what kind of music I play (jazz, pop, rock), because only classical musicians were considered 'serious people'. Then he explained the different articles of his proposed policy.. It would've been insured at home, in the car to and from a concert, but not during one !!!! He also explained me, being a 'rock-artist' I wouldn't be insured if I ever smashed the instrument during a gig ...

Luckily short after my violin-playing sister found this UK-based insurance company specialized in musical instruments.

Still have to insure my other basses, amp, rec.gear tho...

BTW: cost is about 8% of value + some admin.costs

Herwig

[sponge bob]

A friend of mine (an insurance agaent) out in Oregon said I should
look into something called an "In land/Marine Floater Policy".
He said it would cover technical gear, as well as audio, and was fairly inexpensive. Maybe it's some west coast thing.
I haven't actually looked into it yet, but seeing that you have a connection, it woudn't hurt to ask.

Good luck,
Sponge Bob

[rcktdg]

I heard about this kind of policy a long time ago and have never found anyone who will write one.