MissingDR.King
New member
looking to insure my equipment this month, how much of you guys have insurance
I was looking at total instrument insurace to insure my gear is the site legit
Steenamaroo
...
Is this for travelling around or for home?
I suspect most guys are in the same boat as me. My gear is covered by my household insurance.
I suspect most guys are in the same boat as me. My gear is covered by my household insurance.
MissingDR.King
New member
for my home i dont own my house how could i do what you did
X
Xdrummer
New member
There are basically 2 types of insurance coverage - Professional (you generate incoming, mostly from gigging) - or - non professional (you use your gear at home, as a hobby, with no income).
If you are looking for non-professional, you may have some existing coverage under a home owners policy (or renters policy) - however, the amount of coverage is limited and depending on the value of your gear - there may not be enough coverage.
If you are looking for prefessional coverage - that can normally be obtained as an "inland marine rider" policy. Some traditional insurance cariiers may offer this - however, many don't - so you may have to look for a "specialty market".
Some inland marine riders may offer set "blanket" coverage of X dollars, with no detailed breakdown of gear - whicle others may only offer "line item" coverage (meaning you have to provide a detailed list of each piece of gear with estimated values. There are two values that can be insured - depreciated value vs. replacement cost. Normally replacement cost is preferrable (but more costly).
In any case, I take detailed pictures of all your gear and prepared a detailed inventory listing which includes detailed decription, original purchase date, purschase price and copy of invoices.
Once last caviat - if you try to claim hobby use (to get coverage under your home owners) and if you actually generate income (let's say a home studio with paying clients) - if the insurance company found out you were generating income - a claim could be denied - not to mention you could be at legal risk of insurance fraud.
If you are looking for non-professional, you may have some existing coverage under a home owners policy (or renters policy) - however, the amount of coverage is limited and depending on the value of your gear - there may not be enough coverage.
If you are looking for prefessional coverage - that can normally be obtained as an "inland marine rider" policy. Some traditional insurance cariiers may offer this - however, many don't - so you may have to look for a "specialty market".
Some inland marine riders may offer set "blanket" coverage of X dollars, with no detailed breakdown of gear - whicle others may only offer "line item" coverage (meaning you have to provide a detailed list of each piece of gear with estimated values. There are two values that can be insured - depreciated value vs. replacement cost. Normally replacement cost is preferrable (but more costly).
In any case, I take detailed pictures of all your gear and prepared a detailed inventory listing which includes detailed decription, original purchase date, purschase price and copy of invoices.
Once last caviat - if you try to claim hobby use (to get coverage under your home owners) and if you actually generate income (let's say a home studio with paying clients) - if the insurance company found out you were generating income - a claim could be denied - not to mention you could be at legal risk of insurance fraud.
MissingDR.King
New member
I just tried to get a quote with liberty mutual they only do minimum 15 grand any suggestion for 2000
mjbphotos
Moderator
For $2000, don't bother or get some renter's insurance. Your deductible is likely to be $500 anyway.
Armistice
Son of Yoda
Ditto...
And no-one said "house owner's" insurance... you can usually get just "contents" insurance as a separate item. But yeah, no-one's going to write you a policy for $2000, I would imagine.
M
moresound
Loud Sun Studios
Lt. Bob
Spread the Daf!
but they're not really gonna replace your stuff .... you'll just get a depreciated pittance.
For instance ..... I have 15 guitars ..... they would call that a collection or something and deny coverage ...... don't think they won't do this.
I tried to have my record collection of around 6000 albums insured ...... I was told they'd have to be certified as to value by one of only a couple of acceptable appraisal services at a considerable cost and a lot of time.
If you have, for example, a valuable Les Paul ..... no certified appraisel? Tough luck.
Don't think they won't do these kinds of things ..... they absolutely do and will.
And for me, as a full time pro player, insurance to cover my gigging gear is so expensive to be fully covered it's just not worth the money.
M
mixsit
Well-known member
Don't know about the fraud' implications but I remember the transition- as (quite some time ago) we went from hearing 'you're coved with you home insurance. playing out as musicians, and a bit of 'hobby work' overlooked.
Now-? I think any money comes in? 'We don' pay you nothing
M
mixsit
Well-known member
Wow. Thank you for that.
MissingDR.King
New member
i found a site that saying they would cover me, wanted to know if it was a good one
Lt. Bob
Spread the Daf!
well, what site?
Someone might have dealt with them (not me) but they'd have to know what company you're talking about.
M
moresound
Loud Sun Studios
I am sure you'll find plenty of *on line* insurers but try to make a claim and see if you even get a reply!
Lt. Bob
Spread the Daf!
^^^^ this ^^^^ they'll all tell you what great things they'll do in the event of a loss but they just wanna get your money.
Lots of times the sales people have nothing to do with claims and don't even actually know what the claims dept will or won't actually pay on.
M
moresound
Loud Sun Studios
Exactly!
X
Xdrummer
New member
While I agree that in general, insurance companies are the lowest form of corporate life - with some basic understanding of the products and the coparitive risk - wise choices can be made. Anyone who has been in a vehicle accident and needed the insurance company to pay for repairs knows that it is possible to collect on a claim.
The probelm with insurance policies - they give you coverage in the 1st paragraph and then take it away in the next 20 paragraphs. So you really have to read the entire policy.
I agree that for $2,000 it is not worth it. Put aside $25 a month that you may have spent on minimum premiums and if you have a loss - use that banked money to finance new gear.
In my case, I have inland marine blanket coverage of $100,000 (replacement value) which costs me $225 annually. I did a lot of research and talked to several brokers. I asked to see the policy form (policy language) in advance and read every word. I documented my questions in writing and insisted the broker respond with clear answers in writing. I provided a detailed inventory list with purchase dates, purchase prices and copies of paid invoices. I I did not have that documentation - I went to my local music store and asked them to provide a letter head to document the replacement value (I've doen business with these people for over 30 years - I would not expect that level of service from Guitar Center or Musician's Friend). I provided photos (at first analong and later digital) of all the gear.
This does not guarentee the insurance carrier will pay a claim without a fight - but I have significantly improved my odds.
Now im my case, my day gig is a Risk Manager - so I understand insurance better then most - however, I would suggest that most musicians who invest in expensive gear spend a lot of time learning how to use and maintain that gear - it seems logical to spend time learning how to protect/insure that gear.
The probelm with insurance policies - they give you coverage in the 1st paragraph and then take it away in the next 20 paragraphs. So you really have to read the entire policy.
I agree that for $2,000 it is not worth it. Put aside $25 a month that you may have spent on minimum premiums and if you have a loss - use that banked money to finance new gear.
In my case, I have inland marine blanket coverage of $100,000 (replacement value) which costs me $225 annually. I did a lot of research and talked to several brokers. I asked to see the policy form (policy language) in advance and read every word. I documented my questions in writing and insisted the broker respond with clear answers in writing. I provided a detailed inventory list with purchase dates, purchase prices and copies of paid invoices. I I did not have that documentation - I went to my local music store and asked them to provide a letter head to document the replacement value (I've doen business with these people for over 30 years - I would not expect that level of service from Guitar Center or Musician's Friend). I provided photos (at first analong and later digital) of all the gear.
This does not guarentee the insurance carrier will pay a claim without a fight - but I have significantly improved my odds.
Now im my case, my day gig is a Risk Manager - so I understand insurance better then most - however, I would suggest that most musicians who invest in expensive gear spend a lot of time learning how to use and maintain that gear - it seems logical to spend time learning how to protect/insure that gear.
MissingDR.King
New member
Thank you all I know there's a lot of fraud around and the site was "totalinstrumentinsurance' if its good tell me but i think i will follow x drummers advice though
Z
Zoeypage
New member
I use Clarion to insure my recording gear and they didn't ask if I was an amateur or professional. After asking them, I was told it doesn't matter, they cover both. They are a music instrument insurance company 
ido1957
9K Gold Member
I used to be in the insurance business years ago. XDrummer knows what he's talkin' 'bout. I used to use IM riders to insure my gear. Nowadays I just take my chances.