Do you insure your instruments ?

Subject: RE: Do you insure your instruments ?
From: GUEST
Date: 22 Jun 12 - 05:41 PM

On my household insurance as separate items - basically 2000 quid a pop, they need to be.

They didn't want extra. I also have photos of the guitars (Martins) with their serial numbers.

Subject: RE: Do you insure your instruments ?
From: Gurney
Date: 22 Jun 12 - 05:22 PM

My concertina and guitar are noted on the 'household effects' policy.
I had the Lachenal concertina valued first -I had to tell the musical-instrument valuer how much it was worth- and the insurance company have photos and serial#s in my file. Along with photos of about 450 LP records, now effectively worthless!
I'll have to take another photo of how many CDs I now have.

Oh. I suppose they are pretty worthless too, today, along with everything else that I own. Everything is outdated the day you buy it, except vintage cars and bricks-and-mortar.

Subject: RE: Do you insure your instruments ?
From: SteveMansfield
Date: 22 Jun 12 - 12:32 PM

I do mine though New Moon insurance, 0845 072 8535, http://www.newmooninsurance.com/musical/index.php.

Good level of cover, cheaper than my previous instrument insurers who have already been mentioned in this thread, and they took me on without any proof of purchase prices etc.

Subject: RE: Do you insure your instruments ?
From: Bernard
Date: 22 Jun 12 - 12:08 PM

;o)

Subject: RE: Do you insure your instruments ?
From: Fidjit
Date: 22 Jun 12 - 05:55 AM

Paid gigs. What is that ?

Chas

Subject: RE: Do you insure your instruments ?
From: Bernard
Date: 22 Jun 12 - 05:28 AM

Wrong! It would cost me a lot more to find another insurance company, because I did look into it.

First of all there is the expense in having my instruments and PA gear valued for insurance purposes - they won't simply take my word for it. The fact that another company had them listed for insurance purposes is irrelevant.

Secondly, there is the 'proof of ownership' issue. Again, they won't simply take my word for it, they want invoices or declarations authorised by a notary. More expense.

Starting from scratch with a new insurer after forty years is, then, far from a straightforward option.

Telling me I haven't lost anything? Wrong again! With the benefit of hindsight, I would have put money aside instead of paying the premiums!! And I would still have the money - from that point of view I have 'lost' hundreds! So my advice to someone starting out would be to consider whether you have enough savings to replace the gear, and if you have, don't insure - underwrite it yourself!


Regarding car insurance - if you carry your instruments 'as a hobby' you are covered. However, if you do paid gigs you must have business insurance - I do, and it's around double what I'd pay for domestic insurance.

The difference with insurance for your instruments and car insurance? You could be involved in an accident that isn't your fault, the other person isn't insured and has no money, and your insurer refuses to pay out because you're in breach of the policy agreement... which could have more serious implications than losing an instrument.

Subject: RE: Do you insure your instruments ?
From: GUEST,atb
Date: 21 Jun 12 - 11:48 AM

Regarding 40 years of paying insurance and no claims: I don't really see what the problem is. If you went to another company, it's not like it would cost you more to get them insured again.

The benefit was that if something had happened (and things DO happen when you least expect!) you would have been covered. If they decide one day that they don't want your money in exchange for the risk of insuring you, you haven't lost anything. And if that caused you to reevaluate your risk, then you should be thanking them.

We should all do this for ourselves, but no one ever does.

Subject: RE: Do you insure your instruments ?
From: GUEST,Stuart Reed
Date: 20 Jun 12 - 07:11 PM

If you do paid gigs I would check your car insurance too - you might not be covered.

Subject: RE: Do you insure your instruments ?
From: Bernard
Date: 20 Jun 12 - 06:45 PM

Ann N - I sincerely hope your insurers don't do to you what mine did to me - forty years of premiums up the Swannee, and I was suddenly left without cover without so much as a 'by your leave'...

I was left with the realisation that I'd have been far better off putting the premiums in a savings account... hindsight is a wonderful thing!!

Subject: RE: Do you insure your instruments ?
From: Dave MacKenzie
Date: 20 Jun 12 - 06:00 PM

I do mine through "Musicians Insurances Services", 01629 760 101.

Musicians Insurance Services

Subject: RE: Do you insure your instruments ?
From: Ann N
Date: 20 Jun 12 - 05:29 PM

Mine are on a separate specialist instrument insurance policy, not the ordinary household contents, covers them in and out of the house, in cars and even worldwide :) ...... must add elderly melodeon to it

The premiums are paid monthly and are a fraction of what it would cost to replacement/repair them :D

Subject: RE: Do you insure your instruments ?
From: Bernard
Date: 20 Jun 12 - 04:52 PM

I used to have all mine insured on an 'All Risks' policy... about seven years ago the buggers pulled the rug from under me... forty years without a claim then they suddenly withdraw the cover. So I decided not to waste any more money on insurance companies.

Whilst my gear is in the house, the house contents policy covers it. When I'm out of the house with it I take the risk myself - and so far I've saved enough on premiums that I'm in pocket! Why didn't I do it years ago?!

Subject: RE: Do you insure your instruments ?
From: Leadfingers
Date: 20 Jun 12 - 03:42 PM

Dont forget thast MU membership gets you a LOT of other advantages over just access to their insurance system ! Legal help to start with

Subject: RE: Do you insure your instruments ?
From: GUEST,Fee
Date: 20 Jun 12 - 09:57 AM

There is a great product called "Precious Collections" that I insure my instruments with. It is thru an agency called AP Intego - there number is 800-274 4532-

There is no deductible and covers for a whole lot more than a homeowners policy does. Like when I use it professionally. Worth calling and asking about!

I had my instrument on my homeowner but then I had a claim on it, and my homeowners was then cancelled. So new agent told me to separate the coverage.

Subject: RE: Do you insure your instruments ?
From: RichM
Date: 06 Apr 02 - 08:07 AM

Mick, Do you have to join the musician's union to use the insurance they offer? (If so, the dues become a factor in comparing insurances rates)

Rich McCarthy

Subject: RE: Do you insure your instruments ?
From: Big Mick
Date: 05 Apr 02 - 10:08 PM

I would caution you on the homeowners policy to be very specific on what you are using them for. Generally they are not covered if you are using them professionally. And that doesn't mean you have to be a pro. If you are using them with a band and the company finds out, and you have not stated that specifically, you will not be covered.

The insurance offered through the American Federation of Musicians is the best deal out there. It is an all risk policy that covers everything that you list on the declaration. From the Vintage Martin down to sheet music. There is even a "miscellaneous declaration" for odds and ends. For around $100/year you can cover 10,000 worth of gear. And it doesn't matter what happens to it. You could drop it carrying it to the car. If I had had it when my six string got busted by the airline goons, it would have been covered. If my basement flooded and ruined it all, it is covered. It is truly all risk. The deductible is $100.

Mick

Subject: RE: Do you insure your instruments ?
From: 53
Date: 05 Apr 02 - 06:55 PM

WE have ours covered on our homeowners policy under a separte endorsement.

Subject: RE: Do you insure your instruments ?
From: Wesley S
Date: 05 Apr 02 - 03:47 PM

Of course Gnu - Bodhrans are the CAUSE of many an insurance claim.

Subject: RE: Do you insure your instruments ?
From: gnu
Date: 05 Apr 02 - 03:25 PM

I asked about my Bodhrans and was refused.

Subject: RE: Do you insure your instruments ?
From: kendall
Date: 05 Apr 02 - 02:52 PM

Your homeowners will cover your instruments generally; but, if you use them professionally, better get a rider.

Subject: RE: Do you insure your instruments ?
From: Deckman
Date: 05 Apr 02 - 02:05 PM

Steve ... your comment reminds me of a story that was circulating in Seattle several years ago, when the Seattle Mariners were in a serious slump. One evening, a shop owner was closing up her downtown shoppe. As a last thought, she pinned a couple of Mariner Baseball game tickets to the door. She couldn't use them and thought she'd offer them to anyone who wanted to use them. The next morning, when she opened up, she found 17 more tickets pinned to the door! (hows THAT for a thread creep?) Sorry, sorta! CHEERS, Bob

Subject: RE: Do you insure your instruments ?
From: Steve Latimer
Date: 05 Apr 02 - 01:30 PM

I guess I'm lucky. I play banjo and nobody would ever steal one of those.

Goes back to the old joke about the guy who left his vintage Mastertone in an unlocked car, when he came back there were three more.

Subject: RE: Do you insure your instruments ?
From: Deckman
Date: 05 Apr 02 - 01:25 PM

I have two vintage Martins ... very valuable. I have always have them covered on a seperate policy, a rider to my home policy. Because I'm not a "professional musician" earning my living on stage, my premieums are VERY low, less than $20 per year. And as others have said, the replacement costs are tremendous. It's a good idea, and that is comming from a man that thinks the so called 'insurance industry' is the filthiest industry in the world. CHEERS, Bob

Subject: RE: Do you insure your instruments ?
From: Catherine Jayne
Date: 05 Apr 02 - 12:51 PM

Mine are all insured with on the homeowners policy, however the MU does such policies but can be a bit pricey depending on the value of the instrument. It depends on where you will be taking the instrument(s) and on how much you are willing to pay. When I took my instruments abroad when I was on tour I had to take out a seperate policy as they were not covered on the home contents insurance.

cat

Subject: RE: Do you insure your instruments ?
From: NELLIE
Date: 05 Apr 02 - 12:50 PM

We have instrument insurance as a separate insurance. There are specific insurance companies who do this, the musicians union have a policy up to a certain amount, then go to another company if your instruments are really valuable.

We have 2 harps, a bowed psaltery,a guitar,various wooden recorders, amplifier, tuners etc. insured for around £145 p.a. Which seems horrendous, but if you consider that the value of the instruments are around £20,000 (replacement value), its worth it.

Jenny

Subject: RE: Do you insure your instruments ?
From: Roger in Sheffield
Date: 05 Apr 02 - 12:15 PM

I added them onto the house insurance under a specific clause. Couldn't afford to replace them. Beware the small print though, mine aren't covered if left unattended in a car.

Subject: RE: Do you insure your instruments ?
From: Gypsy
Date: 05 Apr 02 - 11:36 AM

WE have them on our policy...the final step is to take photos, and keep them at the agents office. They have the fireproof file cabinet. You do that with all oddball stuff, like rare books, instruments, etc. Take a photo, add the name, age, and value. Makes it much easier to file a claim in the future.

Subject: RE: Do you insure your instruments ?
From: Steve Latimer
Date: 05 Apr 02 - 11:33 AM

Wesley,

I would imagine it would be as simple as adding them as a rider to your Homeowners policy. I doubt that the premiums would be very much. In the case of vintage instruments I would think it would be a good idea. I'm sure that like Jewellry etc. you would have to have them appraised to determine a realistic replacement value.

Subject: Do you insure your instruments ?
From: Wesley S
Date: 05 Apr 02 - 11:24 AM

No - I'm not selling insurance now.

I'm wondering how many of us have had any experience with insurance on our instruments. Do you trust your homeowners policy to take care of it? Have you found a good policy? I know I'd hate to have to pay out of pocket expenses if I was at a gig and my mandolin or '67 D-18 decided to grow legs and take a walk. My wife would like for me to have a seperate policy and I don't blame her. I wonder what the deductables would be like. Any ideas folks ?