Musical Instument Insurance?

[Bengal65]

What's everyone doing to insure their collections? My instruments now out weigh the loss coverages provided by my homeowners policy. I called the company that has my policy and they will do a rider, but want appraisal's for my stuff. That would be a costly and very time consuming process.

Has anybody here heard about Clarion Associates in NY? I found them on the web. They provide insurance for musical instruments. I didn't want to send them a list and premium, if this is a place that might scope me out and hire some professionals to clean me out.

Any suggestions? I'm insuring my home studio as well. Clarion said they cover the amps and recording gear as well. Clarion, basically charges for "Stated Value". Any individual instrument over $5,000 needs a receipt or appraisal. The rest, just a list of stated value.



Much thanks in advance.

[guitarsjb]

I've used www.musicproinsurance.com for 3 years now. They've been good as far as rates go. I've never had to file a claim so I can't speak of that part..It's easy to amend your list with them to as far as changes due to buying/selling. I'm not sure of the "stated value" I don't have anything insured over 2k. check them out, give them a call and see what you think.

[rjohnstone]

I bought an umbrella policy with my homeowners insurance that will cover all my gear.
I have to document all of my gear though... serials and detailed pics.

[Bengal65]

Hey thanks guy's. I'll check these out. They have a long application form though!

[MikeStrat]

Most if not all homeowners/renters policies will cover your gear the same as your other personal property. The issues come up when you are playing out. Your policy should cover the typical theft, fire, vandalism claims that most people make. If you are out making money, your gear (for insurance purposes) becomes business property which will not be covered under your normal policy.

The real key to protecting yourself is documentation (Pics, Serial Numbers, and Receipts). Unless you are a professional musician who takes all their gear out of the home constantly, there is no real need to take out a separate policy.

You guys can obviously do what you think is best but you should ask questions frist because you maybe taking out a policy that you don't need.

[MikeStrat]

I bought an umbrella policy with my homeowners insurance that will cover all my gear.
I have to document all of my gear though... serials and detailed pics.

You got the right idea with the documentation. However, an umbrella policy usually refers to a liability policy which has nothing to do with covering your gear. I just want to make sure you are not paying for something and it's not what you thought it was.

[fett]

I must have $10,000+ in gear.:ROTF: But, no guitar out of 100+ cost me more than $500. So, I have safety in numbers. If some crankhead decides to rip me off, he will; 1: Trip on the "Bonanza"; 2: Trip literally on all my stuff; 3: figure out that "I need to get a trucking fuck, man." And 4: He will give up and steal my spare change.:ROTF:

[dg]

Shawn posted awhile back about something he'd found. His collection is pretty big, plus he lives in a high-risk area. Here's the thread:

http://www.jcfonline.com/forums/showthread.php?t=58263

[rjohnstone]

You got the right idea with the documentation. However, an umbrella policy usually refers to a liability policy which has nothing to do with covering your gear. I just want to make sure you are not paying for something and it's not what you thought it was.

I know what you are talking about, and yes, I made sure this covers my gear as well.
This is mainly an additional liability coverage as you described, however it has a rider that includes personal items including jewelry, computers and musical instruments who's value exceeds the maximum coverage of my primary policy.
It was done as a rider on the umbrella policy instead of a rider on the primary.
Cheaper that way.

[Cygnus X1]

I know what you are talking about, and yes, I made sure this covers my gear as well.
This is mainly an additional liability coverage as you described, however it has a rider that includes personal items including jewelry, computers and musical instruments who's value exceeds the maximum coverage of my primary policy.
It was done as a rider on the umbrella policy instead of a rider on the primary.
Cheaper that way.

Huh, even shredders have something to teach a "financially educated"
scrub like me. Our house was run into by an SUV, the computer room, and we didn't make out like bandits or anything, but the replacement value policy didn't seem to care that the computer was 3 yrs. old, making it worth, oh about 50 dollars. We got 2k for it and, even though the thing was thrown across the room, it still worked. And the monitor we just bought landed face down on the carpeting. And we got another 1,000 for an already broken Kay organ. I even told the guy it didn't work before. He said something about furniture value, I wasn't going to argue....

Anyways, I have to look into it. Does it matter if my studio is my attached 2 car garage?

[guitarsjb]

I live and work in a hotel, so I can't even get basic renters insurance. Music Pro Insurance covers my gear even if I'm on the road, or I'm just stupid and drop it. I've never had to file a claim, and hope I don't, but I'm happy with the service I've had so far.

[MikeStrat]

Does it matter if my studio is my attached 2 car garage?

No. Your property is covered up to the limit shown on your policy anywhere in your house. But there is a limit on certain items: Jewelry, Computers, Guns, Gold & Silverware, and Cash.

[Cygnus X1]

No. Your property is covered up to the limit shown on your policy anywhere in your house. But there is a limit on certain items: Jewelry, Computers, Guns, Gold & Silverware, and Cash.

Is there an implication there is not a limit on the gear, then?

I'm guessing about 10k for replacement, as my stuff gets older, it gets more "vintage". Try replacing the 67 SF/BF Deluxe Reverb, I can't seem to find one...I guess 2k if it turned up, or the Model 88? Or the Hamer Phantom? oddball stuff. Or the tube collection. OK, I am just going to sell these things, take the money and run.

Sometimes I think, stuff is just stuff. People can't be replaced.

Should I do something else to make sure that my old equipment is insured properly, then?

[Bengal65]

Most if not all homeowners/renters policies will cover your gear the same as your other personal property. The issues come up when you are playing out. Your policy should cover the typical theft, fire, vandalism claims that most people make. If you are out making money, your gear (for insurance purposes) becomes business property which will not be covered under your normal policy.

The real key to protecting yourself is documentation (Pics, Serial Numbers, and Receipts). Unless you are a professional musician who takes all their gear out of the home constantly, there is no real need to take out a separate policy.

You guys can obviously do what you think is best but you should ask questions frist because you maybe taking out a policy that you don't need.

Yeah, I hear ya, but I checked with my agent (Farmers) in which I have my homeowners with, and also State Farm who has my auto insurance for this type of insurance. (Stuff never leaves the house) Both wanted appraisals on everything. The last appraisal cost me like $35 ten years ago. At that rate to insure my gear with appraisals, it would cost a huge amount of money in fees. This is why I was checking into instrument and studio specific companies that will replace items at replacement cost and at a "Stated Value" like Collector Car insurance.