Gear Insurance

Musical equipment insurance is one of the least understood yet important assets for any musican who values their gear. After reading about unfortunate incidents of stolen gear, I wanted to contribute what I've found about musical equipment insurance. I hope this helps.

A common misconception is that homeowner policies will cover musical gear; this could be one of the most infuriating oversights a musician can make! First of all, many homeowner policies will not cover the equipment if you make any money by performing. Many business or commercial policies will not cover musical equipment if you primarily perform in bars, clubs, lounges, etc., citing the perceived unsavory nature of those locations and their clientele. Many policies (homeowner or business) will not cover items stolen from an unattended vehicle - a big problem. Also, homeowner policies will often replace the stolen item with an item that they deem to be "similar", which can be outrageously different from the stolen item. For example, a homeowner policy might replace a '52 P-Bass with a brand-new Mexican P-Bass! Obviously, this sort of "replacement" is not acceptable. In other situations, the homeowner policy may only cover a certain percentage of the value of the stolen item. For instance, if you lost a $15,000 Pollmann double bass, a homeowner policy MIGHT pay out $9,000 (60%), IF you don't make money with it, IF you weren't at a club, and IF it wasn't in an unattended car. This doesn't provide much peace of mind!

The answer? One company that I have found is Merz-Huber Insurance of Pennsylvania. They are associated with the International Society of Bassists, so you will have to sign up with them in order to acquire this insurance. The minimum annual premium is $200, which covers almost $40,000 of insured gear ($0.55 for every $100 of insured value) and the minimum deductible is $500. Since ISB membership is $40, the total cost per year is $240, or $20 per month. I've looked over their coverages pretty closely, and it seems to cover just about everything a musician would need. Professionals, playing in bars, unattended cars, car accidents, negligence, and others. Although the ISB is double bass-centric, the insurance will cover all musical gear.