Gear Insurance

Discussion in 'Miscellaneous [DB]' started by Danny Adair, Oct 4, 2001.

  1. 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.
  2. Don Higdon

    Don Higdon In Memoriam

    Dec 11, 1999
    Princeton Junction, NJ
    Following up on the $500 deductible -
    You can insure the strings, pickup, wheel, case, etc., as separate items. If your bass gets stolen, you're going to lose these items, too; so, declare them. They'll use up the deductible. And you always keep a spare set of strings and power cords in the bag, don't you?
  3. Monte


    Jan 9, 2001
    DFW Area, Tejas
    Check out this earlier thread . I've been with MusicPro for 18 months now and they have been reasonably priced and seem to be professional. I now know someone who has had a claim with them. A drummer friend who was on tour with some country band said their tour was insured through Music Pro and the fiddle player had some damage done to his (Mike thought it was a 100 yr. old french violin) instrument in the trailer. MusicPro apparently paid for the repairs promptly with no hassles.

  4. davegr8house

    davegr8house Guest

    Aug 13, 2001
    Franklin, Tennessee
    I have a question. I own more BG gear than URB. My electric gear all has serial numbers and model numbers in that I could insure them. My Double Bass has none. Even my luthier did not know the maker. He said it was Chinese 7/8 but that was all he knew since there was no makers mark. How do I go about insurance for this item? I want to look into insurance sence I live in Music City and every other person you meet is a musician. Stolen gear is in every pawn shop in this town. You really haft to watch yourself. Thank you for your time.

    -------------------------------------------------- If the world didn`t suck we would all fall off:D
  5. davegr8house

    davegr8house Guest

    Aug 13, 2001
    Franklin, Tennessee
    Sorry I ment to reply to a thread not start a new one.:eek:
  6. Chris Fitzgerald

    Chris Fitzgerald Student of Life Staff Member Administrator Gold Supporting Member

    Oct 19, 2000
    Louisville, KY
    Whatever do you mean? ;)