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Insurance through ISB

Discussion in 'Basses [DB]' started by Jeff Michael, Jul 18, 2003.


  1. So I'm finally getting around to insuring some instruments. I'm filling out the form that came with my ISB member stuff and I see that the annual premium is $.75 per $100 covered...but the minimum premium is $300. The instruments I intended to insure add up to around $10K, which would yield a $75 annual premium by the formula, until the $300 min enters the equation. At that point the rate I'd be paying would be $3.00 per $100 covered--four times the special rate. Am I to take it that to really get the $.75 per $100 coverage, you have to insure $40K worth of gear? Or am I misreading the policy?

    Or...do you guys actually have that much in gear? This upright biz makes me fear sometimes that I am like some hillbilly marvelling at the price of shoes...

    Jeff
     
  2. It ain't amps and speakers we're talking here.

    A fine bass such as those played in major symphony orchestras can easily cost upwards of $30,000.
     
  3. How many >$30K instruments are out there, relative to the $3-10K range? Surely the average "I want musicians' insurance" customer isn't an "I want musicians' insurance...for my $40K worth of stuff"...are they?

    Jeff
     
  4. winston

    winston Supporting Member

    May 2, 2000
    Berkeley, CA
    If you're looking for insurance that will cost you less than $300, go with www.musicproinsurance.com. They charge $1 per $100 but there's no minimum and the coverage is pretty comprehensive. You can add/subtract equipment as you buy/sell it and it's pretty easy to get an actual person on the phone when necessary.
     
  5. Monte

    Monte

    Jan 9, 2001
    New Albany, MS
    I second that, but their policy is $50/ minumum. I'm very happy with them.

    Monte
     
  6. CamMcIntyre

    CamMcIntyre

    Jun 6, 2000
    USA
    I know this may be a dumb question but, is it $50 a month, quarter, or what? I've been researching gear insurance and the different ways of getting it since i might be going to Europe and just in case for when i go to college. The main places i've heard about that offer insurance are the one that Monte has and through the Union. That's all and thanks for the information.
     
  7. Monte

    Monte

    Jan 9, 2001
    New Albany, MS
    Per year. This means that you would need $5000 worth of gear to meet their minimum. Music Pro will insure you wherever you travel as well.

    Monte
     
  8. CamMcIntyre

    CamMcIntyre

    Jun 6, 2000
    USA
    Thanks Monte. I'm getting closer to having that much-i have around $2500-2800 worth of equipment, i know half of what the minimum. Since that's per year, i'll tell my dad, that would be great peace of mind and is cheaper than getting AAA for my car. That's all
     
  9. You could insure a kazoo, but it'll cost you $50 a year. $5000 of value is the point where the minimum premium actually calculates out to the price-per-value figure they use.

    If you want insurance on $2500 worth of stuff, get it! Your $50 premium works out to $2 per $100 covered--but that's still well worth it!

    Jeff
     
  10. CamMcIntyre

    CamMcIntyre

    Jun 6, 2000
    USA
    I agree. I think i've hijacked this thread. I got wondering this-one of my basses is discontinued, DeArmond Pilot Plus5, so would they pay for the next closest thing or just cash value? That would be a Fender MIM Jazz Deluxe 5, a thing that costs more than the Pilot did in it's prime. I did the figures on their website to get a quote and it turns out i can't add, i've got roughly $3400 worth of gear before the Upright comes home [right now i have a school owned, saving up for my own see sig]. Once it does come home it will put me right around that $5k mark. Thanks for the info, i appreciate it very much as i am over protective of my equipment and it will give me some peace of mind knowing that my gear is covered. That's all and thanks for information.
     
  11. Chris Fitzgerald

    Chris Fitzgerald Student of Life Staff Member Administrator

    Oct 19, 2000
    Louisville, KY
    Do they also insure Amplification and recording equipment?
     
  12. Monte

    Monte

    Jan 9, 2001
    New Albany, MS
    Yep,

    I insure my bass, speakers, transducers, preamps, mics, and bow. They will also insure your computer equipment if you use it in music.

    Monte
     
  13. Monte

    Monte

    Jan 9, 2001
    New Albany, MS
    Exactly. I just meant that the minimum charge will mean you will be paying more than $1 per $100 if you don't have %5000. It's still a good deal.

    Monte
     
  14. s7on3d

    s7on3d

    Jun 26, 2002
    Ra'anana, Israel
    Sorry to semi-hijack the thread, but I wanted to know if any of you know of musicians' insurance agencies that will cover all of us that don't reside in the US.

    I'm currently paying 75 shekels (around $17) a month to insure my DB (only within my house, not while I transport it, or anywhere else I take it), which is worth $4500. My parents added it on to the insurance policy that covers our house, and I was told that it would be MASSIVELY expensive to have it insured out of the house too.

    I emailed MusicPro Insurance to ask if they accepted international applicants, but they said that I would have to be a US resident... Anyone know of a way that I could insure my gear more efficiently?
     
  15. CamMcIntyre

    CamMcIntyre

    Jun 6, 2000
    USA
    Just a bit of an update from me. Once they found out that i am 17 they quit corresponding with me. I figured there'd be a catch to it since i am under 18, but oh well. Looks like i have to wait until next year to insure my gear. That's all
     
  16. Monte

    Monte

    Jan 9, 2001
    New Albany, MS
    Can't you get it in your parent's name?

    Don't give up on them; they are slooww getting back to people right now as they are way behind on renewals. I just got my policy in the mail last week from the 1st week of July. It was effective then, but I had no proof of insurance.

    Monte

    Monte
     
  17. CamMcIntyre

    CamMcIntyre

    Jun 6, 2000
    USA
    I asked them if i could get it in my dads name and that's when i didn't get a response. I won't give up on them ,but i don't plan on aggresivley trying to get information out of them. Thanks though Monte. That's all
     
  18. Anita Bass

    Anita Bass Guest

    Feb 16, 2003
    Austin, TX
    Do you have to get Musicians Insurance or can you get an Inland Marine policy in the state where you live if you own your home? If you get insurance through ISB does it insure the bass if it is used for business purpose? I’m a senior in high school and my parents are going to be buying me my first bass and had me research the insurance. All my friends have to help pay their car insurance and I am going to have to help with my bass insurance. I asked my neighbor who owns a Nationwide insurance agency and he told me that the Inland Marine policy is a floater policy that is used to provide coverage that floats or moves along with the covered property as it changes locations. Most inland marine policies cover the property anywhere in the world. An inland marine personal articles floater is used to insure valuable personal property that often requires broader coverage than that provided by an insured's homeowners policy, due to the various exclusions and limitations on homeowners coverage’s. Most personal musical instruments, which include sound and amplifying equipment, can be listed on a floater. Each item should be listed on a schedule with the requested amount of insurance coverage. Since my mom and dad’s have their home insurance with NW he gave me a quote on the Inland Marine policy and it was less than $150/year for a bass with a value of $20,000.
     
  19. Alex Scott

    Alex Scott

    May 8, 2002
    Austin, TX
    there is also insurance available through chamber music america, you have to join their group, about $35 a year, and then get the insurance, I switched when ISB insurance went to $200/yr, and filed a monster claim the next year. anyone filed with music pro?
     
  20. Anita Bass

    Anita Bass Guest

    Feb 16, 2003
    Austin, TX
    Hi Alex, it's Andrea. Looks like I am getting a new bass!!! You should stop by and check out our orchestra some time. Dr. Neubert came in to school on Friday to work on region. Our orchestra now has 11 bassists. I am not doing String Project this year but am continuing to take lessons with Jessica Gillam-Valls and am in the Austin Civic Orchestra and the Austin Youth Orchestra.

    Take Care,

    Andrea