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Replacement Value of Custom Instruments?

Discussion in 'Basses [BG]' started by TrooperFarva, Mar 22, 2009.

  1. TrooperFarva


    Nov 25, 2004
    New City, NY
    For those with custom created instruments, how does your insurance cover them? If it gets lost, stolen, or damaged, will the insurance cover the depreciated value, or the original cost?

    For most items, IME, insurance will pay out the depreciated value, the rationale being that a used equivalent can be purchased for the depreciated value, but in the case of custom instruments, there is no used equivalent.

    So what is it? Maybe those unfortunate enough to have personal experience with this situation can chime in. Thanks.
  2. TrooperFarva


    Nov 25, 2004
    New City, NY
  3. I have mine under my homeowner's policy. They insured it based on the value sent from the luthier's invoice. I'm not covered for gigs, but covered for anything that happens in my home, other than flooding.
  4. Ed Goode

    Ed Goode Jersey to Georgia Gold Supporting Member Supporting Member

    Nov 4, 2004
    Acworth, GA
    Endorsing Artist: FBB Bass Works
    I have a separate policy for my basses which provides for replacement value of the instruments. It's up to me to review the replacement costs once a year and make adjustments to the current pricing for a replacement. Music is a reportable business to me, so I maintain separate policies from my homeowners stuff ..... :cool:
  5. winston

    winston Supporting Member

    May 2, 2000
    Berkeley, CA
    I use musicproinsurance.com and they also ask for replacement value. For my vintage/used equipment I got an appraisal from my local music store on their company letterhead.

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