1. Please take 30 seconds to register your free account to remove most ads, post topics, make friends, earn reward points at our store, and more!  
     
    TalkBass.com has been uniting the low end since 1998.  Join us! :)

The Gear Insurance Thread

Discussion in 'Miscellaneous [BG]' started by TCollins, Aug 16, 2000.


  1. MCS4

    MCS4

    Sep 26, 2012
    Fort Lauderdale, FL
    Is anyone aware of any insurers who will cover items when they are kept in a storage facility?

    I just got off the phone with Clarion and luckily found out before I paid that they do not cover instruments that are in a storage unit -- despite their ads and website claiming that the coverage extends anywhere worldwide. My band practices at a storage space, so any insurance that doesn't cover my gear whenever it is there is useless to me.
     
  2. Chef

    Chef Moderator Staff Member Supporting Member

    May 23, 2004
    Columbia MO
    Staff Reviewer; Bass Gear Magazine
    anywhere, world wide...that seems like, well, everywhere.

    I had my American Family agent add an additional "inland marine" rider to cover my gear.
    I have no idea why it's called that.
     
    nixdad likes this.
  3. MCS4

    MCS4

    Sep 26, 2012
    Fort Lauderdale, FL
    My guess is that the policy may well be written to apply anywhere worldwide, but they or their underwriters will refuse to approve a policy for you in the first place if you admit that you sometimes keep instruments in a storage unit. So theoretically as long as you can secure a policy you are covered even if items are stolen from a storage unit... but then the insurer could potentially deny coverage on the ground that you lied on your application by saying the instruments weren't stored at a storage facility.

    Either way, this is at least the third time that I've heard of Clarion telling someone of a particular exclusion that seems to contradict the "anywhere worldwide" language in all of their ads and materials.
     
  4. kulit17

    kulit17 Wal Collector #35 Supporting Member

    Has anyone used Anderson musical instrument insurance? I've check out MusicPro and this place and coverage seems identical. However, quote I got from Anderson was nearly half of what I was quoted for MusicPro, although the deductible on Anderson is a bit higher which I'm not entirely too concerned with.
     
    nixdad likes this.
  5. Gjbl

    Gjbl

    Nov 24, 2013
    Austin
    I teach bass at guitar center
    I had renters insurance. I could have opted for theft loss on HAAM : health alliance for Austin musicians for I think 100$ a year for every 3k you insure. Biggest mistake of my life. Had 7,000$ of gear stolen out of my car. I took them over two months to send me a check for 4,000$. I kid you not this is the worst thing that has ever happened to me I don't have a day job and have been struggling for months and I still don't have everything I need. I think the haam plan would of even payed to get me rental gear not sure though.

    If something bad happens and all you have is renters keep your guard up and before it happens be sure to establish a network of bassist who are willin to loan you gear in the mean time.
     
  6. Spfairchild

    Spfairchild Supporting Member

    Oct 23, 2005
    Seattle
    Endorsing Artist: MTD Basses, Genzler Amplification, GHS Strings, Tsunami Cables, Sonic Nuance Electronics Contributing Reviewer: Bass Gear Magazine
    Might as well update this thread as well - as mentioned earlier in the thread, I went with Clarion and have been very happy. I unfortunately had to make use of that coverage recently for a repair, and they are covering it without much fuss, at the cost of the repair. So I can give good marks to Clarion when it comes to actually taking advantage of your policy.
     
  7. Gravedigger Dav

    Gravedigger Dav Supporting Member

    Mar 13, 2014
    Fort Worth, Texas
    Never had it, but a long time ago when I was on the road full time I checked into it. The premiums were high and the exclusions made it useless. After reading the exclusions, I surmised it was covered provided I was in bed asleep and physically holding on to all my gear.
     
  8. Spfairchild

    Spfairchild Supporting Member

    Oct 23, 2005
    Seattle
    Endorsing Artist: MTD Basses, Genzler Amplification, GHS Strings, Tsunami Cables, Sonic Nuance Electronics Contributing Reviewer: Bass Gear Magazine
    Sorry to hear it, Gravedigger. That may have been the case at some point in time, or with the company or companies you looked into, but I can attest that several of the pro-musician oriented gear insurers these days offer "all peril" coverage, to which I have found the only big exclusion to be manufacturer's defect. If they can pin it on the builder, they won't cover that. Aside from that, the exclusions in my contract mention nuclear terrorism and declared or undeclared acts of war. I can live with that.

    Covered anywhere in the world, whether the gear's in my possession or someone else's, whether it's damaged or stolen, whether it's being used for commercial purposes or personal ones. I have all the stuff in my sig line (and more) insured, for less than the cost of one boutique pedal per year. And I'm not talking original MuTron or Akai Deep Impact, either ;) Everyone who has the need should do this.
    *I don't sell insurance*
     
    swood_de likes this.
  9. s_wood

    s_wood Gold Supporting Member Supporting Member

    Mar 23, 2003
    Delaware (USA)
    Totally agree with the above post. I have my gear insure through Heritage Insurance. They specialize in musical instrument insurance. The policy pretty much covers every kind of loss or damage, whether caused by theft or accident. it even covers loss or damage during shipping from seller to me, or from me to a buyer. It's very inexpensive for what it covers. Another plus: Heritage lets the policy holder specify the replacement value of the instrument, so you won't have to convince a faceless know-nothing that your coral pink '62 P-Bass really is worth more than most cars.

    if you can't afford to replace your gear if it's lost or damaged, you need to have it insured.

    A few years ago, I was about to go on stage when they nearly brand – new Alembic Series II bass took a dive off an instrument stand. The headstock snapped completely off. Within two weeks, Heritage agreed to total the instrument and
    pay for a new one.

    I don't sell insurance and have no relationship with Heritage except that I am a happy customer.
     
    Last edited: Apr 22, 2014
  10. kulit17

    kulit17 Wal Collector #35 Supporting Member

    i did the same when i purchased a bass from the UK. i made sure that the instrument was covered prior to the seller shipping it. the company i went with needed lots of pics of what type of case it would be in transit with, type of box, etc. also clear pictures identifying the serial number. different insurance companies has different policies, in my case, i picked a policy that would cover the instrument exact replacement if it were to be custom built again.....

    Here is the breakdown on the coverage types that i read about from the company i went with...

    Actual Cash Value:

    Actual cash value coverage (”ACV”) is something that you want to avoid wherever possible. This valuation clause,typically found on most homeowners and commercial property policies, subjects you to a potential for a depreciated settlement at claim time if you are insured at less than 80%, 90% or in some cases, even 100% of the “replacement” cost of the insured property. The typical insurance industry’s definition for ACV is the:

    Cost to replace your instrument with a new instrument of similar like kind and quality, less depreciation.

    What does this mean? If you do not keep the value up to date on your instrument to 80% to 100% of “replacement cost” and have an ACV clause on your policy and experience a coverage loss, you may well receive less, and possibly significantly less, for the repair or replacement of your instrument. The good news is that most musical instrument policies, including Anderson Group's, DO NOT place an ACV valuation clause on their policies.

    Replacement Cost:

    If you have a Replacement Cost valuation clause, the deduction for depreciation is removed from your policy, otherwise the definition noted above for ACV remains. What you actually end up receiving at claim time is still unclear as you and the insurance company will have to sort out the “replacement cost” for a replacement instrument of like kind and quality.

    Agreed Value:

    With “agreed value” coverage, both you and the insurance company have agreed up front on how much your instrument(s) and accessories are worth! Should you experience a covered loss, the insurance company will pay up to the “agreed value” in the case of repair or the “agreed value” if your instrument has been lost, stolen or damaged beyond repair. How do we come up to a mutually agreeable “agreed value”? For instruments currently being produced, we will typically accept the current year replacement cost to replace your instrument(s). In other cases, we may request an appraisal. In all cases, we will let you know whether we will require an appraisal or not.99% of the policies issued .

    Diminished Value:

    Includes additional coverage should your instrument suffer a reduction in value due to a covered loss, up to the maximum “agreed value” limit for the instrument in question.
     
    swood_de likes this.
  11. lyla1953

    lyla1953

    Jul 18, 2012
    I've got a couple of Alembics that need to be covered while out of the house. One is a relatively standard off the shelf Essence but the other is a one of a kind custom JPJ triple omega (avatar) - both early 1990 vintage. Unfortunately I don't have any original sales documents to establish value. Where can I find appraisers or help establish a value on these instruments? I would probably establish an "agreed value" for insurance purposes. Thanks for your help.
     
  12. s_wood

    s_wood Gold Supporting Member Supporting Member

    Mar 23, 2003
    Delaware (USA)
    If the serial # of your JPJ Triple ends in 639 I used to own her! Anyway, I used Heritage Insurance for my gear and they let the policy holder establish the "agreed value" so long as it's "within reason" I usually do my best to figure out from the bass maker's website what the list price for the instrument would be today and then use 80% of that figure as the replacement value. Hope that helps.
     
  13. lyla1953

    lyla1953

    Jul 18, 2012
    Yup - thats her! Did you make the YouTube video she stars in?
    The original owner just suggested the same - which is a great help as Alembic has an online order form. Thank you very much!
     
  14. s_wood

    s_wood Gold Supporting Member Supporting Member

    Mar 23, 2003
    Delaware (USA)
    Bro, the only YouTube videos with me in them were surveillance videos :)

    Love that bass... a real head-turner that sounds better than it looks!
     
  15. lyla1953

    lyla1953

    Jul 18, 2012
    Uploaded in 2010 - Not a scratch on her since then - near mint. She's no hanger queen either and is played every day!



     
  16. How do the companies handle a bass that has been discontinued but can still be 'special ordered?' I have a 1994 Warwick Fortress One 5-string. It's been discontinued for maybe 12 - 15 years, but in 2014 they built a few in their special order shop. I think they were going for $2,800. I paid $350 for mine years ago when it had been really abused. I've since put in about another $650 in parts and labor, so I've got $1,000 in mine. Plus I had it set up at Bass Central in Orlando. How would an insurance claim turn out for it? Thanks.
     
  17. Chef

    Chef Moderator Staff Member Supporting Member

    May 23, 2004
    Columbia MO
    Staff Reviewer; Bass Gear Magazine
    depends what kind of policy you have.
    there are a number of ways to insure things.
    replacement cost, appraisal, theft vs damaged, etc.
    you'll have to shop around and ask that question several ways, IMO.
     
  18. mapleglo

    mapleglo Gold Supporting Member

    Sep 7, 2013
    phoenix, az
    I recently purchased insurance as I am now in a gigging band. I first solicited a quote from Heritage, but had a bit of trouble with their responsiveness. After a couple of weeks of unanswered emails and phone calls, I contacted Clarion. I spoke with Heather DeSanto, who set me up with a policy within a day. I'm now fully covered with $25k of insurance.
     
  19. lespaulbass

    lespaulbass

    Jul 27, 2018
    Has anyone ever had MUSICPRO Insurance -- Hanover Group?
     

Share This Page