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The Gear Insurance Thread

#25
BEWARE: Most homeowners policies exclude any musical equipment loss if you make money in a band - it ceases to become "personal property" and becomes "business property" under the policy, which is excluded. Twice in the past year I have had friends who's claims were denied on this basis. One had his Marshall head stolen from his garage, the other had his guitars stolen from his car.

Don't assume anything. Read your policy's exclusion language, and speak with your local agent to be certain. You don't want to find out there's a loophole AFTER your stuff is stolen!
 
#27
Check the specifics of your policy. My gear is convered by my homeowner's policy, even when I'm gigging with it. The advent of items such as cell phones and laptop computers has changed some companies' viewpoint on covering personal items for business use. The portability of these items makes musical instruments fall under the same definition. Again, as has been stated several times, you need to look at your policy specifically, and call your agent to ask questions.
 
#29
Now that I'm gigging 5-6 times a month and my rig stays in our band's box truck I just finished insuring all of my stuff in case anything happens to it. Insurance companies and state laws differ, but here's what I discovered with my policy:

My homeowners insurance specifically covers musical instruments up to $1000 minus deductible if anywhere on my property. If it's not on my property, i.e. at a gig, in my car at work, etc., it's covered up to $500 minus deductible. (Automobile insurance will not cover it at all.)

So I insured everything under my personal articles policy just like my wife's and my wedding rings. I listed everything at MSRP and the coverage costs me $25 per $1000 of coverage per year with no deductibles no matter where it's located. Well worth the cost if you ask me! Plus this is an "all-peril" policy meaning if I was walking across my living room, tripped over a Spongebob Squarepants toy, and dropped my Geddy and snapped the neck off it's covered for the full MSRP with no deductible. (At least that's what my insurance agent told me.)

--Mike
 
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#31
Originally posted by tplyons
Now, my only problem is that most insurance companies won't insure a sixteen year old musician.
Click to expand...
What you need is a company that offers a specific musical instruments insurance policy. I contacted Marsh Insurance Brokers (I've been led to believe they are global, but I'm not sure) and they had the perfect product. The rates were very reasonable too, and I don't even remember them asking me my age.
 
#32
Originally posted by tplyons
Now, my only problem is that most insurance companies won't insure a sixteen year old musician.
Click to expand...

On a individual policy. I handle this issue by buying a valuable items policy as noted above. I also take the riders for computers, etc.

Companies vary in their quality of coverage.

1} Check with the agent. Find the exclusions and parameters for the homeowners.

2} Check on the additional riders the homeowner can buy. Your parents can insure your property on their premises if you are domiciled there full time and are a minor.

Case in point. Computers were not covered on my homeowners. For an extra $25/tear, I got total theft coverage and breakage on my daughters laptop, no matter where it happened. Decent deal , I took it.
 
#33
How would someone seeking insurance get their gear appraised if they were looking to have it insured?
I'm looking into Clarion and they state-

"You will need to provide documentation of value for each item you are insuring. This can be done by submitting appraisals, bill of sale (which I don't have:( ), or a catalog page that shows your instrument or accessory as well as the list price (must me converted to US dollars)."

I spoke to Bass NW in my area and they don't do appaisals. Does Guitar Center? Any ideas? :confused:
 
#34
If it is a relatively new item then get the list price from the manufacturer. If the item is used, there is a musical instrument "blue Book" that most dealer's carry. If the item is vintage you should be able to get an appraisel from one of the vintage dealers such as Elderly instruments, Gruhn Guitars, etc

Mike
 
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#36
Thanx Mike. Yeah, Most of my equipment is out of production and Mesa on top of that. Most of us know how difficult it can be to get pricing info from Mesa on their gear. How did you arrange insurance on your gear? Would GC be kind enough to let me take a look at their Orion ya think?:confused:
 
#40
Originally posted by thrash_jazz


Unfortunately that is the case... and I don't know who built it, as I traded for it. :(
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I'd start by e-mailing Warmoth. Chances are since they're the builder they can give you the info you'll need. It would probably help them if you knew such things as dimensions, woods, serial numbers, etc.:)
 

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