• TalkBass has been independent since 1998. Add your voice.
    Create a free account to reply to discussions, view embedded media, and browse with fewer display ads.
    Join free Log in
    Want zero display ads or expanded classifieds tools? Compare plans.

The Gear Insurance Thread

#123
I have all of my music gear insured through Allstate, whom I also have auto and renters insurance with. With all of that combined, I have a rider for all my equipment that specifically states it is a "Professional Musical Instruments" rider, and basically states I'm covered anywhere at any time, even while making money with the equipment. My premium for all of that is only $70 per year. I asked multiple times if I was covered while playing paying gigs, and they said yes. There is a provision in the fine print that states you are NOT covered with a rider if it doesn't state specifically that it is schedule of items for PROFESSIONAL use. Hope this helps some folks out there.
 
#126
I had all my stuff with Heritage for the last year.
Seemed like nice enough folks.
$250 for $25K worth of coverage.
I was surprised when I updated my list of model/serial number info I had more gear than that.
The Heritage folks will only do ''line/item" insurance; meaning you have to list every single item, and insure every single item. The would have cost me $500 for $50k worth of stuff. Not bad, but...

My homeowners agent wrote me a commercial "inland marine" policy that provided all the same replacement cost, drunks knocked it over, I dropped it down the stairs, etc coverage. It's a blanket policy, covering whatever I take out-no line/item.
$15k worth of coverage for $300.
So, that's what I did.
 
#128
I just signed up with Clarion today. $0 ded/$253 premium covers up to 20k worth of gear. My homeowners covers Item in the house. Auto in the car. So I needed to be covered at the bar, the club the wedding hall and the church. Between the 3 policies I can't miss.
 
#129
update/edit to post #126:
the inland marine $15,000 umbrella from american family-which does not require line item coverage like heritage-was only $100 per year...

way better deal by me.
 
#131
I wouldn't count on that.
I pay ~$100 a year for $15,000 worth of coverage with my american family agent via an "inland marine" business policy.
covers theft, damage, everything at replacement value.
 
#132
Chef said:
I wouldn't count on that.
I pay ~$100 a year for $15,000 worth of coverage with my american family agent via an "inland marine" business policy.
covers theft, damage, everything at replacement value.
Click to expand...

Chef: I just stumbled across this link. I own an insurance brokerage in Canada. Unless things are done differently in the USA, you may want to familiarize yourself with the term co-insurance clause.

You probably have the typical 90% co-insurance clause on your "blanket" policy. That requires you to insure to at least 90% of the limits on what you have, or any loss will be subject to an underinsurance penalty.

I believe in an earlier posting you mentioned you may have $50,000 of gear. 90% of $50,000 is $45,000. You are carrying $15,000 limits, which is 1/3 of $45,000. In this scenario that means you will get paid 1/3 of your loss!
 
#133
SelenaBassGirl said:
I was thinking about that the other day, and meant to ask my bf, who plays in a house band. But wouldn't you think the club owners have insurance in case of a break in or fire, to protect the band member's gear as well??
Click to expand...

The club owners have no "insurable interest" in the bands gear, unless they are required by contract to provide the insurance coverage. This gear is unlikely to be covered by the club owner(s).
 
#134
What I take to work any given gig is covered by the inland marine...what stays at home is covered at home.

thx for thinking about it for me tho!

gearhunter420 said:
Chef: I just stumbled across this link. I own an insurance brokerage in Canada. Unless things are done differently in the USA, you may want to familiarize yourself with the term co-insurance clause.

You probably have the typical 90% co-insurance clause on your "blanket" policy. That requires you to insure to at least 90% of the limits on what you have, or any loss will be subject to an underinsurance penalty.

I believe in an earlier posting you mentioned you may have $50,000 of gear. 90% of $50,000 is $45,000. You are carrying $15,000 limits, which is 1/3 of $45,000. In this scenario that means you will get paid 1/3 of your loss!
Click to expand...
 
#136
what you have to remember is that insurance is to restore exactly what you originally had or its monetary value, if they offer u less you can fight them on it and they will most likely fold.. most people arent aware of this.. there are companys that make tons of money by negotiating with insurance companies to get you what you diserve (i'm not talking about lawyers, i used to work for a company that did this, its a commission based pyramid style business which is why i quit, but they exist) if the unthinkable does happen i'd look into finding one of these type of companies
 
#137
D Rokk said:
what you have to remember is that insurance is to restore exactly what you originally had or its monetary value, if they offer u less you can fight them on it and they will most likely fold.. most people arent aware of this.. there are companys that make tons of money by negotiating with insurance companies to get you what you diserve (i'm not talking about lawyers, i used to work for a company that did this, its a commission based pyramid style business which is why i quit, but they exist) if the unthinkable does happen i'd look into finding one of these type of companies
Click to expand...

The problem with forums is that people who are uninformed sometimes make statements that are not factual. I waded in because I am a 30 year professional in this field and I am reading things on this subject that do not seem to be true. The American Family website sure seems to indicate that there is a $1200 limit applies to their Missouri home insurance policies, for business property at the principal residence premises. The fact that there is a limitation on business property is consistent with home insurance policies offered north of the border. I tried to find a policy wording on the American Family website for the inland marine policies that Chef referred to, but none was on line. There were mentions of "possible" co-insurance clauses (see my earlier post) and "theft from automobile" exclusions on these inland marine polices. It is possible, that specialized wordings have been drafted where these limits/exclusions do not apply. I would be careful though, especially when it comes to co-insurance.

Typically you have a choice when insuring your professional items...

1) providing a schedule of the items to be insured and the item's value. This would probably be the least expensive way to arrange insurance on certain items, but items not scheduled would not be insured; or

2) selecting a blanket policy that covers all your items under one limit. This form of insurance is typically preferable, because it reduces the chances of items not being insured. There is no need to list the items or their value (unless there is a claim), and newly acquired articles are automatically covered (doesn't everyone on here buy, sell & trade?). Because most clients would select against the insurance company and only buy partial insurance, there needs to be some requirement for clients to insure to value. Otherwise the client who purchases $15,000 of coverage when they have $100,000 of equipment would be paying the same premium as the client who only has $15000 of gear, despite having a lot more of an exposure. That would not be fair and equitable to the insurance company or their other clients. Business insurance typically has a co-insurance clause (see above posting).

3) To underinsure items and then pay an independent 3rd party to try to get more money from an insurance company, when the company applies exclusions and limitations that are written into your policy?? Well, that does not seem like sound business practice to me.

Moral of the story, get your advise directly from an insurance professional and read your policy limitations and exclusions carefully.
 
#138
I'm curious as to what folks on here (posts are from a few years ago) use as their carriers now? What has changed/what claims have you filed since you last posted and how did the claim go? I am considering either heritage or clarion for insurance, but not sure who to go with since both have similar rates and reviews on this board. Maybe some more info either positive or negative from people who posted a few years ago will help myself and others in the same boat.
 
#140
I had read a Clarion policy that they didn't cover it if your vehicle was parked in your driveway or in front of your house and broken into or your vehicle stolen that the equipment was not covered. Jim, is that stated in your policy?

Wally

Jim Carr said:
I use Clarion. The only time I had a claim, they paid it 100%. I think they are outstanding.
Click to expand...
 

Latest posts

Top Bottom
Back