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Music Gear Insurance

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  • Music Gear Insurance

    I need to get some but need some advice. I asked my insurance agent (Allstate) and they said they could put a rider on my homeowners policy, but I had to get my equipment appraised. The music stores I called all but laughed at me Ė (Drag all my stuff to a music store and have some sales gerbil take 2 hours to give me a written appraisal?). Besides, itís not a 200 year old violin. Iím sure my TD-8 will be worth about a nickel 10 years from now.

    So Iím thinking an experienced music insurer is the way to go. Iíve found two companies on the Web Ė Music Pro Insurance and Clarion Insurance Ė that seem reputable.

    I play out, have electronic and acoustic. What happens when I add a piece of gear? Does it cover an incompetent sound guy blowing something up? A drunk falling on top of it? How would you make a claim?

    Help! I donít know what Iím doing!

    [This message has been edited by mfrzrdrum (edited November 18, 2001).]

  • #2
    Check the policy language when considering a rider to your homeowner's insurance. Some policies exclude certain types of damage if they don't occur on you premises. Most actually name the perils you are insured against, and while that will typically include, fire, lightning, wind, hail, damage from a vehicle, smoke, vandalism, theft and an all important "sudden and accidental damage from artificially generated electric current", there are plenty of things that are not named (i.e. that drunk for instance) that can still happen. Most homeowners' will cover your property anywhere in the world, but check to be 100% sure if you gig outside the contiguous 48. Most policies exclude damage due to wear and tear or mechanical breakdown. If you want to insure against this exposure, you will need a special policy to do so. An "all perils" (except those specifically excluded) is usually better but more expensive. If your music is your main business, look at a business policy with one of the specialty carriers, they will cover all the bases, but the cost will be a little more still, so depends on your investment, the % of your assets and income you have involved, and as always, your wallet.