I had been through one of your discussions regarding camera and equipment insurance. I'm wondering if I'd find similar coverage for my musical instruments. Is that really possible?
Total Comments: 15
Posted: Tue Jun 01, 2010 06:13 am Post Subject:
Yes, that's quite possible. If you're earning your livelihood with music instruments, then you'd surely need to protect these instruments. After all it won't be possible for you to perform without your instruments.
Posted: Wed Jun 02, 2010 10:03 am Post Subject:
Hi, did you go through your home owners policy and check if it will cover you for your instruments? I guess some policies may cover the risks associated with costly equipments. But yeah, I don't think such policies would cover a rare musical equipment.
Posted: Fri Jun 04, 2010 07:32 am Post Subject:
I guess an All risk policy is the one that you should look for. It will probably cover your instrument under various circumstances.
Posted: Sat Jun 05, 2010 05:21 am Post Subject:
All risks policies are good since they'd also cover your expenses in the event you're required to rent a similar instrument. So, you don't need to suffer during the period that your own instrument gets repaired.
Posted: Sat Jun 05, 2010 05:33 am Post Subject:
There is no such thing as an "all-risk" policy!
They don't exist. Period. Nowhere. Ever. Nada. Nothing. Never. Can't happen. Won't happen. Never has happened.
This is clearly a commercial exposure. Personal lines coverage will not suffice, especially if the value of the instruments is high. Not a chance. He needs to couple this into a Commercial Policy Package with a musical instruments floater. That's it.
InsTeacher 8)
Posted: Sat Jun 05, 2010 07:26 am Post Subject:
Well, by all-risk policies I meant - those policies that would cover you under different situations. Teacher, would you please explain what this commercial policy package would comprise of? Do you mean - that one needs to go for a personal lines coverage and then add an instruments floater with it?
Posted: Sun Jun 06, 2010 02:55 am Post Subject:
There are 2 ways the OP can get his instruments covered:
1. If they aren't used professionally, most personal lines carriers have endorsements that can be added to HO policies. The musical instruments will essentially be scheduled, similar to how one would schedule a wedding ring or similar. This adds open-peril (NOT "ALL-RISK") coverage to whatever's insured, typically eliminates the deductible in the event of loss, and is subject to a maximum insured amount. The insured must be careful to read the terms of coverage, as I've seen policies that specifically exclude for-profit use. If you have kids that are in some school band, you better check your coverage. 2 of my kids were somehow musically inclined and their instruments were worth a small fortune. My son's sax alone was $4,000. (Never have children...) My daughter left her trumpet at the bus stop and we had an attack for 2 days until it was actually returned to us. Whew on that one.
2. A Commercial Articles Floater will add coverage similar to what's described above, but is designed for professional/commercial use and is a true business policy. Most carriers will sell you this only as part of a commercial policy package, but some will sell it as a stand-alone product. Commercial Policy Packages (CPP) are two or more coverage forms specifically designed for the commercial exposure being insured. There are a myriad of endorsements, many of which are bewildering to the personal lines only agent. If you sell BOPs, you have a little clue, but not much. They can get really weird.
InsTeacher 8)
Posted: Fri Apr 08, 2011 02:54 am Post Subject: umhVjkdbXpyWn
Musical instrument insurance.. Great! :)
Posted: Fri Apr 08, 2011 06:16 am Post Subject:
Yes, you can have insurance for your musical instruments. There are more than 150 types of insurance around and here I have some information for you-
http://www.ampminsure.org/all.html
Posted: Fri Apr 08, 2011 06:42 am Post Subject:
How can you insure your musical instrument? That's indeed unbelievable. I have never seen or heard about this until now. This is just like you are insuring your computer.
Posted: Tue Jun 01, 2010 06:13 am Post Subject:
Yes, that's quite possible. If you're earning your livelihood with music instruments, then you'd surely need to protect these instruments. After all it won't be possible for you to perform without your instruments.
Posted: Wed Jun 02, 2010 10:03 am Post Subject:
Hi, did you go through your home owners policy and check if it will cover you for your instruments? I guess some policies may cover the risks associated with costly equipments. But yeah, I don't think such policies would cover a rare musical equipment.
Posted: Fri Jun 04, 2010 07:32 am Post Subject:
I guess an All risk policy is the one that you should look for. It will probably cover your instrument under various circumstances.
Posted: Sat Jun 05, 2010 05:21 am Post Subject:
All risks policies are good since they'd also cover your expenses in the event you're required to rent a similar instrument. So, you don't need to suffer during the period that your own instrument gets repaired.
Posted: Sat Jun 05, 2010 05:33 am Post Subject:
There is no such thing as an "all-risk" policy!
They don't exist. Period. Nowhere. Ever. Nada. Nothing. Never. Can't happen. Won't happen. Never has happened.
This is clearly a commercial exposure. Personal lines coverage will not suffice, especially if the value of the instruments is high. Not a chance. He needs to couple this into a Commercial Policy Package with a musical instruments floater. That's it.
InsTeacher 8)
Posted: Sat Jun 05, 2010 07:26 am Post Subject:
Well, by all-risk policies I meant - those policies that would cover you under different situations. Teacher, would you please explain what this commercial policy package would comprise of? Do you mean - that one needs to go for a personal lines coverage and then add an instruments floater with it?
Posted: Sun Jun 06, 2010 02:55 am Post Subject:
There are 2 ways the OP can get his instruments covered:
1. If they aren't used professionally, most personal lines carriers have endorsements that can be added to HO policies. The musical instruments will essentially be scheduled, similar to how one would schedule a wedding ring or similar. This adds open-peril (NOT "ALL-RISK") coverage to whatever's insured, typically eliminates the deductible in the event of loss, and is subject to a maximum insured amount. The insured must be careful to read the terms of coverage, as I've seen policies that specifically exclude for-profit use. If you have kids that are in some school band, you better check your coverage. 2 of my kids were somehow musically inclined and their instruments were worth a small fortune. My son's sax alone was $4,000. (Never have children...) My daughter left her trumpet at the bus stop and we had an attack for 2 days until it was actually returned to us. Whew on that one.
2. A Commercial Articles Floater will add coverage similar to what's described above, but is designed for professional/commercial use and is a true business policy. Most carriers will sell you this only as part of a commercial policy package, but some will sell it as a stand-alone product. Commercial Policy Packages (CPP) are two or more coverage forms specifically designed for the commercial exposure being insured. There are a myriad of endorsements, many of which are bewildering to the personal lines only agent. If you sell BOPs, you have a little clue, but not much. They can get really weird.
InsTeacher 8)
Posted: Fri Apr 08, 2011 02:54 am Post Subject: umhVjkdbXpyWn
Musical instrument insurance.. Great! :)
Posted: Fri Apr 08, 2011 06:16 am Post Subject:
Yes, you can have insurance for your musical instruments. There are more than 150 types of insurance around and here I have some information for you-
http://www.ampminsure.org/all.html
Posted: Fri Apr 08, 2011 06:42 am Post Subject:
How can you insure your musical instrument? That's indeed unbelievable. I have never seen or heard about this until now. This is just like you are insuring your computer.
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http://natrisk.com
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