Insurance for instruments and equipment

[vvv]

I am glad for you that you have had good results with your carrier, however, that has not been my repeated and extensive experience with those types of claims and ins. policies (not necessarily involving musical equipment.)

Further, while an amendment may be accepted, I have also seen same defended against as over-reaching, thus allowing the ins. co. to claim fraud, and deny the entire claim. I have seen this done when inventories (sometimes called, "schedules") are prepared near or after the loss, also, as well as long before, with amendments and without.

I have seen the above happen repeatedly, with big-name companies as well as small-market.

Insurance is a fairly tight-margin business (at least, ins. co.'s think so), and denials of theft and/or damage claims are routine if they have even a hint of a basis.

FWIW, such denials usually resolve through a settlement, often after litigation, and for a reduced value of the initial claim - sometimes a significant reduction.

Let me add, just because your agent tells you you are covered for, say, the use of instruments or equipment at a gig, don't just believe his/her statement. 99% of the time, the agent is your agent and any mistake or misrepresentation they make is to your detriment. Further, they may be dumb, lazy, or more concerned with selling the policy than explaining the details. Read the policy closely, seek counsel if you are unsure, to be certain exactly what is the extent of your coverage.

Trust me, you don't want to have to seek counsel after a loss.

[Brian]

I am glad for you that you have had good results with your carrier, however, that has not been my repeated and extensive experience with those types of claims and ins. policies (not necessarily involving musical equipment.)

Further, while an amendment may be accepted, I have also seen same defended against as over-reaching, thus allowing the ins. co. to claim fraud, and deny the entire claim. I have seen this done when inventories (sometimes called, "schedules") are prepared near or after the loss, also, as well as long before, with amendments and without.

I have seen the above happen repeatedly, with big-name companies as well as small-market.

Insurance is a fairly tight-margin business (at least, ins. co.'s think so), and denials of theft and/or damage claims are routine if they have even a hint of a basis.

FWIW, such denials usually resolve through a settlement, often after litigation, and for a reduced value of the initial claim - sometimes a significant reduction.

Let me add, just because your agent tells you you are covered for, say, the use of instruments or equipment at a gig, don't just believe his/her statement. 99% of the time, the agent is your agent and any mistake or misrepresentation they make is to your detriment. Further, they may be dumb, lazy, or more concerned with selling the policy than explaining the details. Read the policy closely, seek counsel if you are unsure, to be certain exactly what is the extent of your coverage.

Trust me, you don't want to have to seek counsel after a loss.

I have had problems with my homeowner's insurance, LOTS of them, if they ever give you trouble call the insurance commissioner for your area, they will straighten right up.
My homeowners insurance tried to do the worst job possible, then, I mentioned calling the commissioner and they stopped that crap.
They paid, then a few months later, they dropped me. I got another carrier for the same price. It was a major carrier. Homeowner's insurance is NOT GOOD to have to cover your instruments or studio, it just plain sux.

The company I mentioned is a broker for musicians insurance specifically, not a homeowner's type policy. They make sure nothing weird happens. That's why I recommend them, they don't even start to give you any BS. Cheaper than homeowners or a floater, no BS if anything happens.

[vvv]

... if they ever give you trouble call the insurance commissioner for your area, they will straighten right up.

You don't live in Illinois.

But yeah, the homeowners policies tend to be problematic as no one seems to know what is covered for how much and why, often intentionally.

I'm sure such a dedicated and designed policy could be better; I've had no experience there re musicians.

Last time I looked into insuring my stuff it was prohibitively expensive, required riders and schedules, and still had loop-holes for the carrier.

[Brian]

... if they ever give you trouble call the insurance commissioner for your area, they will straighten right up.

You don't live in Illinois.

But yeah, the homeowners policies tend to be problematic as no one seems to know what is covered for how much and why, often intentionally.

I'm sure such a dedicated and designed policy could be better; I've had no experience there re musicians.

Last time I looked into insuring my stuff it was prohibitively expensive, required riders and schedules, and still had loop-holes for the carrier.

That's my experience with homeowners, riders an floaters too.
This company, Clarion, you should look into it.
Lots of companies will say their policies cover your stuff though they aren't musical instrument insurers, or, they can't insure it away from home, all kinds of BS involved with non specific no music policies. Clarion does nothing but insure them with policies designed for Union Musicians, now made available for non union musicians.
I lost a LOT of my gear to a power surge, main board and computer totally cooked, and they gave me NO trouble, in fact, my premium was late once and they waited for me a bit too. My board cost more to replace and they gave me no problem finding repair or replacement, left it up to me to decide. They are gems.
Give them a call, you'll be glad you did.

[Jeff White]

Thanks for all of the info. I just submitted for a quote from Clarion. I have upwards of $15K-$20K worth of gear.

Jeff