Let's talk about studio insurance

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Jeff White
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Let's talk about studio insurance

Post by Jeff White » Wed Dec 11, 2013 9:37 am

TapeOp peeps...

Need to talk instrument/gear insurance. Can anyone point me in the direction of a music instrument/gear-specific insurance company that will definitely insure equipment kept in a basement studio space? I know for certain that some instrument/gear-specific insurance companies won't cover subterranean stuff, and this simply won't work for my situation. My studio in is a basement within my home, in the city, and is approximately 600 sq. ft.

Please pass on any information/insight to me. Thanks!

Jeff
I record, mix, and master in my Philly-based home studio, the Spacement. https://linktr.ee/ipressrecord

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digitaldrummer
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Post by digitaldrummer » Wed Dec 11, 2013 10:55 am

I'm guessing you already saw this:

http://recordingbootcamp.com/2013/12/a- ... me-studio/

good advice there.

and I'm pretty sure there was a letter in the latest TapeOp mag too.

I actually go through my homeowners policy, but we've had lengthy discussions about what is covered and I have had to either increase coverage, or take on a separate policy/rider (I just switched recently so that changed). I've never had to test it out and I hope I don't.

another question to ask, if you are a gigging musician, or do remote recordings, is what happens when you take your gear out of the house or studio?

Mike
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Jeff White
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Post by Jeff White » Thu Dec 12, 2013 8:39 am

Yeah Mike, that showed up in my email inbox yesterday, immediately after a buddy of mine talked to me about my need to pick something up.

I emailed https://www.musicproinsurance.com/ yesterday with some questions and here is their response.
Hi Jeff ? yes, our policy covers the equipment where ever it is located, any where in the world (including basements and vehicles) for losses such as fire, vandalism, theft, accidental breakage, water damage, earthquake damage. There is a $100 deductible per claim.

Based on $20,000 your annual premium would be about $250. The application is set up on our website and requires an itemized list of the gear to be insured. Your final premium will be based on the exact total and classification of the items to be covered. There are no additional sign up or processing fees. The policy can go into effect the same day if you choose to pay online with a credit card.

My direct contact info is below if you have any other questions!
I may need a little less or a little more coverage, but that seems like a total no-brainer for me even at twice that price a year. Just for peace of mind.

I've also had people recommend http://www.clarionins.com/, and I plan on emailing them for a quote as well. I am going to put together a spreadsheet with everything that I need insured and submit it to a few companies, then choose what seems to be the best, with my concerns fulfilled IN WRITING.

I hope that this helps someone else on here.

Jeff
I record, mix, and master in my Philly-based home studio, the Spacement. https://linktr.ee/ipressrecord

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terryb
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Post by terryb » Thu Dec 12, 2013 9:48 am

I use musicpro. luckily, I've not had to file a claim yet.

it certainly gives me peace of mind considering how much $ I have invested in gear.

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Post by A.David.MacKinnon » Thu Dec 12, 2013 5:25 pm

Up here in Canada we can get decent studio/gear insurance through the musician's union (AFofM) or through SOCAN (the royalty collecting songwriter's association). You might be able to do the same through ASCAP or BMI.
Both policies insure the gear regardless of where it is - at home, in the studio or in the van/venue on tour.

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Post by Gregg Juke » Fri Dec 13, 2013 1:53 pm

Programs or resources that I'm aware of:

* AFM (of course, you'd have to join the union; I know they cover instruments, I'm not sure what's up with audio gear)

* Expnasion of homeowner's policy or renter's insurance (talk with an agent directly; this stuff is all over the map re: coverage, exclusions, and fees)

* Preferred Mutual (business insurer; I formerly had a policy with them)

* Dryden Mutual (my current policy underwriter)

* Clarion

* MusicPro

I Googled the topic quickly to see what else comes up and this is what I got: https://www.google.com/#q=musical+instrument+insurance

You may run into some issues with a business on home property. Looking to see what's available through ASCAP/BMI is a good suggestion, as would be looking into the Producer's & Engineer's Wing of the Grammy Foundation.

In the end, it was cheapest and most expedient for me to get a business policy (from a separate company than my homeowner's) through my homeowner's/auto insurance agent. I've got about $25,000 worth of coverage (thinking of upping it), which costs between $600-$700 per year. That type of policy not only covers catastrophic loss or theft, but also covers anyone possibly getting hurt on site and suing for damages, etc., etc. Something to think about, especially for those of us living in the mostly frozen/frigid Northeast.

David-- I've been to some seminars/meetings up in Canda and met with someone from the Canadian Musician's Union (AFM) as well as a guy from SOCAN; you guys seem to really have things together compared to the union guys where I'm from. I looked into joining in Canada, but was encouraged to pursue local channels...

GJ

PS-- If anything you have could be classified as "DJ equipment," there are separate policies for that gear as well; covers equipment and indemnifies against injury claims at gigs, etc.
Gregg Juke
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digitaldrummer
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Post by digitaldrummer » Fri Dec 13, 2013 2:29 pm

also, remember when you calculate the value of your equipment, use the cost of replacement. Just cause you scored those Neve preamps for $200 doesn't mean you can (ever) replace them for that... I scared myself when I totaled up the new/replacement cost of all my gear! I got a lot of it used and some is vintage or DIY so I can't guarantee I'd make the same deal.

and if you own the building, don't forget to insure it and the contents.

btw, my (mostly private) studio is actually a separate structure on the same property as my home, so that is one reason I went with increasing the homeowners policy. At first they did not understand the "studio" part and wanted to treat it like a detached garage (they just put numbers in their computer and a formula spits out the coverage cost...). but eventually we got on the same page.
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Post by LupineSound » Wed Dec 18, 2013 7:59 am

I use Musicproinsurance. Had them for a couple year before I ever had to make a claim. Last month the headstock of my Les Paul broke off and they covered it for replacement cost with no fuss. I'm worried how my annual premium will go up when I go to re-up next year.

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Randyman...
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Post by Randyman... » Wed Dec 18, 2013 7:30 pm

What is a very loose price-range on a policy from someone like Musicproinsurance? Say for $50K or $100K of gear? 'Bout time for me to bite the bullet - pushing my luck way too long!

:cool:
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Post by mrc » Wed Dec 25, 2013 9:42 pm

I've talked to my agent, as well, and there's no peace of mind there. I'll have to look into AFM, I kept a card until I went full time as an operating engineer. BMI sounds good as well. The standard policies jack the price to around 33% if you are performing live, too. That's a bit steep, don'tcha think...I'll look into those 2, but otherwise, a carry-not-so-concealed 40 cal seems cost effective. Been ripped hard in the 70's. When the cops asked if I had any guns, it was pistol, rifle & shotgun, the leader told me it was too bad I wasn't there when they broke in. Shootin snakes is easy.

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Gregg Juke
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Post by Gregg Juke » Wed Dec 25, 2013 10:37 pm

Not in New York State, bruh; we're all so much "S.A.F.E.r" now..

GJ
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Jeff White
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Post by Jeff White » Wed Feb 26, 2014 10:59 am

I want EVERYONE on here to listen to me and read this.

My friends' rehearsal/recording space BURNED TO THE GROUND on Saturday.

http://www.nbcphiladelphia.com/news/loc ... 69581.html

That says "auto parts warehouse." Guess what the 2nd floor was? My friends' rehearsal/recording space. I JUST recorded there two weekends ago. I JUST had $10K+ worth of gear in that space working on a 7" two Saturdays ago. Where the hoses are spraying in the video would have been my back in the control room. Every building on that block flooded as a result of putting the fire out. And to top it all off, it's probably being ruled arson. It didn't even start in their space.

Thankfully, nobody was injured or died. But... 3 bands lost everything. EVERYTHING. 12 people. 11 years worth of EVERYTHING for one band alone, who have been in the space since 2003. Vintage amps, guitars, drums, master tapes, etc. I received a photo on my phone of my friend's 1970s LP Custom that is now only 1/3 of a charred body. Melted amps and drums, mics, pedals, etc. Everything is gone. There is pretty much only a handful of stuff that did not burn, but unfortunately it was either crushed when the roof fell in or soaked by hoses putting the fire out.

Look around your space. Look at all of the money that you have invested into this thing that you love to do. Some of us do this as a hobby, some of us do this as a business. Some of us work out of the house, some of us rent spaces, some of us own spaces. The stuff inside of these spaces is probably not covered by whatever homeowner's or renter's insurance policy you think that you have UNLESS you have made the move to insure this stuff specifically.

Let me repeat that again.

The stuff inside of your recording space / rehearsal space is probably not covered by whatever homeowner's or renter's insurance policy you think that you have, UNLESS you have made the move to insure this stuff specifically, and your policy covers stuff that is also used for business.

Most of these dudes had no insurance of any kind. So they are fucked beyond belief.

The dudes who do have homeowner's are being told that due to the fact that they have made ANY MONEY AT ALL playing music with these things that they are not covered. At all. So they are fucked. Even though they have homeowners.

Everyone needs to insure their shit now. This is coming from my friends who just lost it all.

I'll post any benefit stuff here as it formulates. If you live in Philly and would like to donate time to play a show to raise some cash, hit me up for future details.

INSURE YOUR SHIT.

Jeff
I record, mix, and master in my Philly-based home studio, the Spacement. https://linktr.ee/ipressrecord

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roscoenyc
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Post by roscoenyc » Thu Feb 27, 2014 5:06 am

^^^^Mighty good advise.

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Post by studilaroche » Sat Mar 01, 2014 12:41 pm

My studio is insured through Clarion. Thankfully I have not had to file a claim yet, so I don't know how that end works. My plan covers all the gear whether at the studio, en route to another destination, at gigs, other studios, wherever. The only thing not covered is water in the basement; theft and other types of destruction are covered in the basement.

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Randyman...
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Post by Randyman... » Sat Mar 01, 2014 6:00 pm

I realize policy rates will vary wildly from region to region and exact scenarios will also differ, but what is a very general rate for a policy form these "Studio insurance" providers?

I rent my current studio room (a complex of rooms/practice rooms), and am looking for ROUGH yearly POLICY ESTIMATES from $25K - $100K of equipment and instrument coverage.

My Recording Gear and Instruments are not removed from the room for gigging - strictly used for recording in the room. I might take a piece of gear home to tweak it or to update the PC etc (Home Owners' insurance should cover those scenarios @ home), but NEVER take gear on gigs or to other studios.

I'm also not concerned with other people's equipment being left in my room as I own all of the gear in the room (not looking to cover other people's instruments and crap).

I know I'll get "Call them and see" responses ;) - but I'd like to get a very rough estimate on what to expect ahead of time (and to avoid possible sticker shock).

If all I can get is "Call them and see" - do you have any suggestions on specifics I should make sure to cover with the agent?

Anything specifically Along the Fire/Flood topic mentioned above? Does being a renter have any effect?

Thanks in advance!!! :cool:
Randy V.
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