Insuring gear. Ideas?

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Wagz
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Insuring gear. Ideas?

Post by Wagz » Tue Apr 14, 2015 1:53 pm

Hey guys,
So, I have a lot of my own gear sitting around the studio I've been renting. Would love to get it insured. Problem is I'm having trouble finding someone who will actually give me a price point less than full coverage on my car... Which is a bit too high.
Getting a little frustrated at this point.

Anyone know any reputable companies who won't be charging me an arm and a leg?
Thanks.
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Post by wren » Tue Apr 14, 2015 3:11 pm

I don't know how much full coverage on your car costs, how much your gear is worth, or what you consider an arm and a leg to be, but I've used MusicPro Insurance for several years. Never had to submit a claim, but I've been happy with the coverage they provide vs. the amount they charge me.
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Post by JeffT » Fri Apr 17, 2015 6:54 am

you might want to also look into the insurance package offered by SPARS.
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Post by Waltz Mastering » Tue Apr 21, 2015 10:23 am

Also check out local agents who cover small biz. Some liability policies will cover 50 to 80 grand in equipment, and i've seen these policies go for around $550 a year. .. and as mentioned Joe Montarello has been around for a while http://www.spars.com/tag/joe-montarello/ gl

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Post by ChrisNW » Tue Apr 21, 2015 1:52 pm

Waltz Mastering wrote:Also check out local agents who cover small biz. Some liability policies will cover 50 to 80 grand in equipment, and i've seen these policies go for around $550 a year.
+1 This. Much cheaper than insuring specific pieces, and can include liability, etc.
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Post by Wagz » Tue Apr 21, 2015 3:17 pm

Thanks guys,
Think I have it sorted out. Had a local agent looking around for me. Luckily, the way our arrangement is at the studio, I don't have to worry about liability. The studio is on private property, and the owner has all his stuff, and liability covered already.

So I just have to worry about gear at the moment.
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Post by roscoenyc » Wed Apr 22, 2015 7:22 am

Just remember, if you do anything professionally with music there's no homeowners policy in the world that will cover your gear.

We've used Music pro for years.
Also filed a claim and had no trouble at all.

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Post by Wagz » Wed Apr 22, 2015 11:45 am

OH, understood on that one. I'm covering my gear. I'm just saying for liability, so if some genius trips on his shoe laces and decides to sue the place.. That is on the guy who owns the place. I'm not currently the one taking care of the grounds.

I'm just grabbing coverage for fire, theft, Acts of God, etc.
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Post by roscoenyc » Thu Apr 23, 2015 7:47 am

Wagz wrote:OH, understood on that one. I'm covering my gear. I'm just saying for liability, so if some genius trips on his shoe laces and decides to sue the place.. That is on the guy who owns the place. I'm not currently the one taking care of the grounds.

I'm just grabbing coverage for fire, theft, Acts of God, etc.
You have to check your lease. Many landlords require tenants to have their own liability insurance.

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Post by Gregg Juke » Thu Apr 23, 2015 10:00 am

^^^^ They usually do, up to $500,000 sometimes (often).

I'm paying about $600 a year for coverage on liability and something like $20-$30,000 in gear. I think I may be under-insured, but there weren't a lot of options last I checked.

If anyone wants to get more specific with MusicPro, I'd love to hear about them.

GJ
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Wagz
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Post by Wagz » Thu Apr 23, 2015 1:05 pm

Yeah, me and him (the owner) sorted out the liability end a while ago.
Think I have things sorted. Got a local agency with a good rep giving me some decent pricing. If that doesn't work out I'll go with the MusicPro guys.

Thanks for bringing them up. Had never heard of them before.
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Post by cgarges » Mon Apr 27, 2015 10:04 pm

You should contact Alex Maiolo with Lee Moore Insurance near Chapel Hill, NC. He writes for the magazine and specializes in studio insurance. He got me a RIDICULOUSLY awesome policy for my new place when I moved two years ago and he's been extremely helpful for the last couple of years. Our coverage costs about the same as what we were paying MusicPro a few years ago, but we've got nearly $200,000 more in equipment, $10k in hard drive recovery insurance, a million in liability, our construction costs are covered, and I think $10k worth of band's equipment is covered while it's at my place. All for what we were paying before without that through MusicPro. Plus, in two instances, I had questions about my policy and Alex absolutely went to bat for me with the company who writes our policy. I can't say enough good things about him as an insurance agent.

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Post by vvv » Tue Apr 28, 2015 3:47 pm

Wagz wrote:OH, understood on that one. I'm covering my gear. I'm just saying for liability, so if some genius trips on his shoe laces and decides to sue the place.. That is on the guy who owns the place. I'm not currently the one taking care of the grounds.

I'm just grabbing coverage for fire, theft, Acts of God, etc.
A word to the wise, the lawyers' credo being "sue everyone", whatever deal you have cut with yer landlord to indemnify you may not prevent you from being named a defendant, which at minimum could easily cost you court fees and an attorney.

And in a situation that allows the insurance company to attempt to deny coverage (say, for example, an intentional act by a drunk customer assaulting someone), you would be the first they try to cut loose ...

As well, as a named insured (if you are - check that), you may not be covered for an injury on premises ... Nor, as unlikely as it may be, for any kind of insurance claim against your landlord (say, he visits one night, leaves the door unlocked ...)

It sucks, it's exoensive and a true PITA, but full coverage is what you want and need if you are in business, and as soon as you can get it.
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Post by Wagz » Wed Apr 29, 2015 2:26 pm

Good point, this is america.
I'll give garges guy a call and see what they can do me for.
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Post by Gregg Juke » Mon May 04, 2015 6:12 am

>>>>A word to the wise, the lawyers' credo being "sue everyone", whatever deal you have cut with yer landlord to indemnify you may not prevent you from being named a defendant, which at minimum could easily cost you court fees and an attorney.<<<<

Yes, and if you have an indemnification agreement with said landlord, do make sure to get it in writing!

GJ
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