Insuring your studio and live gear

[digitaldrummer]

the multiplier is a good idea for making the list a little easier to read/understand, but IME, the insurance companies want each item listed separately (new line item) even if you have 10 of the same thing... so I have duplicates on separate lines now too (only to make it easier to cut/paste).

[AndersonSoundRecording]

Another vote for Capital Bauer/Donna Mehan.

I have General Liability and an equipment floater with them. This thread has inspired me to create a detailed inventory. I've discovered I need more coverage...

Fortunately, I've not had the need to test my insurance; but in my particular specialty, a General Liability policy is required just to work in some venues.

Donna has always been super-responsive to any inquiries and requests.

[Colorblind]

Perfect time for this thread to pop up. I’m curious to know how other Canadians here are handling studio equipment insurance. Mine is a home studio, and my insurance company is willing to increase my property contents value to reflect the studio gear, but the amount they would reimburse me for in the event of a fire/theft remains unclear, and I’d be at the mercy of a claims adjuster in that case. I’m currently trying to find out how their claims adjuster would determine the price of, say, a vintage synthesizer. The guy at the insurance company I’ve been dealing with keeps mentioning depreciation, so hopefully they wouldn’t be like, “this old thing was worth $1200 brand new in 1983, but with depreciation it’s only worth $600 now”.

They are telling me my best bet is to have everything appraised by a “music store”, but I don’t know of any who offer that service. I found a company in the US who does gear appraisals, but it will cost a pretty penny. According to my insurance company, the benefit of the appraisal is that the items are scheduled, and it’s therefore more likely that I would receive a proper reimbursement, should anything ever happen. But then how often would I need to pay for a reappraisal to keep things current?

My gear pretty much never leaves the studio, and I’ve already got an itemized list with serial numbers, photos, and approximate replacement value, based on past eBay/Reverb sales.

Anyway, any advice on the best path forward here would be much appreciated.

Thanks y’all!

EDIT: Currently looking into what my PRO might offer as well, based on Dave’s recommendation.

[digitaldrummer]

besides having an itemized spreadsheet of the item, serial numbers, and current value, I'd recommend you have detailed photos of each item (so you can verify it's existence and condition). Then I would also gather records of online sales (eBay, Reverb, etc.) where an item actually sold for around the same value (or more) than what you are asking for. That can serve as some proof of the value. My insurance doesn't need an official appraisal unless the item is valued at over $5K. But if you are like say, Tiny Telephone, who unfortunately got ripped off a few months ago, and lost a $35K vintage U47, then it's worth getting a real appraisal.

[vvv]

besides having an itemized spreadsheet of the item, serial numbers, and current value, I'd recommend you have detailed photos of each item (so you can verify it's existence and condition). Then I would also gather records of online sales (eBay, Reverb, etc.) where an item actually sold for around the same value (or more) than what you are asking for. That can serve as some proof of the value.

+1

[Colorblind]

besides having an itemized spreadsheet of the item, serial numbers, and current value, I'd recommend you have detailed photos of each item (so you can verify it's existence and condition). Then I would also gather records of online sales (eBay, Reverb, etc.) where an item actually sold for around the same value (or more) than what you are asking for. That can serve as some proof of the value. My insurance doesn't need an official appraisal unless the item is valued at over $5K. But if you are like say, Tiny Telephone, who unfortunately got ripped off a few months ago, and lost a $35K vintage U47, then it's worth getting a real appraisal.

Good advice, thanks. No U47 here, for better or worse.