Insuring your studio and live gear

[digitaldrummer]

maybe you saw the recent news about Ronan Chris Murphy's studio (if not, a tree fell through his home/studio and nearly everything is gone including the house). So I was glad I have coverage through my homeowner's policy... but then I was actually reading the latest policy and it turns out they f%^$#ing changed it recently to specifically exclude musical instruments (which includes studio/electronic gear). I looked into getting a rider but then they determined that I was "commercial" (strictly commercial! as Frank said...) and would not cover me.

So I've gotten prelim quotes with MusicPro (https://www.musicproinsurance.com/) and Clarion (https://www.clarionins.com/). It's a LOT more than the extra fee I paid on top of my homeowner's policy but it's gotta be done.

Anyone have any experience with these 2 companies or with others that I should be talking to? I need to get something done quickly since I'm out of coverage right now.

btw, if you don't already have an inventory, do it. I just have a Google sheet I keep updated. Make sure you use "replacement cost" in calculating the value to insure (otherwise you won't be able to replace your gear in the event of a catastrophe). I bought a lot of stuff used and on sale so didn't pay nearly as much as it's "worth" but that's how the game works. And make sure you update it at least annually, and check the prices - many items have increased greatly in value/replacement cost. Oh, and they won't accept stuff like "misc mic stands". nope, they want every little last cable itemized.

[A.David.MacKinnon]

You may be able to get a group rate through the union (if your a member) or your songwriting rights association (if you're a member). I did this back when I was running a commercial room.

[digitaldrummer]

You may be able to get a group rate through the union (if your a member) or your songwriting rights association (if you're a member). I did this back when I was running a commercial room.

thanks -- good ideas. not union and I checked BMI and they don't currently have any insurance offerings/partnerships that I could find.

[digitaldrummer]

After some more careful reading of my policy (which is difficult since it is all written in legaleze) I think I may have mis-interpreted it earlier. So I called and spoke with the insurance company again and they confirmed I DO still have coverage (as a private recording studio and for gear that never leaves my home, which includes my studio since it is on my home property). I will still look into a separate "traveling" policy to cover some gear that I gig with (drums kit, pa system, etc). I hope that will reduce my sticker shock for the policy cost as well.

I thought I might need a "personal articles floater" for valuable items, but those are limited in value (at least with this company) and apparently best for a single valuable piece of equipment (like jewelry, or a vintage U47 - neither of which I have).

[digitaldrummer]

and I did just that. Got a policy (through Clarion) that covers taking the gear out to shows for a lot less than the original quote. So now my coverage is split between the "studio" and "live" gear and that ended up being more affordable.

[trodden]

I really need to get on this. At least start making an inventory. If anyone has a blank google doc template, I'd love to have a copy.

Working Class Audio, and AWESOME podcast, always mentions this guy for studio insurance needs. I've not compared any rates from anyone by the way.

I don't know if this info is still relevant. All posts seem to be from 10 or more years ago.

Joe Montarello
The Recording Studio Insurance Program
Capital Bauer Agency
500 New Karner Road
PO Box 15094
Albany, NY 12212-5095

888-869-3535 (Ext. 807)
518-533-6869 (Fax)
jmontarello@capitalbauer.com



viewtopic.php?t=6180


I also found this. Looks like Gallagher bought Capital Bauer.. so who even knows if this is an option today.

https://www.musicconnection.com/close-u ... e-program/

[digitaldrummer]

thanks - looks like Gallagher is still around so that may still be an option for some.

as for a Google doc, mine is very simple. I just have the following headers across the top of a Google sheet:

Description, Replacement Price, Paid Price, Available at, Serial #

The insurance really only cares about replacement cost and serial numbers are good to have. And yes, it's a lot of work to get it started but if something ever happens, you'll be thankful you did it. It also made it really easy to copy and paste into the "schedule" that the insurance application required (and actually is now listed item by item in my policy with Clarion).

I did also sum the total at the bottom, and I have a field to put the date of when I last updated it. That's it. Well, as of today I made a second tab that I copied the "traveling" gear to (but kept it in the main tab too) so I could get a quote for the extra policy. And I have another tab where I move items if I sell them (so I still sorta keep track of them if needed)

then I also try to take pictures (and keep them in Google Photos or iCloud or whatever) of the item as some proof that I owned it (especially if I don't have a receipt anymore or I got it used, etc.).

[alexdingley]

I don't know if this info is still relevant. All posts seem to be from 10 or more years ago.
Joe Montarello
The Recording Studio Insurance Program

Joe retired last year. The woman who took over servicing the policies (at least my policy, anyway) is named Donna. She's been cool & helpful. Pretty straight forward stuff. But yes, this all serviced through Arthur J. Gallagher insurance. The policy they wrote for me is a Liberty Mutual plan, and to insure a little over 100K in assets, it's costing $134/mo — which also provides me liability insurance, and covers my gear when I use it in studio or on location.

The contact info for her office, if you wanna reach out for quotes:
Donna Mehan | Client Service Manager
Donna_Mehan@ajg.com
30 Century Hill Drive, Suite 200, Latham, NY 12110
P: 518.533.6833 | F: 518.533.6887
www.ajg.com

Also, I have a multi-page google-doc that I've used for inventory; it's really just a simple list with "original costs" / "replacement costs" for the gear, with sums at the bottom, and then a front page that summarizes the gear (and details how much of it is with me in the home studio vs how much is in storage vs on-loan to other studios) It wouldn't take long to blank-out and link the shell here. I can do that in a couple of days.

[roscoenyc]

We had a policy with Music Pro for quite a while. They were very good to deal with. A client got a guitar stolen out of a common area and they ponied up the dough for that promptly. They also didn't flinch with the values of the stuff at the studio and it also covered my gear on tour.

I don't know how we found out about it but we moved to Liberty Mutual a few years ago and we pay a lot less and it's the same coverage (professional use and traveling)

[markjazzbassist]

there is also Heritage musical instrument insurance. i had them when i was on the road regularly. a nitwit headliner (bassist no less) knocked by bass off the stand and it fell and neck snapped. i got full replacement for it.

you are right, homeowners policies don't cover it now. my insurance guy said if you leave the house with it and make money outside the house it's no longer a "home" possession and you need a different policy.

I've heard great things about MusicPro.

[trodden]

I don't know if this info is still relevant. All posts seem to be from 10 or more years ago.
Joe Montarello
The Recording Studio Insurance Program

Joe retired last year. The woman who took over servicing the policies (at least my policy, anyway) is named Donna. She's been cool & helpful. Pretty straight forward stuff. But yes, this all serviced through Arthur J. Gallagher insurance. The policy they wrote for me is a Liberty Mutual plan, and to insure a little over 100K in assets, it's costing $134/mo — which also provides me liability insurance, and covers my gear when I use it in studio or on location.

The contact info for her office, if you wanna reach out for quotes:
Donna Mehan | Client Service Manager
Donna_Mehan@ajg.com
30 Century Hill Drive, Suite 200, Latham, NY 12110
P: 518.533.6833 | F: 518.533.6887
www.ajg.com

Also, I have a multi-page google-doc that I've used for inventory; it's really just a simple list with "original costs" / "replacement costs" for the gear, with sums at the bottom, and then a front page that summarizes the gear (and details how much of it is with me in the home studio vs how much is in storage vs on-loan to other studios) It wouldn't take long to blank-out and link the shell here. I can do that in a couple of days.

Thank you for all of this!

[alexdingley]

If you want to download the google-sheet of my Studio Inventory document, it's linked here.

[trodden]

If you want to download the google-sheet of my Studio Inventory document, it's linked here.

Thanks Alex! I made a copy to my google drive.

[trodden]

If you want to download the google-sheet of my Studio Inventory document, it's linked here.

Thanks Alex! I made a copy to my google drive.

I'm not too quick sometimes, so apologies.... What's "ext.replace cost" and the difference between "replace cost"?

[alexdingley]

Oh... that's just the multiplier column... in my head "extended replacement cost" is what made sense at the time. In hindsight, it's not that intuitive of a term for "total units cost" or whatever you might prefer to call it.

In that spreadsheet, if you have "units" 1, and "Replacement cost" $100, then the "ext. Replacement Cost" = $100, but if the units was "3", then it'd be an "ext. replacement cost" of $300.

I built the formulas so that the "ext." column would pass on the "cost" even if you left the "units" blank. This way I could denote my 6 DI boxes on 1 line and my 2 UAD boxes on 1 line, etc.