Miscellaneous Rumbles

Getting ready to insure my gear. OY!!!!

1

I love having all the instruments that I do, really!

Since I’ve been blessed with the kind recommendation from brother Ric12, I’ve begun setting the process in motion to get it insured.

I wonder how many of y’all out there realize how many serial no.’s make up your stuff. Did you know that every single drum (made after a certain period) has a ser. no.? Did you also know that 13 drumkits that vary in size from 4 to 12 drums each add up to a metric ton of ser. no.’s? Not to mention about another dozen or so auxiliary snare drums. My arrestedly-developmental self had never comprehended the concept, previously. And that’s before even CONSIDERING guitars, basses, amps, pedals, recording gear, etc.

“HOLY FIRST-WORLD PROBLEM, BATMAN!!!”

Between recording a frankly embarrassing and bewildering amount of numbers and corresponding pics and descriptions, looks like I’m starting the new year with a new mandatory hobby.

2

I started doing all of the hard work of pictures of everything and put them on Photobucket for record to link for the insurance company and then Photobucket went crazy. I just need to start over. Are you going to do a rider on your homeowners? They say that's the least expensive way but I do know that there are insurance companies that are specifically for instruments. It's a grand undertaking, especially for drummers. I did not know each drum had it's own s/n but that does make sense.

4

I started doing all of the hard work of pictures of everything and put them on Photobucket for record to link for the insurance company and then Photobucket went crazy. I just need to start over. Are you going to do a rider on your homeowners? They say that's the least expensive way but I do know that there are insurance companies that are specifically for instruments. It's a grand undertaking, especially for drummers. I did not know each drum had it's own s/n but that does make sense.

– Suprdave

Dave, Bob hipped me to the company that he uses called Anderson Ins.

https://www.anderson-group....

They cover gear wherever it happens to be where an incident occurred and their rates are pretty doggone good! I spoke with a very nice British fella from there today who was extremely helpful.

5

Don't get me started.

– Curt Wilson

Jeezus, Curt, I can only imagine!

6

Are you going to do a rider on your homeowners? They say that's the least expensive way ... -- Suprdave

Dave, most homeowners insurers will not provide coverage of the gear if it is being used for a professional purpose.

7

That may be true, Bob. I have American Family and they said that they would do a rider but they need pics of everything and s/n's. I believe it would be $14.00 per month more on my homeowners. I have heard that most wont though. You would have to check with your company first. I'll have to check with your company as well, though, Bob. Thanks for the link.

edit: I inquired about 20K worth of insurance. FYI

8

Insurance is, unfortunately, a necessary evil. It's much like bookmaking. Still, when you need it, it's good to have. Homeowner's only covers so much, and if you're a pro. you'll need a higher grade of coverage. Even if you don't play out as a pro, you still should have photos and a list of all the serial numbers of your gear kept in a safety deposit box at a bank in case of theft or fire. CYA!

9

Homeowners insurance for amateurs only. The policy will limit payout on any "business use" items to $2,500 in the house and $200 outside. Insurance company gets to decide if playing two gigs a year for beer money is business use. Vintage or collectible should be appraised and insured separately. Without that, you get a shiny new pro-line to replace your minty sixty year old keeper. Don't cheap out. Get a good and fair detailed professional appraisal. It's all there is once the guitar is gone. The insurance company will base their payout/valuation on those words and a lack of detail will give them the ability to match the description with the lowest bidder. Don't let an appraiser do you any favors by increasing values beyond what you know your instrument's worth. You'll pay for inflated insurance values and never collect on those amounts. All insurance policies have a list of settlement options that defer to the lowest, even the agreed value ones. Wake up! Insurance mumbo jumbo post has ended.

10

Homeowners insurance for amateurs only. The policy will limit payout on any "business use" items to $2,500 in the house and $200 outside. Insurance company gets to decide if playing two gigs a year for beer money is business use. Vintage or collectible should be appraised and insured separately. Without that, you get a shiny new pro-line to replace your minty sixty year old keeper. Don't cheap out. Get a good and fair detailed professional appraisal. It's all there is once the guitar is gone. The insurance company will base their payout/valuation on those words and a lack of detail will give them the ability to match the description with the lowest bidder. Don't let an appraiser do you any favors by increasing values beyond what you know your instrument's worth. You'll pay for inflated insurance values and never collect on those amounts. All insurance policies have a list of settlement options that defer to the lowest, even the agreed value ones. Wake up! Insurance mumbo jumbo post has ended.

– Jams

Jams, you are correct in your observations as pertains to many types of insurance policies. However, with the policy that you can acquire from the company to whom I referred Sammy, you have "agreed" values. So, you tell them that a particular guitar is worth $2,000, they agree to pay you that amount in case of a casualty loss. There is no haggling, no independent appraisals obtained, none of that stuff. You suffer a loss, they pay you the agreed amount. Period. End of discussion.

I recently submitted my first claim to the carrier that I use. I provided them a copy of a written estimate (very casual -- contained in an email) and they said, "Okay. Your deductible is "x" dollars, so after we deduct that, we are happy to pay you the difference." It was such an easy transaction. I had the check within about five days of having first reported the loss to them.

11

Ric12string, good experiences are the best. Glad to hear happy stories. I guess I was focusing on the vintage aspect. You are correct, the agreed value will honor the value on a "total" loss of the piece. The agreed value is based on the original agreement to insure for a certain value. As those values climb, the scrutiny grows. There are many opinions of value (bevete ?) Insurers have levels that trigger more requirement for documentation. Take Strats. Recent Mexican to sixty year old USA. Six strings, three pickups, and three knobs. What makes one worth a hundred times more than the other? If you are insuring a unique piece with a unique price, an insurer will need some proof in order to "agree" with you. Once there is agreement, you pay them and take every precaution to prevent ever having to collect. Because it stinks losing something. Having a pleasant outcome, like yours, can only help the healing.

12

Ric12string, good experiences are the best. Glad to hear happy stories. I guess I was focusing on the vintage aspect. You are correct, the agreed value will honor the value on a "total" loss of the piece. The agreed value is based on the original agreement to insure for a certain value. As those values climb, the scrutiny grows. There are many opinions of value (bevete ?) Insurers have levels that trigger more requirement for documentation. Take Strats. Recent Mexican to sixty year old USA. Six strings, three pickups, and three knobs. What makes one worth a hundred times more than the other? If you are insuring a unique piece with a unique price, an insurer will need some proof in order to "agree" with you. Once there is agreement, you pay them and take every precaution to prevent ever having to collect. Because it stinks losing something. Having a pleasant outcome, like yours, can only help the healing.

– Jams

Jams, I can only speak from my own experience in insuring my equipment. I never had to justify any of the values of my gear. Granted, I don't have any equipment which is valued in five figures. My sense on it, however, is that they will not require documentation of value for even a $20,000 instrument. This company specializes in insuring musical instruments. They understand that some instruments have incredible values despite the fact that they are only six strings, three pickups and three knobs, as you say. They simply charge a premium based upon those higher agreed values. Yet, their premiums I find to be pretty reasonable.

13

I use Music Pro Insurance. Homeowners won’t cover any instruments if I use some as the tools of an income producing venture. Same situation for tradesmen.

14

I’ve had excellent service using Heritage. Reasonable rates and you state your values.

15

The company that I have been using is Anderson Musical Instrument Insurance, based out of Florida. Our late friend, Gretschman36, was the one who referred me to them. Then, I met the owner at a NAMM Show and he seemed like a very knowledgeable guy and one that ran a business that was efficient and friendly. My experiences with them have validated that first impression.

16

It is coincidental that the same day that I last posted in this thread was the day that I received my annual renewal premium notice. For purposes of reference, but not saying that everyone's experience will be the same, my premium represents approximately one-half of one percent of the total agreed value of my gear. Considering my investment, it is the one insurance premium that I don't really mind paying.

17

As an almost retired insurance agent here is my advice. If you are using your musical instruments for business use and being paid for your services, buy a policy from those companies recommended that specialize in musical instruments. Then no problem when it comes to a claim.

18

It is coincidental that the same day that I last posted in this thread was the day that I received my annual renewal premium notice. For purposes of reference, but not saying that everyone's experience will be the same, my premium represents approximately one-half of one percent of the total agreed value of my gear. Considering my investment, it is the one insurance premium that I don't really mind paying.

– Ric12string

My premium is about the same. Very smart investment.

I was once told by an agent that if you get a “free” bier, you are getting paid to play.

19

As an almost retired insurance agent here is my advice. If you are using your musical instruments for business use and being paid for your services, buy a policy from those companies recommended that specialize in musical instruments. Then no problem when it comes to a claim.

– Raye Boals

Seeing your name pop up here on the GDP this morning certainly made my day, Raye. Do it more often, if only to make more of my days bright.

20

As an almost retired insurance agent here is my advice. If you are using your musical instruments for business use and being paid for your services, buy a policy from those companies recommended that specialize in musical instruments. Then no problem when it comes to a claim.

– Raye Boals

Thank you so much for the benefit of your expertise, sir. It’s most appreciated.


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