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Author Topic: Instrument Insurance  (Read 28361 times)
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JMichael

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« Reply #20 on: Aug 27, 2009, 05:22PM »

The best insurance? Don't leave any musical instrument in your car, ever, for any length of time.

 ;-)

agreed.  But it also covers if stolen/damaged from a gig or my studio.
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Richard Lillard
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« Reply #21 on: Aug 27, 2009, 05:52PM »

Unfortunately, I don't qualify for USAA, but I'm still looking at that Heritage Insurance Services, hopefully I'll find something worth while there.

Any others that can be suggested?


Richard
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« Reply #22 on: Sep 14, 2009, 08:12AM »

I had my trombones insured some years ago. It was an additional rider on my house insurance and wasn't much.

One of the things my agent asked/recommended me to do was not leave my horn on the stage at break time. His contention was that most damage/theft occurred between sets in clubs, and that I would greatly reduced the chance of a claim if I took my horn into the back room with me on breaks.

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Martin
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Martin Hubel
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« Reply #23 on: Sep 22, 2009, 09:11AM »

The best insurance? Don't leave any musical instrument in your car, ever, for any length of time.

The best insurance? Don't use the darn things! ;-)
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bassboneb4

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« Reply #24 on: Sep 22, 2009, 10:33AM »

We took out a rider on our homeowner's insurance for our instruments (flute, and a couple trombones). Real cheap and covers replacement value.
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sly fox
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« Reply #25 on: Sep 22, 2009, 11:26AM »

my problem is what is "value" or "replacement value"

I have 1917ish Conn S Model 3 a '76ish Conn 6H bought from DJ Kennedy, a 1940ish Conn 4H, 1910ish Fredrick Busch trombone, a 1910ish H N White "King Solo Model 2" a 1910ish Buescher Grand, a 1915-1916ish Frank Holton & Company Special and R. Wunderlich trombone which cannot be dated.  In addition there is the vintage Benge 190F date uncertain and a Yamaha 354 bought new when my son (now a sophomore0 was in 4th grade.

so how do I establish value:

what I paid for?  well I hope they are worth more that the cheap price I got away paying at auction on EBay

cost to replace??????

any thoughts

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Allen
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« Reply #26 on: Sep 22, 2009, 12:11PM »

my problem is what is "value" or "replacement value"

I went to a music store who deals in the instruments I own. They gave me a letter on their letterhead stating the value of the instruments that I used for insurance purposes to establish a replacement value.

This is common practice for jewelry.

hth,
Martin
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Martin Hubel
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sly fox
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« Reply #27 on: Sep 22, 2009, 02:02PM »

my local music store had no idea on how to value mine b/c of the age of the instruments.

the more recent ones perhaps, I will contact them again and see.


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Allen
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« Reply #28 on: Sep 22, 2009, 02:36PM »

There is a Blue Book (literally) that gives trade-in values for a lot of instruments.  Problem is, I'll be most of yours are too old to be in it.

While these things are old, they aren't really valuable.  Unless you can prove that it was Eddie Edwards' personal instrument when he played for the Original Dixieland Jazz Band or something like that.  Or maybe Man Ray did the engraving.

You can do a search of completed Ebay auctions to get an idea of what the replacement cost will look like.  You should index this cost to the rate of inflation. 

If you claim the thing is worth $500,000 because it's that old, you'll get a big pushback from the insurance adjuster.  They might counteroffer with the scrap brass value (about a pound of brass; look it up).

I'm no insurance adjuster, but I feel that any playable trombone should be worth at least $150.  Wall-hangers are quite another matter. 
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Bruce Guttman
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« Reply #29 on: Sep 22, 2009, 03:22PM »

do you have a source for the "blue book" can it be searched via the web?

I realized that the trombones other than the 79 6H (:) the Benge 190F and the Yamaha 354 are too old for a "book value". 

I also realize that a "collection" is worth as much as you can convince someone to buy it for.  fact of life.

thanks for the help.
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Allen
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« Reply #30 on: Sep 22, 2009, 07:54PM »

my local music store had no idea on how to value mine b/c of the age of the instruments.

the more recent ones perhaps, I will contact them again and see.


True, but if you tell them it's for insurance purposes, many stores will estimate "higher". You might be able to tell them the value you would like in the letter, and if it's not outrageous, you have the documentation you need for setting the insurance value.
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Martin Hubel
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« Reply #31 on: Sep 23, 2009, 05:11AM »

do you have a source for the "blue book" can it be searched via the web?

I realized that the trombones other than the 79 6H (:) the Benge 190F and the Yamaha 354 are too old for a "book value". 

I also realize that a "collection" is worth as much as you can convince someone to buy it for.  fact of life.

thanks for the help.

I used to, but the store I worked at sporadically went out of business and the blue book is gone.  Sorry.
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Bruce Guttman
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« Reply #32 on: Sep 26, 2009, 01:01PM »

I really should look into getting instrument insurance. Only problem is that I wouldn't know the declared value on some of them.
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Another Dave

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« Reply #33 on: Apr 19, 2010, 03:56PM »

My son will be traveling to China with a local youth symphony assembled for the trip. They will tour for about 3 weeks, visiting 8 cities. Way cool! He's also headed off to college in the fall.

He plays bassoon, and we recently purchased a used (just refurbished) Fox II for $7,500. The instrument retails new for $21,000 but is usually sold at a discount for about $17,000. So how much do we insure it for? When deciding whether to purchase it, or not, we had it checked-out by first a neighbor who holds a phd in bassoon performance and then the bassoon prof at nearby CSU. They both gave us a green light. The CSU professor's bottom line was that if we didn't buy it, he would. So I'm not sure what it's real value is.

Clarion was the recommendation from the trip organizers, so I requested a quick quote on line for $15K and it came back as $250 but didn't indicate the premium frequency. I'm also looking at Heritage. 

Any advice is appreciated.
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sly fox
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« Reply #34 on: Apr 19, 2010, 04:52PM »

if you can afforf it anf they will let you why not replacement value
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Allen
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« Reply #35 on: Jun 16, 2012, 07:36PM »

Since we are already on the topic, can someone please explain what is a deductible? (Don't know that much about insurance terms, etc.)
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« Reply #36 on: Jun 16, 2012, 08:01PM »

A deductible is the amount of the loss that the insurance company will not reimburse.  This is to keep people from making small claims.

For example, it would be reasonable to have a $500 deductible on your collision insurance for your car.  In the event that you had an at-fault accident that cost $1500 to repair your car, you would only receive $1000 from the insurance company.

For coin insurance, it's similar.  If you have a $500 deductible, then the first $500 of any loss is not reimbursed.
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« Reply #37 on: Jun 16, 2012, 08:09PM »

Since we are already on the topic, can someone please explain what is a deductible? (Don't know that much about insurance terms, etc.)

<I see silverbone beat me, but here goes>

A deductible is the part you have to pay if you have an insured loss.

Very often collision coverage for your car is sold with a deductible.  As an example, if you have collision insurance with $1,000 deductible, you pay the first $1,000 in damage.  So if you have an accident that causes $2,500 worth of damage to your car, the insurance company pays $1,500 and you pay $1,000.

Same thing goes for musical instrument insurance.  If you buy a policy that has $1,000 deductible and they steal a mute worth $80 you won't get anything back.  But if they steal a trombone worth $3,500 the insurance company pays $2,600 and you pay $1,000.

Naturally, the lower the deductible the more expensive the policy.  So look carefully at what your insurance cost is.  If the $500 deductible is $500 more than the $1,000 deductible, obviously you won't make back the difference.

Remember that you probably have a lot of gear to insure.  Not just the trombone, but any electronics you shlep to all your gigs (amp, mic, stands, etc.).

If you are a member of AFM, look into their instrument insurance.  It's usually a good buy.

Good luck.
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Bruce Guttman
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« Reply #38 on: Jun 16, 2012, 08:22PM »

Ok, I think I understand.
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« Reply #39 on: Sep 20, 2012, 10:54AM »

True, but if you tell them it's for insurance purposes, many stores will estimate "higher". You might be able to tell them the value you would like in the letter, and if it's not outrageous, you have the documentation you need for setting the insurance value.

I took out a new policy last week and took my horn in to my local store for appraisal (Dillon's, for those of you who know.)  They were very kind to me on the appraisal, since chances are very good that if I did need a replacement, I'd be buying it there.  A smart music store knows the truth:  the replacement value isn't money in your pocket, it's money in theirs (if God forbid something were to happen.)

Of course, I don't think I'd get the same number quoted to me if I was trading it in...  :cry:
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