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Author Topic: Instrument Insurance  (Read 28358 times)
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Dennis Clason

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« Reply #40 on: Sep 28, 2012, 11:59PM »

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.

Well, I've just gone through the insurance claim thing, and I'm pretty content.

Background:  I'm on one university faculty in the Southwest U.S. and my wife is on another faculty in the Northeast/Midwest.  She has our cats, so I'm the one who travels.  While I was there this summer, our house was burgled.  My bass was in a gig bag, and it was found.  Apparently junior burglar asked the senior burglar about it, and was told to leave it behind.  It was thrown into a wall or something -- the slide was badly torqued and the bell bead bent back almost completely around the circumference.

Repair cost estimate was ~$3500, with repair date dependent on parts availability from Bach.  My insurance company asked about replacement and was not too happy about MSRP on a Bach 50T3 @ $9K and a street price just under $7K.  I don't think they would have cared for the price on a new Shires very much either.

Fortunately, Noah Gladstone (a/k/a Slipmo, here) had a nearly new Bach for about the repairs estimate.  I tried the horn when I was out in California a few weeks ago.  I love the horn, and my insurance company agreed to purchase it.  Everyone's happy.  Or, at least, I'll be happy when the horn gets here next week.

So, what should you insure his bassoon for?  I'd say to insure it for the street price.  You might get lucky and find another really good reconditioned instrument, but you might not.  Insurance companies know that no one pays MSRP on musical instruments: they won't authorize reimbursement at MSRP.

Oh, one other thing you should know about "replacement value insurance."  There are two flavors: one will reimburse for the purchase of an identical item, the other for the current functional replacement.  One of the things the burglar stole was an old CRT-TV/VCR combo.  Actual Cash Value is $21.  No one makes CRT-TVs anymore and scarcely anyone makes VCRs.  They are authorizing a 21" 1080p LCD/DVD combo unit at $199.  They're paying us $21 now.  If I go to BestBuy (say) and purchase a LCD/DVD combo unit (or an LCD TV or a DVD player) they will reimburse up to another $178.  If I spend more than that, it's on us.  If I spend less, they reimburse up to the actual cost.

When you look at it in that light, it doesn't make sense to insure much beyond the street price.  You should go beyond it some, though.  Double reed players carry all their reed-fixing toys around with them, an extra bocal or two, etc.  We carry mutes, stands, etc.  If someone steals your instrument, they'll likely get all the goodies too.
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ssking2b

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« Reply #41 on: Dec 17, 2012, 12:21PM »

The AFM instrument insurance is excellent, I have it.  It is thru MARSH in Chicago.  Insurance for market replacement value minus $100 deductable.  Any YOU tell them what it will cost to replace the horn when you take out the policy.  I have 5 trombones, a keyboard and amp, a euphonium and 2 tubas insured for MSRP values that I update every year as things get more expensive. Policy costs me about $170 for the year.  Made a claim a few years ago - no problem, and didn't get cancelled.  If only the car insurance were this good!  Covers ALL risk.  Your home owners policy will not cover your axes if you use them to make $$$.
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« Reply #42 on: Sep 08, 2014, 03:42PM »

MusicPro

https://www.musicproinsurance.com/

They will insure instruments, cases, gear, your PC, sound equipment...pretty much everything.
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