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Insurance on Equipment

Discussion in 'Pro Audio Equipment' started by Allen Hallada, Feb 19, 2002.

  1. I travel alot with my equipment and I finally decided to get some insurance on it. I found this on the Digidesign Users Conference - TDM for Mac forum. Anyone using them? Have you made any claims with them? Premiums seem very reasonable around 6.00 per thousand dollars of equipment and covers equipment on the road as well as the studio. http://musicproinsurance.com/

    Thanks,
    Allen
     
  2. Thanks for posting that. I decided to insure everything long ago, but with who has hung it up so far. This could be good. I need it to be insured on the road as well.
    Any other ideas?
    Ted
     
  3. Kurtstudio

    Kurtstudio Guest

    I have found the AFofM to have the fairest insurance and their pollicys for claims if very reasonable. It's about all the A F of M is good for, What I ment to say is , along with all the other benifits the A F of M offer their insirance for equ ;) ipment is great!!
     
  4. anonymous

    anonymous Guests

    I've had the A.F.of M. insurance for years, but this one Allen mentions would seem to be about 40% cheaper. Might be worth looking into.

    I also insure my computer gear with Safeware Insurance out of Columbus, Ohio. They advertise in the computer mag's, and they are also a lot cheaper than the union insurance.
     
  5. A.F. of M?
     
  6. Pete

    Pete Guest

    Ive heard good reports but I don't thinks they are available in all area's. I called and they weren't yet operating in Michigan, you'll have to check. I ended up getting an external rider policy through my home owners that was quiet reasonable.
     
  7. Bill Plummer

    Bill Plummer Guest

    aka Musician's Union.
     
  8. anonymous

    anonymous Guests

    Sorry, that's American Federation of Musicians for all you real engineers out there. ;)
     
  9. Bear's Gone Fission

    Bear's Gone Fission Active Member

    If you have a homeowners insurance policy, you can sometimes get an endorsement for personal business property, or possibly scheduled personal property. Talk to your agent about available coverage and exclusions, and not just the rates. Here in Texas, if memory serves, business property is already covered in personal property coverage to a limit of $2,500, so if you're traveling with more than a preamp, it'd be a good idea to get the extra. However, I am not absolutely sure the $2,500 includes when it's off your property, though I think it does.

    If you aren't using the gear in a business role, the personal property coverage should work to whatever limit is covered off the insured premises.

    In Texas, if you have a renters policy, you are plain screwed.

    I don't know commercial insurance well, so talk to your agent if you have a commercial policy as to what is covered and what you can get covered.

    Bear
     
  10. Hey Bear,
    I talked with my Agent and he will not touch it. Nothing on the road.

    Allen
     
  11. Very much appreciate all the info, folks. I personally can't even get homeowner's insurance due to my unorthodox rural living situation, but at this point the gear is worth as much as the house, and goes on the road.
    Keep 'em coming.
    Ted
     
  12. Bear's Gone Fission

    Bear's Gone Fission Active Member

    Sounds like time for comercial insurance. If you don't have an open-to-the public studio, just get your coverage as whatever name you use for your production company. Liability is probably no big deal for most freelancers, but you likely will have to get it to get commercial coverage. Then you schedule your gear, including your coverage for travelling.

    There was one company advertising studio insurance in Tape Op, Zurich maybe? You might give them a call.

    Bear
     
  13. try2break

    try2break Guest

    Intertesting line about scheduling your insurance for only when you are actually travelling. DO most insurance companies do this? How much notice do you give? Or is it just a phone call away?
     
  14. try2break

    try2break Guest

    And what do you do when your stuff is in its home location (wherever that might be.)
     
  15. Bear's Gone Fission

    Bear's Gone Fission Active Member

    Most of the time personal property or business property is insured to a limit of value at a specified premises, and generally about 10% of that limit will be covered off of that premises. Say a freelancer has a place he keeps his gear, he'll probably have a higher limit in that place then he'd be covered for elsewhere. You might be able to tweak the off-premises limit, but it'll cost you. I'm not aware of coverage being available without a home premises specified.

    Bear
     
  16. garysjo

    garysjo Active Member

    Bear and others,

    The $2500 sublimit for business personal property on a homeowners policy is usually, as you stated, just for that property on the premises described, (your home). Once the property leaves your home, most HO policies only cover $250. Commercial insurance is the best option. You have to have inland marine coverage to cover your gear away from your premises. If your agent/company does schedule your gear onto a homeowners policy, make certain the agent/company is aware of your business use, and make them show you where in the policy it states you are covered for business use. It's rare that a company will schedule business property on a HO policy beyond values of $2-3K (laptops for salesman, etc.) especially off premises coverage. Not a great time to be buying commercial insurance, BTW. Rates have been increasing quite steadily since late 2000, and even quicker post 9/11.
     
  17. dave-G

    dave-G Active Member

    When I was renting my warehouse-studio, I had a commercial policy (through USF&G, The St. Paul) that cost about $1750 and escalated to over $2000 per year for coverage like you're talking about. When I bought my house, I had my homeowner's insurance written with a special additional rider (if that's what they call it) for over $100k in personal business property that gave me more and better coverage, including off-site use of the gear and it only cost me about $700 -- in California!! (Allstate). This, coupled with the availibility of "stated-income" mortgages and the power of the Home-Equity-line for buying gear with tax-deductible interest makes homeownership one of the greatest scams in the history of recording :D

    -dave
     

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