It’s that time of year again, school has started and many people are renting, purchasing and borrowing musical equipment. Many of our customers have been discussing protection for musical instruments with our office.
Many homes include instruments such as pianos, guitars, drums, flutes, cellos, violins, clarinets, trumpets etc. Some instruments are electronic. With electronic instruments, amplifiers, soundboards, monitors, speaker’s cables and much more can accompany them.
Losses to instruments are not a common loss and often fall under most homeowners deductibles. However there are cases where the values can exceed the deductible and can be in the hundreds, even thousands of dollars.
Take the time to assess the value of the instruments that are owned, rented or borrowed. Be sure to discuss the proper coverage of these belongings with your broker. Additional coverage’s by endorsement may be available on your policy. Depending on the value of the instrument there may be an option to schedule them on your policy or obtained a separate policy for it. Appraisals of the instruments and equipment along with receipts should be kept on file for the insurer. It is also important to discuss how the instruments are uses. If you travel with them and if others will have possession of them. This may pose a greater exposure for loss.
Business related use of an instrument is often excluded under a homeowner’s policy and cannot be added by endorsement. Seeing a commercial/business policy for it will be more adequate. Homeowner’s policies base property coverage on the assumption most of the property stays at home. If an instrument is being transported from several locations or is used during a paid performance, it would be best to look at other options other than your homeowners for coverage.
Coverage is based on the replacement cost of your property and the use of it. Keep this in mind when discussing with your broker on protecting your instruments and equipment.
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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