{"ab":false,"abStatus":null,"abTestId":null,"abVariation":false,"abVariationAutomated":false,"absoluteUrl":"https://www.frontrowinsurance.com/articles/bid/191494/instrument-insurance-what-is-my-gear-worth-in-an-claim","afterPostBody":null,"allowedSlugConflict":false,"analytics":null,"analyticsPageId":"320444-191494","analyticsPageType":"blog-post","approvalStatus":null,"archived":false,"archivedAt":0,"archivedInDashboard":false,"areCommentsAllowed":true,"attachedStylesheets":[],"audienceAccess":"PUBLIC","author":null,"authorName":null,"authorUsername":null,"blogAuthor":{"avatar":"","bio":"","cdnPurgeEmbargoTime":null,"cosObjectType":"BLOG_AUTHOR","created":1401900296000,"deletedAt":0,"displayName":"David Hamilton","email":"david@frontrowinsurance.com","facebook":"","fullName":"David Hamilton","gravatarUrl":"https://app.hubspot.com/settings/avatar/e5f627d6f4fb7738af400df9b2f0d390","hasSocialProfiles":false,"id":952267721,"label":"David Hamilton","language":null,"linkedin":"","name":"David Hamilton","portalId":61352,"slug":"david-hamilton","translatedFromId":null,"translations":{},"twitter":"","twitterUsername":"","updated":1401900296000,"userId":null,"username":"david@frontrowinsurance.com","website":""},"blogAuthorId":952267721,"blogPostAuthor":{"avatar":"","bio":"","cdnPurgeEmbargoTime":null,"cosObjectType":"BLOG_AUTHOR","created":1401900296000,"deletedAt":0,"displayName":"David Hamilton","email":"david@frontrowinsurance.com","facebook":"","fullName":"David Hamilton","gravatarUrl":"https://app.hubspot.com/settings/avatar/e5f627d6f4fb7738af400df9b2f0d390","hasSocialProfiles":false,"id":952267721,"label":"David Hamilton","language":null,"linkedin":"","name":"David Hamilton","portalId":61352,"slug":"david-hamilton","translatedFromId":null,"translations":{},"twitter":"","twitterUsername":"","updated":1401900296000,"userId":null,"username":"david@frontrowinsurance.com","website":""},"blogPostScheduleTaskUid":null,"blogPublishInstantEmailCampaignId":null,"blogPublishInstantEmailRetryCount":0,"blogPublishInstantEmailTaskUid":"DONE","blogPublishToSocialMediaTask":"DONE","blueprintTypeId":0,"businessUnitId":null,"campaign":"816ef4f9-d3e3-4b22-a990-d1664954a69f","campaignName":"musicians","campaignUtm":"musicians","category":3,"categoryId":3,"cdnPurgeEmbargoTime":null,"clonedFrom":null,"composeBody":null,"compositionId":0,"contentAccessRuleIds":[],"contentAccessRuleTypes":[],"contentGroup":952267656,"contentGroupId":952267656,"contentTypeCategory":3,"contentTypeCategoryId":3,"contentTypeId":null,"created":1388446564000,"createdById":null,"createdTime":1388446564000,"crmObjectId":null,"css":{},"cssText":"","ctaClicks":null,"ctaViews":null,"currentState":"PUBLISHED","currentlyPublished":true,"deletedAt":0,"deletedBy":null,"domain":"","dynamicPageDataSourceId":null,"dynamicPageDataSourceType":null,"dynamicPageHubDbTableId":null,"enableDomainStylesheets":null,"enableGoogleAmpOutputOverride":false,"enableLayoutStylesheets":null,"errors":[],"featuredImage":"https://61352.fs1.hubspotusercontent-na1.net/hubfs/61352/blog-image-uploads/music/WHAT%20IS%20MY%20GEAR%20WORTH%20IN%20A%20CLAIM%3F.jpg","featuredImageAltText":"Instrument Insurance - 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Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n</div>","has_user_changes":true,"attached_stylesheets":[],"unpublished_at":null,"author_email":"david@frontrowinsurance.com","topic_ids":[949436814],"page_expiry_date":null,"rss_email_comment_text":"Comment &raquo;","blog_publish_instant_email_campaign_id":null,"blog_publish_instant_email_retry_count":0,"personas":[],"css":{},"campaign_utm":"musicians","footer_html":"","meta_description":"How Musical Instruments & Equipment are valued under the Front Row Musical Instrument Insurance program. Agreed Value vs. Replacement Cost discussed.","performable_url":null,"author_username":"david@frontrowinsurance.com","blueprint_id":0,"rss_email_click_through_text":"Read more &raquo;","placement_guids":[],"css_text":"","rss_summary":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n</div>","legacy_blog_tabid":320444,"cloned_from":null,"head_html":"","page_expiry_enabled":null,"blog_post_schedule_task_uid":null,"post_body":"<span id=\"hs_cos_wrapper_post_body\" class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text\" style=\"\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"rich_text\" ><div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p></span>","publish_immediately":null,"html_title":"Instrument Insurance: What is my gear worth in the event of a claim?","blog_publish_to_social_media_task":"DONE","rss_body":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p>","legacy_post_guid":"e05d3b94-5b2a-4625-af26-5ee0fef6420f","tag_ids":[949436814],"enable_google_amp_output_override":false,"featured_image_alt_text":"Instrument Insurance - What is my gear worth in a claim?","link_rel_canonical_url":"","last_edit_session_id":null,"last_edit_update_id":null,"published_by_id":7915797,"published_at":1663251001159,"scheduled_update_date":0,"layout_sections":{},"featured_image_height":400,"featured_image_width":600,"header":null},"metaDescription":"How Musical Instruments & Equipment are valued under the Front Row Musical Instrument Insurance program. Agreed Value vs. Replacement Cost discussed.","metaKeywords":"insurance for musical instruments, instrument insurance claims, stolen instrument, Music Instrument Insurance, damaged instrument insurance","name":"<span id=\"hs_cos_wrapper_name\" class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text\" style=\"\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"text\" >Instrument Insurance: What is my gear worth in the event of a claim?</span>","nextPostFeaturedImage":"","nextPostFeaturedImageAltText":"","nextPostName":"Obtaining Insurance for your Short Film | Short Film Insurance Canada","nextPostSlug":"articles/articles/bid/191495/obtaining-insurance-for-your-short-film","pageExpiryDate":null,"pageExpiryEnabled":null,"pageExpiryRedirectId":null,"pageExpiryRedirectUrl":null,"pageRedirected":false,"pageTitle":"Instrument Insurance: What is my gear worth in the event of a claim?","parentBlog":{"absoluteUrl":"https://www.frontrowinsurance.com/articles","allowComments":true,"ampBodyColor":"#404040","ampBodyFont":"'Helvetica Neue', Helvetica, Arial, sans-serif","ampBodyFontSize":"18","ampCustomCss":"","ampHeaderBackgroundColor":"#ffffff","ampHeaderColor":"#1e1e1e","ampHeaderFont":"'Helvetica Neue', Helvetica, Arial, sans-serif","ampHeaderFontSize":"36","ampLinkColor":"#416bb3","ampLogoAlt":"Front Row Insurance logo","ampLogoHeight":63,"ampLogoSrc":"https://cdn2.hubspot.net/hubfs/61352/front-row-logo.png","ampLogoWidth":175,"analyticsPageId":137640,"attachedStylesheets":[],"audienceAccess":"PUBLIC","businessUnitId":null,"captchaAfterDays":7,"captchaAlways":false,"categoryId":3,"cdnPurgeEmbargoTime":null,"closeCommentsOlder":0,"commentDateFormat":"medium","commentFormGuid":"7a447743-bbf2-4b55-a759-b405bf392a7d","commentMaxThreadDepth":3,"commentModeration":true,"commentNotificationEmails":["mike@frontrowinsurance.com","grant@frontrowinsurance.com"],"commentShouldCreateContact":true,"commentVerificationText":"","cosObjectType":"BLOG","created":1401900293000,"createdDateTime":1401900293000,"dailyNotificationEmailId":"952268096","dateFormattingLanguage":"en_US","defaultGroupStyleId":"","defaultNotificationFromName":"","defaultNotificationReplyTo":"","deletedAt":0,"description":"The Front Row Insurance Blog where you can learn and converse about all things entertainment insurance related.","domain":"","domainWhenPublished":"www.frontrowinsurance.com","emailApiSubscriptionId":283237,"enableGoogleAmpOutput":true,"enableSocialAutoPublishing":false,"generateJsonLdEnabled":false,"header":null,"htmlFooter":"<!-- DELTA-->","htmlFooterIsShared":false,"htmlHead":"<!-- Blog Schema by Front Row Insurance // https://www.frontrowinsurance.com/ -->\n\n<script type=\"application/ld+json\">\n {\n \"@context\": \"http://schema.org\",\n \"@type\": \"BlogPosting\",\n \"mainEntityOfPage\":{\n \"@type\":\"WebPage\",\n \"@id\":\"https://www.frontrowinsurance.com/articles/bid/191494/instrument-insurance-what-is-my-gear-worth-in-an-claim\"\n },\n \"headline\": \"Instrument Insurance: What is my gear worth in the event of a claim?\",\n \"image\": {\n \"@type\": \"ImageObject\",\n \"url\": \"https://61352.fs1.hubspotusercontent-na1.net/hubfs/61352/blog-image-uploads/music/WHAT%20IS%20MY%20GEAR%20WORTH%20IN%20A%20CLAIM%3F.jpg\"\n },\n \"datePublished\": \"2013-12-30 23:35:00\",\n \"dateModified\": \"\",\n \"author\": {\n \"@type\": \"Person\",\n \"name\": \"') }}\"\n },\n \"publisher\": {\n \"@type\": \"Organization\",\n \"name\": \"FRONT ROW INSURANCE BROKERS\",\n \"logo\": {\n \"@type\": \"ImageObject\",\n \"url\": \"https://cdn2.hubspot.net/hubfs/61352/images/Logos/FR_logo_%5BConverted,-Inverted%5D.png\"\n }\n },\n \"description\": \"How Musical Instruments & Equipment are valued under the Front Row Musical Instrument Insurance program. Agreed Value vs. Replacement Cost discussed.\"\n }\n </script>\n <!-- End Schema --> \n<script type=\"text/javascript\">\n window._mNHandle = window._mNHandle || {};\n window._mNHandle.queue = window._mNHandle.queue || [];\n medianet_versionId = \"3121199\";\n</script>\n<script src=\"https://contextual.media.net/dmedianet.js?cid=8CU76IWTZ\" async=\"async\"></script>","htmlHeadIsShared":true,"htmlKeywords":["Front Row Insurance Blog"," entertainment blog"," film blog"," film insurance"," event insurance"," film festival blog"," production blog"," musicians blog"," "],"htmlTitle":"The Front Row View (entertainment insurance blog)","id":952267656,"instantNotificationEmailId":"952268061","itemLayoutId":null,"itemTemplateIsShared":false,"itemTemplatePath":"prox_frontrow/templates/blog/blog-post.html","label":"The Front Row View (entertainment insurance blog)","language":"en","legacyGuid":"469ce2ec-4dd9-442d-984a-3bab2557a02f","legacyModuleId":"164112","legacyTabId":137640,"listingLayoutId":null,"listingPageId":70026589976,"listingTemplatePath":"prox_frontrow/templates/blog/blog-listing.html","liveDomain":"www.frontrowinsurance.com","monthFilterFormat":"MMMM yyyy","monthlyNotificationEmailId":"952267981","name":"The Front Row View (entertainment insurance blog)","parentBlogUpdateTaskId":null,"portalId":61352,"postHtmlFooter":"<!-- OMEGA-->","postHtmlHead":"<!-- Blog Schema by Front Row Insurance // https://www.frontrowinsurance.com/ -->\n\n<script type=\"application/ld+json\">\n {\n \"@context\": \"http://schema.org\",\n \"@type\": \"BlogPosting\",\n \"mainEntityOfPage\":{\n \"@type\":\"WebPage\",\n \"@id\":\"https://www.frontrowinsurance.com/articles/bid/191494/instrument-insurance-what-is-my-gear-worth-in-an-claim\"\n },\n \"headline\": \"Instrument Insurance: What is my gear worth in the event of a claim?\",\n \"image\": {\n \"@type\": \"ImageObject\",\n \"url\": \"https://61352.fs1.hubspotusercontent-na1.net/hubfs/61352/blog-image-uploads/music/WHAT%20IS%20MY%20GEAR%20WORTH%20IN%20A%20CLAIM%3F.jpg\"\n },\n \"datePublished\": \"2013-12-30 23:35:00\",\n \"dateModified\": \"\",\n \"author\": {\n \"@type\": \"Person\",\n \"name\": \"') }}\"\n },\n \"publisher\": {\n \"@type\": \"Organization\",\n \"name\": \"FRONT ROW INSURANCE BROKERS\",\n \"logo\": {\n \"@type\": \"ImageObject\",\n \"url\": \"https://cdn2.hubspot.net/hubfs/61352/images/Logos/FR_logo_%5BConverted,-Inverted%5D.png\"\n }\n },\n \"description\": \"How Musical Instruments & Equipment are valued under the Front Row Musical Instrument Insurance program. Agreed Value vs. Replacement Cost discussed.\"\n }\n </script>\n <!-- End Schema --> \n<script type=\"text/javascript\">\n window._mNHandle = window._mNHandle || {};\n window._mNHandle.queue = window._mNHandle.queue || [];\n medianet_versionId = \"3121199\";\n</script>\n<script src=\"https://contextual.media.net/dmedianet.js?cid=8CU76IWTZ\" async=\"async\"></script>","postsPerListingPage":10,"postsPerRssFeed":10,"publicAccessRules":[{"ids":[],"type":"LIST_MEMBERSHIP"}],"publicAccessRulesEnabled":false,"publicTitle":"The Front Row View (entertainment insurance blog)","publishDateFormat":"medium","resolvedDomain":"www.frontrowinsurance.com","rootUrl":"https://www.frontrowinsurance.com/articles","rssCustomFeed":"","rssDescription":"RSS feeds for ","rssItemFooter":"<IMG style=\"WIDTH: 144px; HEIGHT: 78px\" title=\"\" border=0 alt=\"\" align=center src=\"http://focusinsurance.web6.hubspot.com/Portals/61352/images//logo_final.jpg\" width=138 height=78 mce_src=\"/Portals/61352/images//logo_final.jpg\">","rssItemHeader":"","settingsOverrides":{"itemLayoutId":false,"itemTemplatePath":false,"itemTemplateIsShared":false,"listingLayoutId":false,"listingTemplatePath":false,"postsPerListingPage":false,"showSummaryInListing":false,"useFeaturedImageInSummary":false,"htmlHead":false,"postHtmlHead":false,"htmlHeadIsShared":false,"htmlFooter":false,"listingPageHtmlFooter":false,"postHtmlFooter":false,"htmlFooterIsShared":false,"attachedStylesheets":false,"postsPerRssFeed":false,"showSummaryInRss":false,"showSummaryInEmails":false,"showSummariesInEmails":false,"allowComments":false,"commentShouldCreateContact":false,"commentModeration":false,"closeCommentsOlder":false,"commentNotificationEmails":false,"commentMaxThreadDepth":false,"commentVerificationText":false,"socialAccountTwitter":false,"showSocialLinkTwitter":false,"showSocialLinkLinkedin":false,"showSocialLinkFacebook":false,"enableGoogleAmpOutput":false,"ampLogoSrc":false,"ampLogoHeight":false,"ampLogoWidth":false,"ampLogoAlt":false,"ampHeaderFont":false,"ampHeaderFontSize":false,"ampHeaderColor":false,"ampHeaderBackgroundColor":false,"ampBodyFont":false,"ampBodyFontSize":false,"ampBodyColor":false,"ampLinkColor":false,"generateJsonLdEnabled":false},"showSocialLinkFacebook":true,"showSocialLinkLinkedin":true,"showSocialLinkTwitter":true,"showSummaryInEmails":true,"showSummaryInListing":false,"showSummaryInRss":true,"siteId":0,"slug":"articles","socialAccountTwitter":"","state":null,"subscriptionContactsProperty":"blog_blog_the_front_row_view_subscription","subscriptionEmailType":null,"subscriptionFormGuid":"a2c254df-2214-4c54-bd51-46da1e3029fb","subscriptionListsByType":{"daily":12,"instant":11,"monthly":10,"weekly":13},"title":null,"translatedFromId":null,"translations":{"fr":{"absoluteUrl":"https://www.frontrowinsurance.com/fr/blogue","id":2471031463,"language":"fr","masterId":952267656,"name":"The Front Row View (entertainment insurance blog)","publicAccessRules":[{"ids":[],"type":"LIST_MEMBERSHIP"}],"publicAccessRulesEnabled":false,"slug":"fr/blogue"}},"updated":1650089754719,"updatedDateTime":1650089754719,"urlBase":"www.frontrowinsurance.com/articles","urlSegments":{},"useFeaturedImageInSummary":true,"usesDefaultTemplate":false,"weeklyNotificationEmailId":"952268106"},"password":null,"pastMabExperimentIds":[],"performableGuid":"","performableVariationLetter":null,"personas":[],"placementGuids":[],"portableKey":null,"portalId":61352,"position":null,"postBody":"<span id=\"hs_cos_wrapper_post_body\" class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text\" style=\"\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"rich_text\" ><div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p></span>","postBodyRss":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p>","postEmailContent":"<div class=\"hs-migrated-cms-post\"> \n <h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2> \n <p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p> \n</div>","postFeaturedImageIfEnabled":"https://61352.fs1.hubspotusercontent-na1.net/hubfs/61352/blog-image-uploads/music/WHAT%20IS%20MY%20GEAR%20WORTH%20IN%20A%20CLAIM%3F.jpg","postListContent":"<span id=\"hs_cos_wrapper_post_body\" class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text\" style=\"\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"rich_text\" ><div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p></span>","postListSummaryFeaturedImage":"","postRssContent":"<div class=\"hs-migrated-cms-post\"> \n <h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2> \n <p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p> \n</div>","postRssSummaryFeaturedImage":"https://61352.fs1.hubspotusercontent-na1.net/hubfs/61352/blog-image-uploads/music/WHAT%20IS%20MY%20GEAR%20WORTH%20IN%20A%20CLAIM%3F.jpg","postSummary":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n</div>","postSummaryRss":"<div class=\"hs-migrated-cms-post\"> \n <h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2> \n <p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p> \n</div>","postTemplate":"prox_frontrow/templates/blog/blog-post.html","previewImageSrc":null,"previewKey":"WRVzEmsT","previousPostFeaturedImage":"https://cdn2.hubspot.net/hubfs/61352/blog-image-uploads/instruments-forweb300x175.jpg","previousPostFeaturedImageAltText":"Musical Instrument Insurance Companies: How to Compare","previousPostName":"Musical Instrument Insurance Companies: How to Compare","previousPostSlug":"articles/bid/146779/musical-instrument-insurance-companies-how-to-compare","processingStatus":"PUBLISHED","propertyForDynamicPageCanonicalUrl":null,"propertyForDynamicPageFeaturedImage":null,"propertyForDynamicPageMetaDescription":null,"propertyForDynamicPageSlug":null,"propertyForDynamicPageTitle":null,"publicAccessRules":[{"ids":[],"type":"LIST_MEMBERSHIP"}],"publicAccessRulesEnabled":false,"publishDate":1388446500000,"publishDateLocalTime":1388446500000,"publishDateLocalized":{"date":1388446500000,"format":"medium","language":"en_US"},"publishImmediately":null,"publishTimezoneOffset":null,"publishedAt":1663251001159,"publishedByEmail":null,"publishedById":7915797,"publishedByName":null,"publishedUrl":"https://www.frontrowinsurance.com/articles/bid/191494/instrument-insurance-what-is-my-gear-worth-in-an-claim","resolvedDomain":"www.frontrowinsurance.com","resolvedLanguage":null,"rssBody":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. A common question: <em>How will these items be valued if I have a claim?</em></p>\n<!--more--><p><a href=\"https://musicians.frontrowinsurance.com/\" rel=\" noopener\">The instrument policy</a> provides coverage on a replacement cost basis. <strong>Replacement Cost</strong> provides for the cost to repair or replace the damaged property without deduction for depreciation.</p>\n<h3>The insurer will pay the smallest of the following:</h3>\n<ul>\n<li>The amount you actually spend on repairing the damage.</li>\n<li>The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.</li>\n<li>The limit of coverage purchased for the property on your policy.</li>\n<li>Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.</li>\n</ul>\n<p>If you have Vintage or one-of-a-kind equipment, coverage can be provided on an <strong>Agreed Value</strong>, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to <a href=\"/contact-us\" rel=\" noopener\">contact our office</a> to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.</p>\n<p>If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at <strong>actual cash value</strong>. This is the amount equal to the replacement cost <em>minus</em> depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the <em>smallest</em> of the following amounts:</p>\n<ul>\n<li>The actual cash value of the lost or damaged property at the time of loss.</li>\n<li>The amount it would cost to repair or replace the property with similar kind or quality.</li>\n<li>The limit of coverage that applies to the property.</li>\n</ul>\n</div>\n<p><object id=\"img-1388447606629\" width=\"420\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowscriptaccess\" value=\"always\"><param name=\"wmode\" value=\"transparent\"><param name=\"src\" value=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\"><param name=\"allowfullscreen\" value=\"true\"><embed id=\"img-1388447606629\" width=\"420\" height=\"315\" type=\"application/x-shockwave-flash\" src=\"//www.youtube.com/v/kY8h4EYSyrY?hl=en_US&amp;version=3\" allowfullscreen=\"allowfullscreen\" allowscriptaccess=\"always\" wmode=\"transparent\"></object></p>\n<h3>Related:</h3>\n<p><a href=\"/musical-instrument-insurance-101\" rel=\" noopener\">Musical Instrument Insurance 101: How to Protect Your Instruments</a><br><a href=\"/articles/musical-instrument-theft-prevention-what-you-need-to-know\" rel=\" noopener\">Tips &amp; tricks to guard your gear </a><br><a href=\"/instrument-insurance-blog/bid/205377/protecting-musical-instruments-at-home-insurance-and-more\" rel=\" noopener\">Protecting instruments at home</a><br><a href=\"/instrument-insurance-blog/bid/205279/6-ways-to-protect-your-instruments-at-airports-and-on-planes\" rel=\" noopener\">Protecting instruments at airports </a><br><a href=\"/instrument-insurance-blog/bid/118477/musical-gear-insurance-and-protection-while-on-tour\" rel=\" noopener\">Protecting instruments on tour</a><br><a href=\"/articles/summer-and-tours-what-you-need-to-know-about-musical-tour-insurance\" rel=\" noopener\">Musical tour insurance </a><br><a href=\"/articles/band-on-the-run-touring-insurance-tips-for-taking-your-show-on-the-road\" rel=\" noopener\">Band on the run </a><br><a href=\"/articles/articles/bid/81594/why-even-your-band-should-carry-liability-insurance\" rel=\" noopener\">Tribute bands and liability </a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-guitar\" rel=\" noopener\">Protecting your guitar</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-drums\" rel=\" noopener\">Protecting your drums</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-keyboard\" rel=\" noopener\">Protecting your keyboard</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-violin\" rel=\" noopener\">Protecting your violin</a><br><a href=\"/instrument-insurance-blog/20-effective-ways-to-protect-your-saxophone\" rel=\" noopener\">Protecting your saxophone</a><br><a href=\"/instrument-insurance-blog/bid/118532/stolen-musical-instruments-how-to-make-a-claim\" rel=\" noopener\">How to make a claim</a><br>What is my gear worth in event of claim?<br><a href=\"/articles/musical-instrument-insurance-you-may-not-be-covered\" rel=\" noopener\">You may not be covered under homeowners</a><br><a href=\"/instrument-insurance-blog/bid/118744/front-row-instrument-policy-launches-on-line\" rel=\" noopener\">Front Row’s musical instrument policy </a><br><a href=\"/instrument-insurance-blog/bid/117160/instrument-insurance-for-socan-members\" rel=\" noopener\">Insurance for SOCAN members </a><br><a href=\"/instrument-insurance-blog/bid/146779/musical-instrument-insurance-companies-how-to-compare\" rel=\" noopener\">How to compare musical instrument insurance cos.</a><br><a href=\"/articles/blurring-the-lines-of-music-infringement-law-three-perspectives-in-one\" rel=\" noopener\">Blurring the lines of music infringement law</a></p>","rssSummary":"<div class=\"hs-migrated-cms-post\">\n<h2>Musical instruments - Agreed Value <em>vs.</em> Replacement Cost</h2>\n<p>I have insurance for my musical instruments and gear. 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Instrument Insurance: What is my gear worth in the event of a claim?

Instrument Insurance - What is my gear worth in a claim?

Musical instruments - Agreed Value vs. Replacement Cost

I have insurance for my musical instruments and gear. A common question: How will these items be valued if I have a claim?

The instrument policy provides coverage on a replacement cost basis. Replacement Cost provides for the cost to repair or replace the damaged property without deduction for depreciation.

The insurer will pay the smallest of the following:

  • The amount you actually spend on repairing the damage.
  • The amount it would cost to replace the lost or damaged property at the time of loss with new property of similar kind and quality to be used for the same purpose.
  • The limit of coverage purchased for the property on your policy.
  • Payment for repair or replacement will not be paid until the property has actually been repaired or replaced.

If you have Vintage or one-of-a-kind equipment, coverage can be provided on an Agreed Value, which would be the amount the item has been appraised for by a reputable appraisal company. In order to obtain coverage on this basis, you will need to contact our office to obtain coverage and provide your appraisals. A new appraisal would be required every 5 years.

If your instrument is 5 years old or older and you do not have an appraisal, your instruments will be valued at actual cash value. This is the amount equal to the replacement cost minus depreciation of damaged or stolen property at the time of the loss. This means that in the event of the loss, your settlement will be based on the smallest of the following amounts:

  • The actual cash value of the lost or damaged property at the time of loss.
  • The amount it would cost to repair or replace the property with similar kind or quality.
  • The limit of coverage that applies to the property.

Related:

Musical Instrument Insurance 101: How to Protect Your Instruments
Tips & tricks to guard your gear
Protecting instruments at home
Protecting instruments at airports
Protecting instruments on tour
Musical tour insurance
Band on the run
Tribute bands and liability
Protecting your guitar
Protecting your drums
Protecting your keyboard
Protecting your violin
Protecting your saxophone
How to make a claim
What is my gear worth in event of claim?
You may not be covered under homeowners
Front Row’s musical instrument policy
Insurance for SOCAN members
How to compare musical instrument insurance cos.
Blurring the lines of music infringement law

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