Musical Instrument Insurance: you not be covered under a homeowners policy if you have played professionally for money

Posted by David Hamilton on Jul 15, 2013 7:08:00 PM

 

Instrument insurance

You arrive back atyour van to find the window smashed and your instruments missing. Your take out your phone and call your insurance broker to report the claim under the homeowners policy that you purchased. An adjuster is assigned. The claims adjuster does a  web search and sees  that you have played some small gigs. Because you occasionally perform for money, your gear is now considered “commercial” equipment and as such, not covered by your homeowner’s insurance policy which is intended to cover “personal” musical gear that is not used for commercial purposes. You tell the adjuster that you only played twice in the last 12 months and made less than $300 for the performances. The adjuster shrugs, “It doesn’t matter, even if you busk 10 minutes for $10, you are a professional and your gear is  considered commercial and is no longer covered under a homeowners policy”.

This is a difficult, pricey lesson that is better learned before there is a loss. Our experience tells us that many professional musicians assume they are covered by their homeowners insurance policy when in fact they are not.

If you perform for money, check your policy and make sure your coverage is appropriate. At Front Row we have created an 5 minute on line insurance solution.

Available to Socan members at: https://musicians.frontrowinsurance.com/

The policy term is for 12 months and coverage is provided throughout Canada and the USA.

All equipment is covered for replacement cost for:  theft, damage, fire and loss of use. The online link ensures industry-low prices:

  • $10,000 equipment coverage: $100
  • $1,000,000 location liability coverage: $75; $2,000,000: $100. Liability covers property damage and bodily injury to third parties. Pays legal fees too.
  • $500 deductible for gear


Currently Socan Members  receive $10 off online instrument insurance plus $10 will be donated to the Socan Foundation for each time the code is used.  Use code: $10discount&donation at: https://musicians.frontrowinsurance.com

“We wanted to make the insurance process easier, faster and cheaper for musicians,” said David Hamilton, President of Front Row “Given that there is no need to speak to a broker and an insurance company underwriter is not involved, the cost to process an instrument insurance policy is much less online and we have passed the savings onto the musician. Although the instrument policy is online, we are still available to answer questions by email or over the phone if required.

 

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Instrument Insurance for Socan Members

Posted by David Hamilton on Jul 15, 2013 6:47:00 PM

Socan Members have access to an exclusive Instrument insurance program as a member benefit.

The program offers very low rates and broad coverage.

The cost ranges between $75 for $5,000 worth of instruments up to $2,025 for $200,000 of gear.

The insurance policy will cover all of your instruments and gear for a year.

The insurance program will give you a cheque so that you can replace your instruments and gear if they are:

  • Lost
  • Stolen
  • Dropped
  • Knocked over
  • Burned up in a fire

Your instruments will be covered anywhere in the world. You will be covered if your gear is lost or stolen while travelling.

Obtaining a quote takes 30 seconds by visiting the below link and typing in the value of your gear.

Covers: Theft, Breakage, and Fire

Getting a policy takes a total of five minutes. No need to talk to anyone at Front Row - the whole process can be done on line anytime of the day or night any day of the week.

Not a Socan Mamber? Click here to find out: Why you should become a Socan Member!

If you would prefer not to purchase on line - please give us a call and we would be happy to help you over the phone.

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