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

Posted by David Hamilton on Dec 30, 2013 3:35:00 PM

musical instruments - Replacement Cost vs. Replacement Value

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

Below is a breakdown of how  Instruments & Equipment valued under the Front Row Music Instrument program:

  • Replacement Cost, except if agreed value is requested.  If agreed value is requested, a current appraisal less than 5 years old must be provided.  To maintain agreed value an updated appraisal must be provided every 5 years.
  • Replacement Value is the cost to replace the property/equipment with the same or other similar property of comparable material and quality used for the same purpose without deduction for depreciation.

If your instrument is 5 year or older and you do not have an appraisal your instruments will be valued at actual cash value.  Actual Cash Value is the amount equal to the replacement cost minus depreciation of a 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.

Topics: musical instrument insurance, instrument insurance, Stolen Musical Instruments, Musical Instrument insurance companies, musical instrument insurance program

Front Row Musical Instrument Policy Launches Online

Posted by David Hamilton on Sep 27, 2013 1:51:00 PM

Musicians receive quotes in 30 seconds & policies in 5 minutes any time of day.

Vancouver, Canada -- September 27, 2013 -- Front Row is pleased to announce a new way for musicians to insure their instruments.

Effective immediately members of Socan, RACS and and the CCMA will be able to obtain a quote and a policy for their instruments 24 hours a day  - 7 days a week by accessing a quote portal created by Front Row especially for musicians.  The quote tool has a clean look that is intuitive and simple to use. Worldwide insurance coverage for instruments and gear can be obtained by answering as few as 8 questions on line - no need to talk to a broker. The musician will receive a pdf policy immediately once they pay with a credit card.

There is no minimum premium. To insure $5,000 worth of instruments, the cost is $75. $10,000 costs $125. Fire, theft, breakage are all covered. The site can be accessed here: https://musicians.frontrowinsurance.com/

MUSICAL INSTRUMENT POLICY LAUNCHES ONLINE"Our volume with the insurance companies gives us a competitive edge when negotiating coverage, premiums and claims settlements for our musical clients," says David Hamilton, President of Front Row based in Vancouver. " We created this tool based on feedback from musicians that wanted to insure their instruments fast, with a minimum of hassle, at a time of day that suited them. We leveraged the 100,000 plus membership so that the program offers the lowest cost insurance for instruments in North America that we are aware of."

Front Row is an independent broker that works on behalf of musicians to transfer the risks of owning musical gear to insurance companies for a premium charge. Should a claim occur, Front Row ensures that the musician receives the money that they are owed per the insurance policy.

Front Row has offices in Montreal, Toronto and Vancouver.

For further information contact: 

David W. Hamilton
President
www.FrontRowInsurance.com
602-1788 W Broadway
Vancouver BC
direct P - 604 684 3456

Topics: Instrument Insurance Canada, musical instrument insurance, instrument insurance, musical instrument insurance quotes, musicians insurance, Musical Gear insurance, music equipment insurance, Socan instrument insurance, Socan members insurance, SOCAN members, SOCAN insurance, SOCAN benefits, Recording Artists Collecting Society Insurance, RACS Members insurance

Stolen Musical Instruments: How to Make a Claim

Posted by David Hamilton on Sep 17, 2013 6:07:00 PM

STOLEN MUSICAL INSTRUMENTS: HOW TO MAKE A CLAIM

Who should you call first if I have a loss?

Depending on the nature of the incident , or accident, call the authorities needed to assist you in an emergency: the police, the fire department, ambulance or hazardous materials team etc...

Then, call your insurance broker.

Covers: Theft, Breakage, and Fire

Your insurance broker works for you and will present the details of your theft to the insurance company and then they will act as your advocate to ensure that you get paid in full  by the insurance company  as soon as possible.

An independent insurance broker works for you – not the insurance company.

If you are a Front Row client, please contact one of our offices in Montreal, Toronto, Vancouver or Los Angeles during business hours.

You should be prepared to provide the following information:

  • Date and time of Loss,
  • What happened,
  • Where did it happen,
  • Names and phone numbers of persons to be contacted.

Most coverage’s have deductibles which are applied to each claim.

Is it possible to take immediate action to make repairs if further damage to the property is likely?

As long as the claim is covered, the reasonable cost of temporary repairs made to prevent further damage is money well-spent and, therefore, reimbursable, subject to all policy terms and conditions. Documentation in the form of bills, receipts and photographs should be retained in order to verify damages and repair costs.

If you don’t have insurance, it can be purchased online 24 hours a day, 7 days a week. $5,000 of gear costs $75 and covers you worldwide.

Topics: Instrument Insurance Canada, musical instrument insurance, instrument insurance, instruments insured under homeowners, musical instrument insurance quotes, musicians insurance, Musical Gear insurance, Insurance and Protection While on Tour, Stolen Musical Instruments, Instrument Insurance Vancouver Instrument Insuranc

Musical Gear : Insurance and Protection While on Tour

Posted by David Hamilton on Sep 13, 2013 7:46:00 PM

MUSICAL GEAR : INSURANCE AND PROTECTION WHILE ON TOUR

Load-in and load-out at venue

I’m going to give you some tips to protect your instruments and gear when you are on tour. I will also tell you how to insure your gear.

If you are on the road in a van with a trailer or a bus, you have to expect that thieves will assume you have gear worth stealing. Some thieves specifically target touring musicians during load-in and load-out at particular venues.

Know that your valuable gear is being targeted and take proactive steps to protect it. Here are some other ideas to keep it safe:

  1. Tint or paint your windows. Buy blinds. Prevent people from seeing what is inside your vehicle.
  2. Install an alarm.
  3. Sounds simple, but develop a protocol to make sure your vehicle is locked at all times.
  4. Park your vehicle back against a wall whenever possible so it’s harder to get in the back doors.
  5. Park in the underground garage of your hotel rather than the surface lot.
  6. Leave your vehicle at a tow truck yard: they are manned 24 hours a day, 7 days a week. The cost is usually reasonable for the protection provided.
  7. Consider chaining all your gear together in your van so that if the thief does a smash & grab, they will not be able to get away quickly.
  8. Finally, make sure your gear is insured.
Covers: Theft, Breakage, and Fire

Insure your gear with an insurance broker that specializes in instrument insurance for music professionals, such as Front Row. Most homeowner policies will not insure instruments and gear used professionally, so source a policy for professionals.

Front Row offers instrument insurance 24/7 on line for as little as $20.

Topics: Instrument Insurance Canada, musical instrument insurance, instrument insurance, instruments insured under homeowners, musical instrument insurance quotes, musicians insurance, Musical Gear insurance, Insurance and Protection While on Tour, music equipment insurance, Socan instrument insurance, SOCAN members

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.

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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