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

Musical Instrument Insurance Companies: How to Compare

Posted by David Hamilton on Nov 20, 2013 12:43:00 PM



Musical instrument insurance is available from many companies but only a few provide the coverage that professionals require.

Questions to ask when comparing musical instrument insurance company policies:

  1. Is there a minimum premium? Some companies will charge you a minimum of $500 even if you are only insuring $2,000 worth of instruments.
  2. Is Worldwide Equipment Coverage provided? Most policies from North American Insurance Companies only cover your musical gear in Canada and the USA
  3. Is office contents Coverage included? If you run your music business from home, your computer, printer, ect may not be covered by your tenants policy.
  4. Are Valuable Papers & Accounts Receivable coverage included? A professional musician should have these coverages so that your records can be recreated.
  5. Is coverage for borrowed Musical Instruments and Musical Equipment included? If this coverage is not in your current policy, it is easily obtained.
  6. Is automatic inflation protection included for  musical instruments?
  7. Is  coverage for newly acquired musical instruments and musical equipment included  for up to 30-days before you tell your broker?
  8. Is full coverage for Earthquake and Flood included? Your homeowners policy will not cover your professional gear for flood damage and may not include EQ either.
  9. Is lost Business Income / Extra Expense Coverage included? This is good protection for a professional musician.
All of the above is covered when you purchase musical instrument coverage from  the Front Row Insurance Brokers online musical instrument insurance program. A quote takes 20 seconds. A policy can be downloaded in 5 minutes by answering 8 questions.
Covers: Theft, Breakage, and Fire
Front Row is a specialized Entertainment Insurance Broker that has offices in Montreal, Toronto, Vancouver and Los Angeles.

The Front Row online musical instrument insurance program has been endorsed by:

  • SOCAN (the Society of Composers, Authors and Music Publishers of Canada)
  • RACS (the Recording Artists’ Collecting Society)
  • CCMA (the Canadian Country Music Association)

Topics: musical instrument insurance, musical instrument insurance quotes, Musical Instrument insurance companies, musical instrument insurance program, musical instrument coverage, musical instrument insurance company