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

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

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 - this 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: instrument insurance, musical instrument insurance, Stolen Musical Instruments, Musical Instrument insurance companies, musical instrument insurance program

Stolen Musical Instruments: How to Make a Claim

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

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 on line 24 hours a day 7  days a week. $5,000 of gear costs $75 and  covers you worldwide

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