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Music Instrument Coverage – Five Things That Make a Great Plan

Written on May 16, 2016   By   in Music

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by Photos By Clark

As a musician you are aware of the importance of insuring your musical instrument. From loss of the instrument to damage, the risks associated with the profession are many. Modern performers face new set of challenges that musicians in the past would have seldom faced. You can be held liable for an unfortunate incident that takes place during your performance or inside your home music school. This is the reason most musicians and event organizers opt for liability coverage in their insurance plan. Coming back to your musical instrument, you need to be extra cautious while buying an insurance plan that offers you adequate coverage. While there are different types of instrument coverage being talked about, here are five things that make a great plan.

1.Risks Covered – Before buying an insurance plan for your instrument you need to take a look at the risks covered under the plan. Your instrument can be damaged on stage or during transit. Similarly you may lose it from your home or while it is being handled at the airport. A good insurance plan needs to cover all such risks and offer you complete peace of mind.

2.Valued At Insurance Coverage – This is one of the most important aspects of any insurance plan. The ‘valued at’ clause defines the amount of money for which your instrument has been insured. The same amount would be paid to you as compensation in case of loss and complete damage to the instrument. It serves better than replacement cost as it is predetermined and doesn’t require any negotiation in the event of loss.

3.Worldwide Coverage – Read into the finer lines of the insurance plan and see if it places any restrictions based on geography. Music knows no boundaries and you may tour the world to entertain people. So you must choose an insurance plan that offers you worldwide coverage and doesn’t restrict the benefits within a certain geographical area.

4.Replacement Coverage – Imagine a situation when your instrument is being repaired and you have to perform at an event. In such circumstances you would have to hire an instrument which can burn a hole in your pocket as such charges are pretty steep. You need not worry if you have replacement coverage as this would bear the cost of hiring an instrument while yours is being repaired.

5. Business Interruption Compensation – The risks associated with your instrument goes much beyond repair and replacement cost. There are situation where loss of damage to an instrument may prevent you from performing and lead to financial losses. A good musician’s coverage would offer take care of your loss of income in such situations.
Any insurance plan that fulfills these five parameters would take care of all the risks associated with your instrument. Apart from these there are many other additional protections that you can opt for and these include Inflation protection and partial loss/damage protection. A good music insurance company would offer you all these protections and help you mitigate all the risks associated with your profession.

Author is an insurance agent with over a decade-long experience. He helps musicians choose the best instrument coverage.

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