Okay, you've been staying motivated, and finally decided to start your music business. Maybe as a pianist, or as a musical, rental or for leasing, you bought those instruments expensively, and don't want to risk losing them, most especially now that your business is just growing. So you decided to get musical instruments insurance for it, but you're surfing the web to learn all you can about musical instruments insurance and how to go about them. Search no further my friend, because you're at the right place.
For the musician the instrument is unique; it is an irreplaceable companion and an object of value to be cared for. But between concerts, rehearsals and travel risks are present, hence the usefulness of underwriting musical instruments insurance.
Violin, piano, electric or classical guitar, mixing desk... enthusiasts, amateurs and professionals, know it, a musical instrument and its accessories are very expensive.
All the more reason, conservatories or music stores generally require a certificate of insurance to agree to rent an instrument, a practice that costs the apprentice musician less than buying it.
The insurance is thus intended for professional musicians as well as amateurs, collectors, luthiers or music schools.
This type of insurance can cover all instruments: wind, string, drums as well as electric instruments and sound equipment such as the mixer or a sound system. Biniou, bagpipes, accordion, harmonica and all other less common instruments are also included: they must simply have been made by a professional.
Home insurance can cover your musical instrument
It is not necessarily necessary to take out specific insurance to cover your musical instrument; you can settle for your home insurance. Indeed according to the insurer and the type of contract your piano, your flute or your battery can be considered as leisure equipment or an object of value. This categorization depends on both the terms of the contract and the value of the instrument in question: to find out more about the insurance of valuables consult our dedicated guide.
Thus, the musical instrument is registered in the real estate capital of the multi-risk home.
The instrument is covered by your home insurance against fire, water damage, theft, vandalism... as well as all other objects and furniture present, as long as it is in the house. Indeed, the home insurance does not cover any damage that will occur outside, and will not cover accidental break for example.
It is possible, however, that this cover requires special guarantee musical instruments to subscribe when signing the contract, or the constitution of an endorsement. To find out if your home insurance covers your instrument, and if it is considered classic furniture or something of value, read your contract or contact your insurer.
It is possible, however, that the home insurance covers your musical instruments as well as its associated equipment (amp, mixer...) during a regular trip such as, for example, between your home and the conservatory.
The "personal effects" guarantee
In case of burglary of your instrument in your car, it is possible that your warranty "personal effects" can cover the disaster. However, to be sure, refer to your contract, because all the objects contained in the cabin are not necessarily covered.
Specific insurance musical instruments
If home insurance may be sufficient for an amateur who trains primarily at home, a professional will almost certainly turn to a specific contract that will cover the instrument wherever it is and during travel, rehearsals, concerts.
The guarantees offered by the specific insurance
1. Theft after an assault or break-in
2. Flight in public or private transport
3. Accidental breakage, fall
4. Fire, water damage, explosion, storm, natural disasters, attacks
5. Loss
6. Vandalism
At the occurrence of a disaster, the insurer offers you the assumption of responsibility
1. The cost of renting a replacement instrument itself automatically insured
2. Repair costs if they are possible
3. The repayment of the instrument according to its new value
It is generally possible to cover at the same time the equipment of the instruments: case, box, partitions, support... As for any insurance, the musician can choose an all risk formula or not.
How is the refund amount fixed?
Specific insurance reimburses almost all your musical instruments on the basis of the agreed value. The principle is simple: the value of the instrument is fixed at the signature of the contract on the basis of an invoice or an expert estimate less than two years old.
Thus, the reimbursement is made from this amount, revalued according to the value of the instrument on the day of the loss. The amount can therefore be depreciated or increased: the insurer can set a minimum and maximum threshold to avoid unpleasant surprises.
This method of compensation is also known as the replacement value.
Attention, however, it is sometimes necessary that the instrument is less than three years old (except violin) to be insured in value approved.
Is there a franchise?
No! Most insurers offer formulas without deductibles.
How are many instruments covered?
Generally, specific insurance covers up to five musical instruments with one contract, but these must be specified at the time of signing.
How much does this type of specific insurance cost?
Rates vary greatly depending on the value of your musical instrument, the guarantees subscribed and the geographical area covered (home only, France, Europe, world...). Generally, the first prices start around 50 € / year.
My instrument costs more than $40 000, what to do?
It is possible that you have offered yourself an instrument of great value, or that you have inherited from a parent musician: in this case, the insurers will ask you to contact them directly by email or telephone to offer you personalized quotes.
What to do in case of disaster?
Contact your insurance as soon as possible: the delays are the same as during a car accident.
1. Any damages: 5 working days
2. Flight: 2 working days. The complaint is imperative.
As with all insurance, read your contract and identify possible exclusions. Some formulas will offer different guarantees of what is exposed here. For example, damage may be taken into account only when the transport has been carried out by a professional carrier and not by an individual.
Rahl