A couple weeks ago, I talked with a fellow entertainer who just finished playing a wild wedding. He wanted to know if I still had a spare PSR-740 around that he could borrow for a gig (job) he had the next evening. Unfortunately, both have been sold, and when I asked why he need another keyboard he said his current board was trashed at a the wedding job. Apparently, someone who was blasted out of their mind stumbled into the keyboard while carrying a couple pitchers of beer--end of keyboard.

The irony of this is when I asked if he had insurance he said "I didn't know you could get insurance on music equipment." Not only did the beer trash his keyboard, but it also destroyed a brand new mixer, and made it impossible for him to play the following week's jobs. He ended up turning the jobs over to others in the area, which covered his butt for the time being.

Bottom line is he was unaware that you could insure music equipment and do it for a reasonable price. All of my equipment is insured for full replacement value, no deductables, and all hazards--even if a drunk stumbles into the keyboard and fills it with beer. The cost is quite low, under $100 a year, which is dirt cheap when you consider how much we all have invested in equipment.

Just today, he purchased a new PSR-2100, Peavey mixer and a new mic, then called my insurance agent at Erie Insurance Exchange and had everything covered. He says he now knows why I no longer do weddings unless the couple getting married is over age 50.

I wonder just how many pros out there carry insurance on their equipment?

Gary

Gary,

I am extremely embarrased to say that I am one of those who does NOT have insurance on my equipment.

As I was reading your post, I started getting that sinking feeling in the pit of my stomach knowing where you going with your post. I have insurance on everything else including my kids, but not on my equipment.

I wonder just how many performers on this forum actually insure themselves!!!!

After 9/11, I re-evaluated all my insurance and I have the exhorbitant monthly premiums to prove it!

Thanks for the post, Gary. I'll have to look into this quickly as I am constantly surrounded by drunks!!! ;-)

Al

Gary,

I'm no 'PRO' but my equipment has an insurance since the very first day I started playing gigs. (1975)
In our country (NL) musicians can have an insurance but one important restriction : Never leave equipment in your van or car during the night, while the car is 'unprotected' outdoors. You need a lockable garage if your want to leave equipment in cars/trailers.

Sometimes it was pretty 'scary' while playing, but no real accidents happened during the 29 years of gigging.

Roel

[This message has been edited by Roel (edited 02-06-2004).]

Roel,
I live pretty much out in country, not much to worry about here, but still, I rarely leave my equipment in the van. The only time that happens is when I get home at 3 a.m. and I'm just too tired to unload. Most of the time, though, even at that hour of the morning, I'll still bring the laptop and keyboard inside--just to be safe.

Gary

And.... if you use your gear professionally and it is stolen from your house or car, your HomeOwners policy will not cover it unless it is specifically insured....
t.

You're right Tony, and the same holds true if you use your computer professionally. Because I am also a full time outdoor writer, my home-owners insurance will not cover the PC. Consequently, I had to purchase a separate rider just for the computers and software--what a world!

Gary

My friend was at a gig and he did not have insurance on his equipment, and he left them in the car. His three keyboards got stolen out of the car in the middle of day while he was getting a sandwich. He had to fight for ever for the insurance to pay him for the keyboards.

I have to admit that I have been wanting to insure my equipment for quiet sometime now, but still have not done so!

All of the insurance coverage I have found for instruments used in performance require either "declared value" insurance, for instruments which apprciate in value (collectibles), or insurnace which is set up on a depreciation schedule. "Replacement value" insurance would, for instance, pay only 1/3 of the basis or cost if it were destroyed at the second year of ownership, if the depreciation were figured for "straight line" depreciation over three years.

I have over 300 instruments. Keyboards (except for my B-3's) depreciate like mad.
Collectible guitars, on the other hand, often appreciate in value.

Insuring instruments, especially a LOT of instruments, at a reasonable cost is an expensive, necessary part of the business.
In the last 40 years, I have had instruments crushed, stolen, trashed, etc. I try to play "junkers" instead of collectibles for certain types of jobs.

Russ

Russ,

My policy is for full replacement value--not depreciated value. If my keyboard is trashed by a bucket of suds, my policy pays the fully insured cost that I have listed. I supply them with the list of equipment, which to date is approximately $14,000 for the items I have insured. The total cost of the policy is just $93 per year, which I consider dirt cheap. It covers all hazards, including theft, flood, fire, etc--all hazards. No exclusions for drunks, professional use, etc. I shopped a lot of insurance companies until I found this coverage, and believe me when I say there a major difference between companies and the coverage they provide. It also helps to have a good agent who will work to find you the best coverage for the best price.

Cheers,

Gary

My friend was on his way back from an accordian gig, and stopped for a cup of coffee. He pulled a blanket over the accordian case (in the back seat) and ran in to get his "jo" ...... when he came out, only 3 minutes later, sure enough, his worst fear had come true.......
>
>
>
Someone had left a SECOND accordian in his car !

I had my car and my equipment stolen from my driveway. My policy included coverage for a loss on driveway.

I later found out that the people who stloe my car/equipment had followed me home from the job/gig. I got the car back with parts missing--the instruments were gone. A beautiful Gibson L5 guitar.
That was the first time I ever left anything in my car overnight. My dog tried to tell during the night that something was going on, but I shushed him up--Hmmmm!

My story, John C.

Tut tut Uncle Dave.........
It is not politically correct to denigrate accordions and (by implication) the people who use them.
Here, in the UK, you would be up before a tribunal on charges of inciting musical prejudice and confined for the rest of your natural life in an institution for the training of learner bag-pipe players, situated in a remote part of the Outer Hebrides.

BEWARE...Trevor

sorry !

Gary...

My problem in securing rasonably priced insurance is the size of the collection and it's value. Maintenance (storage in a humidity controlled environment, nexk adjustments, string changes, etc.) cost me over $1200.00 a month. The only company with insurance available I could find is Lloyds.

All general agents passed. I have been dealing with this issue for years. Lloyds even sent an instrument appraisal specialist to verify the declared values I supplied.

Cost is a major factor. Yhat's why I insured all instruments which will depreciate at
the depreciated value. As it is, my policy costs over $10,000.00 per year.

I re-evaluate coverage every 6 months and update for coverage on recent acquisitions.

Russ

Russ... What't the value of your equipment being covered for $10K?

Glenn...I'm embarassed to admit my "addiction" to collecting stringed instruments. Let's just say that the annual premium is less than 1% of the appraised value of the collection that's very conservative). I've been collecting for over 40 years and have over 300 pieces. Many are old Gibsons (L-5's, 355's, Barney Kessel's, Super 400's), pre- CBS Fenders, several old Austrian uprights from the 1800's, etc. The good news is, the collection has appreciated over 9% a year since I began collecting. The bad news is, I can't part with even one of the pieces. I have given instruments away to promising jazz players who couldn't afford to buy one.

Since I have depreciated them as a business expense, I'm concerned about a massive capital tax bill if and when I liquidate.

Collecting is my passion.

Russ