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View Full Version : Insurance for PRS Guitars...Input needed here



JDBRADSHAW
09-18-2012, 03:12 PM
I want to buy insurance for all 3 PRS Guitars since they will be played at gigs,ect..I need some input on directing me to a decent insurance company..Thanks!

]-[ @ n $ 0 |v| a T !
09-18-2012, 03:15 PM
Heritage.

http://www.musicins.com/

11top should chime in here. There are critical details in the paperwork that need to be considered.

Dirty Bob
09-18-2012, 03:22 PM
I agree 100% with Hans. Talk to 11top.

Every single piece of my gear is itemized and insured...including all of my amps and pedals. Look for a fine arts floater.

Do not just assume its cover under your home owners...also I would not categorize it as musical equipment.

If your insurance carrier won't take care of it...find another one. Be adamant with your insurance broker as to exactly what you want.

Aldwyn
09-18-2012, 06:59 PM
How do they handle buying and selling? Is it easy to remove and add gear to a policy?

Dirty Bob
09-18-2012, 07:44 PM
I simply email my insurance broker a spreadsheet including the insured values I want...and include any changes....if necessary I also send pictures. Sometimes they ask for more information but I'm pretty thorough in what I provide them. It's updated pretty much immediately.

Some have mentioned a video record cataloging your collection makes sense too.

11top
09-18-2012, 08:12 PM
I agree 100% with Hans. Talk to 11top.

Every single piece of my gear is itemized and insured...including all of my amps and pedals. Look for a fine arts floater.

Do not just assume its cover under your home owners...also I would not categorize it as musical equipment.

If your insurance carrier won't take care of it...find another one. Be adamant with your insurance broker as to exactly what you want.

Bob is exactly right. If you schedule under a "fine arts floater," which can be an attachment (endorsement) to your homeowners policy, you will automatically have a "valued" form. That means the amount you have scheduled is the amount you will receive. Otherwise, you will have to prove your loss (the dollar value) at the time of the loss. Some companies will offer a musical equipment floater, but you only want that if it is a "valued form." Some of your agents won't know what you are talking about when you request a valued form, but for your protection, you should insist.
Heritage, which uses Travelers, has a good program. However, you MUST request a valued form or you will not get it. How much extra does the "valued" form cost? Nothing, except you will likely be required to prove that the value you have requested is legitimate at the time the policy is issued. You can prove the value with a sales receipt or an appraisal which your dealer could supply.
One final thing. Do not let your agent tell you that you don't need it because you have "replacement cost." With RC you are still required to prove your value at the time of the loss, and will have to negotiate with the loss adjuster. RC also means "new without depreciation," so that 1985 PRS may be settled on the basis of a 2012 model, and not its true market value.
Finally, if you want a good property and casualty agent, look for one with a CPCU designation (Chartered property and casualty underwriter) after his name.

Dirty Bob
09-18-2012, 08:27 PM
Killer Steve...that post is going to go a very long way for people...you know maybe you should think about doing this insurance thing for a living?;)

cosmic_ape
09-19-2012, 10:58 AM
I've been meaning to learn about this Thank you so much, guys!

]-[ @ n $ 0 |v| a T !
09-19-2012, 11:06 AM
★★★★★ Valuable Thread ★★★★★

Dirty Bob
09-19-2012, 12:54 PM
I'm obviously not Steve but I can try to help you...did you mean each piece at $50k or $50?

The value I was seeking per item played a part in determining level of due diligence the underwriters performed on the pieces. Below a certain threshold there was significantly less due diligence required...and quite a bit more once that threshold was exceeded. In other words...you may not need every single item you own to be appraised in order for it to qualify for the requested insurable amount. Make sure you understand what the requirements and thresholds are...that way you can attempt to gauge what pieces in fact need a formal appraisal...underwriting procedures differ from company to company. In addition make sure that the company/individual you plan on using to do the appraisal is accepted by the insurance carrier...best bet is to have your broker talk to them first about what they require and what they will or will not accept...some companies will enlist their own appraiser. (I had one at my house yesterday).

I would have your insurance broker shop around to find out what makes the most amount of sense. Bundling everything from Homeowner's, umbrella policy, car policies, etc... with one provider can greatly reduce the amount of premium you pay. However this can also expose you to concentration of "risk of ruin" in relation to that carrier. make sure you are familiar with the laws of your state and understand how you are protected if in fact an issue arises with the viability of your carrier.

JDBRADSHAW
09-19-2012, 03:42 PM
Thanks for all of the input everybody...This helps alot!

captdg
11-16-2012, 09:39 AM
Also...make sure one is not curtailed under "limits of liability"..some state legislatures have very powerful insurance lobby's wherein no matter what value your possessions have, the insured will be limited to what the insurance company feels is its intrinsic value...to prevent unjust enrichment.

MusicSDK
01-08-2013, 12:59 AM
Wonderful! I like Guitar so much. Music can make life more colorful!

slimeworm
01-23-2013, 02:40 PM
Anyone have an idea if Europe falls under similar rules?

TJIann
02-10-2013, 09:48 AM
Outstanding thread. Thanks guys!

markie
02-11-2013, 03:04 PM
Phenny Phugg'in Rocks :adore: :adore: :adore: :adore:

Tim
02-11-2013, 03:09 PM
Some have mentioned a video record cataloging your collection makes sense too.

I actually did this at the weekend.... not great vids, done on my iPod, but handy none the less!!

justmund
02-11-2013, 04:07 PM
I've had separate "Musicians Insurance" when I was gigging and pubs/clubs/parties with a cover band, the risk there for me was some drunk opportunist running off with guitar/amp/fx. I've since changed my insurance and now have "unspecified goods cover" which covers us for theft of items up to a nominated value outside of our home. The risk now for me is more someone breaking into my car and running off with a couple of guitars, or potentially at a gig (but lower risk as there's generally audio guys around). I didn't even know that car insurance doesn't cover theft of items out of your car (well it does, but the excess is very close to the sum insured, so what's the point?).

Now if a bicycle, guitar, amp, mobile phone etc gets stolen from outside of our home, it's covered.

I don't have a collection of expensive guitars (yet), so I just bump up my home and contents (which also includes an additional $10K "enthusiast cover") to cover my gear at home.

11top
02-11-2013, 06:17 PM
I actually did this at the weekend.... not great vids, done on my iPod, but handy none the less!!

Tim, Now, store it someplace other than home.

David Grantham
03-18-2014, 09:32 AM
I'm currently using Clarion. Should I switch to Heritag? Thanks for any input. :)

mezzio
03-18-2014, 12:30 PM
I use USAA and have coverage for my instruments and photo equipment under a "valuable property" coverage. I just set this up, but the woman with USAA made a good point with me, don't get coverage for what you paid, get coverage for MSRP for the simple fact that if you got a deal or something, if you need to replace it, you might not be able to get the same deal again.

jfb
03-18-2014, 08:19 PM
This thread brings up some good points. 11top FTW!!! I need to do this.

Rwdavis2
03-19-2014, 04:16 PM
State Farm charged us $25per year to cover my five guitars and one amp with no deductible. This was an addition to the wife's jewelry policy.

thesoundstruggle
03-21-2014, 02:39 PM
i am just about to sign up with clarion anythoughts?