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Thread: Insurance for PRS Guitars...Input needed here

  1. #1
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    Insurance for PRS Guitars...Input needed here

    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!
    Last edited by JDBRADSHAW; 09-18-2012 at 04:15 PM.
    PRS Guitars Endorsee (2008 Mira / 2010 Custom 24 / 2012 Limited Edition Top 10 P24 / 2013 Custom 24 / 2014 PRS SE Angelus Custom) and Signature Club Member... http://www.reverbnation.com/jdbradshaw http://www.prsguitars.com/artists/profile/jd_bradshaw/ https://www.youtube.com/user/ACACIAENTERTAINMENT/videos

  2. #2
    Recovering Bass Player ]-[ @ n $ 0 |v| a T ! 's Avatar
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    Heritage.

    http://www.musicins.com/

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

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    Senior Member Dirty Bob's Avatar
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    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.
    Last edited by Dirty Bob; 09-18-2012 at 04:31 PM.
    -Bob

  4. #4
    Hi. I'm naked. Aldwyn's Avatar
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    How do they handle buying and selling? Is it easy to remove and add gear to a policy?

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    Senior Member Dirty Bob's Avatar
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    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.
    Last edited by Dirty Bob; 09-18-2012 at 08:48 PM.

  6. #6
    Senior Member 11top's Avatar
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    Quote Originally Posted by DirtyMoonsRJT View Post
    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.
    Last edited by 11top; 02-11-2013 at 07:20 PM.
    Sh*tter's full

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    Senior Member Dirty Bob's Avatar
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    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?
    -Bob

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    Senior Member cosmic_ape's Avatar
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    I've been meaning to learn about this Thank you so much, guys!

  9. #9
    Recovering Bass Player ]-[ @ n $ 0 |v| a T ! 's Avatar
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    ★★★★★ Valuable Thread ★★★★★
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    Senior Member Dirty Bob's Avatar
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    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.
    Last edited by Dirty Bob; 09-19-2012 at 02:04 PM.
    -Bob

  11. #11
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    Thanks for all of the input everybody...This helps alot!
    PRS Guitars Endorsee (2008 Mira / 2010 Custom 24 / 2012 Limited Edition Top 10 P24 / 2013 Custom 24 / 2014 PRS SE Angelus Custom) and Signature Club Member... http://www.reverbnation.com/jdbradshaw http://www.prsguitars.com/artists/profile/jd_bradshaw/ https://www.youtube.com/user/ACACIAENTERTAINMENT/videos

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    Senior Member captdg's Avatar
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    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.

  13. #13
    Wonderful! I like Guitar so much. Music can make life more colorful!

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    Anyone have an idea if Europe falls under similar rules?

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    Some call me.... Tim
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    Outstanding thread. Thanks guys!

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    DEEPER STRIATIONS markie's Avatar
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    Phenny Phugg'in Rocks
    Fanboy of the Jester (AKA) James (Previously known as 11top)

  17. #17
    Are 2 heads better than 1 Tim's Avatar
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    Quote Originally Posted by DirtyMoonsRJT View Post
    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!!

  18. #18
    Plank Spanker justmund's Avatar
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    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.

  19. #19
    Senior Member 11top's Avatar
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    Quote Originally Posted by Tim View Post
    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.
    Sh*tter's full

  20. #20
    I'm currently using Clarion. Should I switch to Heritag? Thanks for any input.
    DGT Secretary of Space

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