If you are a part of an orchestra, it goes without saying that you need to insure your instruments. As a professional you would definitely like playing top of the line instruments and these are highly expensive. But when it comes to insuring these items many musicians make the mistake of opting for homeowner’s insurance plans. While these plans may seem to be inexpensive and cover you against all kinds of eventualities, the fact remains they are of little use when we take into account the kinds of loses and damages that occur in the music industry. Reading through the finer lines of inclusions and exclusions would give you a clear idea of their drawbacks. Irrespective of whether you are an amateur or professional you need to opt for a compressive coverage. Here is why you mustn’t rely on homeowner’s insurance.
• Value – In case of theft or damage of your musical instrument,orchestra insurance would typically offer you the amount that your items were insured for. There is no further negotiation of this whereas in case of homeowner’s insurance there are clauses of like and kind replacement that may upset you.
• Inflation Protection – Let’s assume you have bought a top end violin for $500 in 2015 and insured it. You lose it 2020 and a typical insurance plan is liable to pay you $500 (much lesser in reality). Such a plan won’t cover you against the normal inflation when you would have to add a substantial amount of money to the compensation you receive to buy a replacement. Music insurance companies on the other hand offer inflation protection that protects you against the rising cost of instruments.
• Instrument Hire – As an orchestra group there are chances that you may play hired instruments and if case of loss or damage you would need to compensate the lender. It is one of the risks that you always need to take into account when you are performing on stage using hire instruments. A good orchestra insurance plan would protect you against this risk and offer you complete peace of mind.
• Professional Usage – Homeowner’s insurance doesn’t cover your orchestra instruments during their professional usage. For instance if the loss or damage occurs to the instrument during a performance or transit during the event, you aren’t likely to receive any compensation from your insurer.
• Natural Calamities – Natural calamities such as earthquakes, floods and hurricanes seldom come with a warning. Like all other household items your orchestra instruments also face the fury of nature. You would be shocked to know that most homeowner’s insurance plans don’t protect you against natural calamities. Would you still want to opt for them?
Similarly to protect your audio equipment you need a dedicated audio equipment insurance plan. It will typically cover you against all the risks involved in the profession. While there are a number of companies that offer you this kind of insurance plans and it is important to check out their ratings, customer reviews and of course the coverage before you opt for their plans.
• Value – In case of theft or damage of your musical instrument,orchestra insurance would typically offer you the amount that your items were insured for. There is no further negotiation of this whereas in case of homeowner’s insurance there are clauses of like and kind replacement that may upset you.
• Inflation Protection – Let’s assume you have bought a top end violin for $500 in 2015 and insured it. You lose it 2020 and a typical insurance plan is liable to pay you $500 (much lesser in reality). Such a plan won’t cover you against the normal inflation when you would have to add a substantial amount of money to the compensation you receive to buy a replacement. Music insurance companies on the other hand offer inflation protection that protects you against the rising cost of instruments.
• Instrument Hire – As an orchestra group there are chances that you may play hired instruments and if case of loss or damage you would need to compensate the lender. It is one of the risks that you always need to take into account when you are performing on stage using hire instruments. A good orchestra insurance plan would protect you against this risk and offer you complete peace of mind.
• Professional Usage – Homeowner’s insurance doesn’t cover your orchestra instruments during their professional usage. For instance if the loss or damage occurs to the instrument during a performance or transit during the event, you aren’t likely to receive any compensation from your insurer.
• Natural Calamities – Natural calamities such as earthquakes, floods and hurricanes seldom come with a warning. Like all other household items your orchestra instruments also face the fury of nature. You would be shocked to know that most homeowner’s insurance plans don’t protect you against natural calamities. Would you still want to opt for them?
Similarly to protect your audio equipment you need a dedicated audio equipment insurance plan. It will typically cover you against all the risks involved in the profession. While there are a number of companies that offer you this kind of insurance plans and it is important to check out their ratings, customer reviews and of course the coverage before you opt for their plans.
No comments:
Post a Comment