Only a musician or a person with great ear for music would appreciate the value of an instrument. The musical instrument might be just a flute made from a rural village and priced quite low. But still, irrespective of the price, the value of the musical instrument is quite high to the musician. This said the music studio these days might have high-end computers and studio monitors, sound proof rooms, and musical accompaniments that might fetch a great value in the market. But to the owner, it might be priceless. So, understanding such emotions, insurance companies these days have specifically stated catering to the music industry. So, whether you need studio coverage, or even instrument coverage, you shall be able to get it.
What are the items that can be covered?
Every different insurance company would have its own eligibility criteria and they would offer coverage to only few items or sectors. There are music insurance companies that have been around for some time and they have been offering insurance coverage too down the years.
Every different insurance company would have its own eligibility criteria and they would offer coverage to only few items or sectors. There are music insurance companies that have been around for some time and they have been offering insurance coverage too down the years.
But just like any other coverage problem, it would require the musician to take time out and go through the services and policies that they offer.
If the musician is a stage performer, and travels with his own band, then he would need to make sure that the orchestra musicians also get covered and their musical instruments, and woofers and every other accessory get covered.
Performance insurance is a necessity for the performing artistes and whether they are just starting off their performances or whether they have found great fame already, they would need insurance. The insurance companies would offer insurance for all the musical instruments. So insuring the musical instrument for Value at Basis claims method is ideal to start with and the musicians are required to do so.
There are few reputed music insurance companies that even offer to cover borrowed musical instruments, or musical instruments that are sent for any repair work. In case, a very important musical instrument is damaged, or lost or even stolen and that is forcing the musician to cancel his performance, then the insurance company will reimburse your fee if the loss is covered by the insurance policy.
If there is any difference in the value of instrument before or after the loss, then few companies even make it a point to pay the difference too as claims.
But more than anything else, the complete protection of your valued musical instrument should be the priority. When you are checking out for performance insurance, does it involve damage in transit, or getting stolen in other country - get these points cleared at first itself. Likewise, if a music composer buys or sells off an instrument and would like to make that alteration in his studio coverage then he has to follow written correspondence for the same. All these vary from one company to the other and hence, make sure that all the instruments are covered and you are pleased with the insurance company's benefits too.
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