Orchestra insurance is one of the most important things that you need to consider before moving ahead with your next concert. While you have checked on your gear insurance, have you peeked into what type of insurance arrangement have you been provided for the orchestra? There are gaps that exist in this insurance arrangement, specifically for the sheet music which happens to be an important aspect of the orchestra. To ensure you get the right insurance scheme, here are five steps that you need to fit in your buying plan.
Valuation
What is the valuation of your sheet music library, an important arena of every orchestra? It goes without saying that apart from the purchase and replacement price, there is this other price too that you need to consider- the part where you lose on your sheet music in fire or in transit. Imagine the hours of effort and the resources that go into recompiling the whole music with the markings and bowings. If you have historic or collectible elements in your sheet music, getting that part back would be very difficult for you. Also, you will need to plan adding that to the evaluation. So, when you are defining the market value for your sheet music at the auction, include everything that makes up for your sheet music.
What is the valuation of your sheet music library, an important arena of every orchestra? It goes without saying that apart from the purchase and replacement price, there is this other price too that you need to consider- the part where you lose on your sheet music in fire or in transit. Imagine the hours of effort and the resources that go into recompiling the whole music with the markings and bowings. If you have historic or collectible elements in your sheet music, getting that part back would be very difficult for you. Also, you will need to plan adding that to the evaluation. So, when you are defining the market value for your sheet music at the auction, include everything that makes up for your sheet music.
Plan the Insurance Amount
While you have a huge library that is at risk when there is a fire or transit, only parts of it may need to be replaced in case it is lost. Not everything in your library will be yours; there are always sources from whom you have acquired it, and they need not be replaced. Again, you have an artistic policy in place, which will help define which portion needs to be replaced on loss. The sum insured is an important part of insuring your sheet music, and it should tally with the balance sheet for the sheet music. Your sum insured should at least be valued at the library balance sheet, so that you don't suffer a major loss when getting back the money.
While you have a huge library that is at risk when there is a fire or transit, only parts of it may need to be replaced in case it is lost. Not everything in your library will be yours; there are always sources from whom you have acquired it, and they need not be replaced. Again, you have an artistic policy in place, which will help define which portion needs to be replaced on loss. The sum insured is an important part of insuring your sheet music, and it should tally with the balance sheet for the sheet music. Your sum insured should at least be valued at the library balance sheet, so that you don't suffer a major loss when getting back the money.
Insurance Clauses
When you are buying an insurance policy for your orchestra, make sure you have read all the clauses within the policy that are in line with the claim settlement. You don't want to see restrictions in the claim settlement at a later stage, just when you are planning to claim the money. The insurance settlement could be a pro rata based amount or, there could be a certain percentage set on the insurance amount you are likely to get. Either ways, it is always good to check on the claim policy before you go ahead with claiming the policy.
When you are buying an insurance policy for your orchestra, make sure you have read all the clauses within the policy that are in line with the claim settlement. You don't want to see restrictions in the claim settlement at a later stage, just when you are planning to claim the money. The insurance settlement could be a pro rata based amount or, there could be a certain percentage set on the insurance amount you are likely to get. Either ways, it is always good to check on the claim policy before you go ahead with claiming the policy.
Is Sheet Music Covered?
Sometimes, there will be no mention of the document within the standard office policies, and in some cases it will be mentioned as a valuable document. Again, the valuable documents may be covered only on the premises that the policy was taken- the concert hall or the rehearsals location. This means any loss during transit will not be accounted for. This could be a huge blow to you when you plan to claim the policy. Always check, how and where the sheet music is covered in the insurance.
Sometimes, there will be no mention of the document within the standard office policies, and in some cases it will be mentioned as a valuable document. Again, the valuable documents may be covered only on the premises that the policy was taken- the concert hall or the rehearsals location. This means any loss during transit will not be accounted for. This could be a huge blow to you when you plan to claim the policy. Always check, how and where the sheet music is covered in the insurance.
Storage
Make sure a certain part of your insurance also covers storage of the sheet music. Keep in mind the security and the safety regards for the sheet music. Some insurance policies fail to cover damp or mold sheet music or, the sheet music stored in inappropriate places.
Make sure a certain part of your insurance also covers storage of the sheet music. Keep in mind the security and the safety regards for the sheet music. Some insurance policies fail to cover damp or mold sheet music or, the sheet music stored in inappropriate places.
Clarion INS is a best-in-class orchestra insurance company that offers complete transparency in claim related matters. Choose a policy that meets your needs by connecting with us.
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