The Complete Guide About Clarion’s Insurance Coverage

You love it. You play it. Do you protect it? Seldom, the answer is YES. It’s a bewildering fact. But, true.

The musicians forget to insure the same instrument that’s most close to the musician’s heart and used the most. This negligence costs them thousands of dollars when the instrument is lost, damaged, or stolen. Not just the instrument, but the accessories come with them are also expensive, which indicates taking the insurance coverage for instrument and accessories are all important.

This need is realized by the music industry leader like Clarion Associates quite earlier and that’s why the company is providing instrument coverage for more than 30 years. There is a slew of coverage and the enhancements are offered.

Take a deep dive into unique coverage plans and the things covered:

• The risks covered

Almost every type of the risks associated with musical instruments and the accessories is covered, be it theft, damage, or loss. There are a few exclusions which are listed in the policy.

• Global coverage

No matter where the musician is located at or where the instrument is played, the insurance coverage is provided to them.

• Valued at basis

This feature eliminates the possibilities of negotiation at the time of claim settlement for the instrument’s replacement. The company pre-determine the fixed amount that the company will pay in the event of loss or theft as replacement cost.

• Covering difference in value

The substantial difference comes in the instrument’s value before the loss and after the loss when the company provides the replacement cost. But, this is not the case with Clarion as the difference in value is covered.

• No settlement fees

When a company settles the claim, the expenses for investigation are not incurred from the musician. Besides, when the lost instrument claim is settled and later, the same instrument is recovered, then the musician neither required to return the amount to the company that’s provided to repurchase the item nor the reimbursement fees.

• Interruption endorsement

When the musicians fail to perform at events or shows due to damaged, lost, or stolen instrument, they won’t get the dollars charged for the performance. Clarion has covered this loss by reimbursing the fee that ranges from $250 to whichever higher at no cost.

• First-hand Instrument Coverage

The newly purchased instrument is covered up to the value it’s bought from the store. Well, the maximum limit is $50,000 for a newly acquired instrument.

• Borrowed Instrument Coverage

When the musician informs the company about borrowed instrument within 48 hours of its possession, the free coverage up to the value of the item is given for 30 days.

• Instrument Replacement Coverage

Under the automatic insurance coverage, when the instrument is accidentally damaged, the musicians get the option of replacing the instrument up to the value of the instrument’s repairing cost.

• Inflation Guard Coverage

For the recently manufactured instruments, if the price of the instrument increases due to inflation, then the musicians can collect the amount that’s higher than insurance coverage matching the inflation rate.

• Partial Loss Damage Coverage

Musician’s attachment with instruments leads to a situation where the musician wants to reuse the undamaged part of the damaged instrument. Recognizing the need, the policyholder is provided the option to keep the instrument parts that sustained damage, which is less often covered.