What are the Best Features of a Comprehensive Musical Instrument Coverage?

A finely crafted musical instrument is one of the prized possessions of every musician. Only the right insurance policy with adequate coverage can work as its true protector. However, choosing an ideal protection plan for a musical gear can be tricky as it needs you to take a lot of factors into consideration. While many musical instrument owners believe that adding a rider for an instrument under homeowner’s or renter’s insurance can serve the purpose well, it usually offers very limited coverage that is not worth the value of their items. Only a separate program uniquely designed for musical instrument owners is capable of providing enhanced protection through additional coverage clauses. So, what are the best features of a comprehensive instrument coverage that you can count on? Let us give you the details.

All Gear

A specialized music insurance policy actually covers much more than just the instrument. This usually includes cases, accessories, equipment, machinery, and even sheet music.

Worldwide Coverage

No matter in which part of the world your instrument is located, the coverage will be in force everywhere.

All Risk

Unlike a general policy that covers only certain ‘named perils’, it offers much broader protection with its ‘all-risk’ coverage. Your instrument is covered against all possible types of risks excluding a few listed in the policy details. These include loss, steal, vandalism, accidental damage, flood, fire, extreme weather conditions, natural disasters, and so on. However, you cannot expect coverage for the breakage of replaceable items like reeds, drumheads, strings, etc.

On- and Off-Premises

It keeps your instrument protected both inside and outside your own premises. From practicing at home to performing in another state, you can stay assured about its safety everywhere.

Transit Cover

What if your instrument gets lost or damaged while traveling to a concert? An all-inclusive coverage makes sure that you still continue performing without being worried about potential financial losses.

Unattended Vehicle Cover

While participating in a musical event, you may need to leave your instrument unattended in a vehicle and it may get stolen. If this happens, the policy will provide you cover providing the vehicle was securely locked and the gear was not inside for more than 12 hours.

Valued at Basis

In the event of a total loss, an extensive coverage allows you to get a predetermined amount of money in the valued at a basis. It will be exactly the same amount for which the instrument was insured. Hence, you do not need to negotiate in order to find the best deal for the replacement of your instrument.

Difference in Value

Apart from covering the expenses of repairing a damaged instrument, the policy also covers the difference in the values of the instrument before and after the loss.

Business Interruption

You may be forced to cancel your paid performances following a loss or damage to your instrument. It will not only interrupt your business but also impact your income negatively. However, this reimbursement will always compensate you for such covered claims.

Equipment Hire

Any loss or damage to your instrument can affect your upcoming concert. You may even need to hire an item of similar specifications until the original one is repaired or replaced. With the right coverage in hand, you can hire an instrument immediately up to the amount specified in your policy subject to a maximum hiring cost and continue performing without financial worries.

Borrowed Instrument Cover

If you ever need to borrow a musical instrument whilst your own instrument is getting repaired or replaced, you will be covered for that too.

The features of an inclusive musical instrument coverage change based on the distinct requirements of its owner. Not all policyholders qualify for all coverage and there are specific limitations or exclusions for everyone. Therefore, it is always recommended that you discuss your needs with your insurance agent and learn about the possible options. This will help you get the most out of your insurance investment.