You are always protective of the things that matter to you, like your family, home, and other valuable assets you have. Isn't it? Similarly, if you are a musician or a music buff who loves playing or collecting musical instruments and audio equipment, you know their financial and emotional worth like no one else. Right?
You opt for home insurance, life insurance, or auto insurance to protect your home, life, and vehicle. Correct? So, do you also have a suitable audio equipment insurance plan to safeguard your musical paraphernalia? If your answer is a yes, you are good to go. However, if you do not have any additional coverage for your musical instruments, you need to read this blog. Here we have rounded up some of the most frequently asked questions asked by the potential buyers of musical instrument insurance plans. Let us get started.
Where can I take a sigh of relief that my gears are protected?
Well! The moment you buy a musical instrument insurance policy, all the covered gears (that you have included in the agreement) come under the umbrella of insurance. And, regardless of your location - inside your home, outside your home, at a concert, in another country, in transit, and across the globe, your musical equipment gets complete protection with a comprehensive audio equipment insurance plan.
What does complete protection mean? What losses are covered by your insurance plan?
With a reputable and customer-centric insurance service provider with decades of experience, you get the promise of All-Risk coverage. It means that your musical instruments will be covered against all kinds of unintentional damage caused by all possible risks. These include - accidental damage, theft, fire, vandalism, lightning, water damage, flood, and earthquake, among others.
Are there any exclusions? If yes, what are they?
Like any other insurance plan, musical instrument insurance policies do have some exclusions. Although these are likely to vary from one insurance company to another, some of the common exclusions may include the following:
● Regular wear and tear
● Damage or deterioration caused due to regular use
● Manufacturing defects
● Faulty workmanship or repairs
● Damage owing to rust, mold, corrosion, etc.
● Intentional damage
● Dishonest acts
Can audio equipment insurance protect you from a legal soup?
Public liability coverage is another crucial cover you are likely to get with your musical instrument insurance policy. It protects you against cases of public liability. For example - if a third party is injured or their property is damaged due to your gears involved, your insurance plan will pay for medical as well as legal fees that you are likely to incur.
If I apply for a musical instrument insurance plan how quick can I expect things to be?
After you submit your application form along with the payment, the application will be checked and reviewed by the designated team at your insurance provider’s office. In general, with most insurance companies, the processing starts the same day as document and payment submission. If the documentation and other relevant things are all correct, the designated team will send you an email with a copy of your insurance plan shortly. As application processing is likely to differ from one carrier to the other, make sure to confirm the same with the insurance company you intend to choose.
What if you need to file a claim?
Unfortunately, if your gear is damaged or lost and you need to file a settlement claim, then also the process is pretty simple. All you have to do is inform your service provider and report the claim at the earliest. An experienced musical instrument insurance company understands the severity of not having your musical gear by your side. Therefore, they make sure to get your job done as early as possible.
After you are done reading the FAQs, you have got a clear insight into how musical instrument insurance plans work and why you should buy one to safeguard your musical apparatus.
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