Follow these simple tips to make sure your insurance policy covers all the situations a professional musician might encounter.
When you buy a musical instrument, one of the first things to do is make sure that you have the right insurance. "Hope for the best, prepare for the worst" is the idea here so it's important to protect your investment. Thankfully there are many different types of musical instrument coverage available, so with this checklist, we'll show you how easy it is to find the perfect musical instrument insurance for your needs!
It is important to make sure your insurance policy covers the instrument while it's in transit and when you are travelling abroad. If you're travelling by air, make sure to get an airline approved case or cover and be sure to list the musical instruments on your policy as being "high value."
Some musical instruments like a double bass can be delicate and require additional protection. So, if it's included in the price of your musical instrument insurance quote but isn't covered by standard rider or policy, make sure that these items are listed as well!
This may seem like an obvious question, but knowing the answer will help you when comparing quotes and make sure that you're fully covered in case of theft or loss. You might need an appraisal from an expert or a reputable dealer. This will usually be required for instruments above a certain value.
Deductibles can vary depending on what musical instrument insurance policy is right for you; however higher deductibles result in lower premiums. You can choose a musical instrument insurance policy that covers events such as theft or loss, but if the deductible is high you might not be able to claim for minor damage to your musical instrument!
You can choose between different levels of musical instrument protection depending on the value and type. For example, a £25,000 violin could be covered by either renter's or homeowner's musical instrument insurance policy but if it cost more than that you would need to look at special musical instrument policies or musical instrument riders.
Violin insurance is a very specialised sector of the insurance industry so you'll want to make sure that the company has experience insuring these kinds of unique instruments.
Some insurance companies are more expensive than others so it's important to compare quotes. There may be restrictions that apply, such as the location of where your musical instrument is stored or even the type of building! If you're trying to find a musical instrument insurer who will cover repairs and replacement costs for musical instruments that are damaged by musical instrument events such as fire or flooding, be sure to check if your musical instrument insurer offers this kind of protection. This will save you time and money since most insurance companies will expect the owner of a musical instrument to pay for repairs!
If you are a professional musician, it's important to have public liability insurance. This will protect you in the event that someone is injured or their property is damaged as a result of your musical performance. This musical instrument insurance coverage is usually included in musical instrument policies for professional musicians.
Some musical instrument insurance coverage protects you if someone claims that your performance caused damage to their property or injury to them! If this happens, the damages would be covered by the policy so long as they are not a result of your intentional act.
It's important to know what you are entitled to so it is best practice to read the musical instrument insurance policy carefully. Most policies have time limits, usually 30 days after an accident or event has occurred. If you're unsure about how to make a musical instrument insurance claim, call your musical instrument insurer immediately and ask for advice! Get a written report as soon as possible detailing the accident and what exactly was damaged. Keep all receipts and invoices related to the accident for repairs or replacements.
At MyLuthier, we use Lark Music as our preferred insurance partner. Lark Music provides musical instrument insurance which is designed to meet the needs of musicians. Lark Music have been trading in musical instrument insurance for over 25 years and as such, understand the needs of the musician.
The musical instrument insurance market can be complicated, but by following this checklist you should find the musical instrument policy that best suits your needs and budget. We recommend Lark Music as they have been trading in musical instrument policies since 1991 and understand what it takes to insure these types of valuable items.
This might appear to be too complicated but don't worry because our team at MyLuthier are experts on how to get the right cover for your specific situation so just let us know!
Pedro Silva is a cellist and one of the co-fourders of Myluthier.co. He graduated from the Royal Academy of Music in 2018 with a Master of Arts in cello performance, studying with Guy Johnston. He enjoys an varied freelance career as an orchestral, chamber musician and frequently collaborates with Early Music ensembles and West End productions.