Musical Instrument Insurance
Quality coverage designed for hobbyists and professional musicians to protect instruments from risks such as fire, theft, or damage.
Musical Instrument insurance provides specialized coverage for musical instruments and equipment in the event of theft, accidental damage, or other losses that homeowners insurance often excludes. Coverage includes:
- Professional use. Most coverage excludes instruments used professionally, even if just an occasional performance or lesson, but this insurance covers professional use.
- Few exclusions. Virtually every type of damage or theft is covered except the few exclusions listed in the policy.*
- Worldwide coverage. Coverage follows your instrument anywhere in the world, with no excluded territories.
- Valued at basis. The amount an instrument is insured for is the amount collected in the event of a total loss.
- Difference in value coverage. Accounts for any difference in the value before a loss and the value after a loss.
- Inflation guard coverage**. If an instrument’s value increases, coverage can exceed the amount insured.
- Replacement instrument coverage. While an instrument is being repaired due to a covered loss, coverage for a replacement is available.
- Right to repurchase. If an instrument is lost, misplaced, or stolen, and that instrument is recovered, the insured has the option to repurchase the instrument.
- Business interruption. If a performance needs to be cancelled due to a covered loss, the insured can receive reimbursement for lost income.
* Not all applicants qualify for all coverage terms or enhancements. All coverage is subject to the terms and condition of the specific policy issued to a specific applicant.
**Applies to newly “manufactured instruments” less than 10 years old.
Frequently Asked Questions
Who is eligible?
Alumni/ae, students, faculty, and staff of sponsoring alumni/ae associations, and their eligible family members (spouses, domestic partners, parents, children, and siblings) at least 18 years of age. Coverage is available for professionals, hobbyists, collectors, trusts, or corporations.
What can be covered?
Any kind of instrument from common to rare can be insured, as can accessories such as recording equipment, electronic gear, instrument cases, bows, mouthpieces, and other items of value that are used in the playing of music.
The minimum value per policy is $3,000. The minimum value per item is $100.
What is not covered?
A few situations are not covered, including governmental action or nuclear hazard, wear and tear, damage by pests or vermin, unexplained disappearance (not loss or theft), and faulty workmanship or pre-existing damage.
What are my payment options?
Premiums are paid annually by credit card (if <$1,000) or direct bank transfer (ACH).
How is my policy renewed?
Policies are effective for one year and are usually renewed, invoiced, and sent approximately 30-45 days before the renewal date.
What’s the difference between Musical Instrument insurance and coverage available through homeowners insurance?
Unlike homeowners insurance, Musical Instrument insurance offers coverage for professional use, damage or loss due to flood, replacement instrument, and difference in value. Typically excluded under homeowners insurance, instruments can be covered for breakage, damage, or loss due to earthquake or flooding.
With Musical Instrument insurance, the amount insured is the amount collected in the event of a total loss. There are no maximum value limits. Plus, low or no deductible options are available.
With homeowners insurance, benefits may be limited to the cost to replace the instrument with “like kind and quality.” Plus, there are typically limits for expensive items.
Partner
Clarion Associates is a specialty insurance agency built entirely around musical instruments. Based in New York, Clarion insures over 25,000 musical instrument owners and users nationwide, including individuals, recording studios, symphony orchestras, and musical instrument businesses. Clarion offers coverage for professional and non-professional players, high-value instrument collectors, students, and instrument owners of all types and values.
Questions?
Existing customers can visit the Clarion portal here.
If you have questions, call 973-635-7800, or email info@meyerandassoc.com. Trained customer service representatives will be happy to provide the information you need. And naturally you’ll be under no obligation.