Miscellaneous Sax's and insurance

[Fraser Jarvis]

Thinking of getting my sax's insured, but before i go trawling about looking for the best rout to take can anyone give a heads up on the best cource of action, weather it's to go through my household policy, insuring each instrument or use a specialist instrument insurer...
thanks.

 

[Pete Thomas]

I insure each instrument, but some are insured in the house only, some outside (inc left in a car) some UK only some world.

You must make sure the insurer knows if you're using the instruments professionally as that can affect the policy. I have policies that are specifically for musical instruments. If you use a household contents policy be very careful to make sure they really are covered.

In England , if you are in the MU it includes cover for instruments up to a certain amount.

 

[AndyG]

Hi Fraser, I have recently covered mine and got public liabiity insurance included (optional), maybe worth a look at these

http://www.newmooninsurance.com/musical/index.php

 

[rhysonsax]

This came up yesterday as I am lending one of my altos to a friend for his daughter to learn on. He is going to investigate whether to insure it - I am only concerned that it comes back in roughly the same condition it left - it's good to spread the saxophone gospel.

I normally only worry about theft and think that I would have to pay repair costs on any damage. Do instrument insurance policies usually cover or exclude damage, whether caused by the player or anyone else ?

Rhys

PS She played the instrument for about 20 minutes and not only was playing all the first octave notes from low D to B but also could do flutter tonguing and growling - that should scare her teacher in the first lesson after Christmas !

 

[noelweston]

I've always insured all my instruments with BBIS -
http://www.brassbandinsuranceservices.co.uk/

For all 7 horns, wind synth, keyboard and all accessories (cases, mouthpieces, sound modules etc.) the bill for the year was in the region of £150. Fortunately, I've only ever had to claim once, for a clarinet damaged while travelling in the States, and they organised and paid for the repair without a quibble.

They're helpful and friendly to deal with as well - highly recommended. The instruments are covered in and out of the house, gigging and while being transported for loss and damage. I think (off the top of my head, without checking) that the only big exception is they aren't covered if left in an unattended vehicle.

Hope this helps

Noel

 

[Sunray]

Hi Fraser, I have recently covered mine and got public liability insurance included (optional), maybe worth a look at these

http://www.newmooninsurance.com/musical/index.php

I use these - Good cover - good communication ... Have a chat with them ...

 

[Tenor Viol]

I use these - Good cover - good communication ... Have a chat with them ...

I've had a very good quote from them for my viols, cello and sax, whic I intend to take up.

 

[Sunray]

To give you an idea of cover and cost ...

Here is part of an email from them regarding My Yani 992 Alto ...

Thank you for your time to discuss your instrument and the possibility of insuring it with Newmoon. Attached is a copy of the Newmoon terms and conditions and also a quote for your instrument below.

I have listed some of the benefits of the Newmoon cover for your information:

1. Worldwide, UK and Premises only cover options
2. Theft cover
3. Accidental damage cover
4. Loss cover
5. £0 Excess on all claims
6. Unspecified musical accessory cover comes as standard
7. Unattended vehicle cover comes as standard
8. Hire costs in the event of a claim
9. 14 days free cover when you borrow/acquire a new instrument
10. UK wide repair network

I can confirm that the premium for the year based on UK only cover on a Saxophone valued at £2270 is £41.93 including insurance premium tax.

If you have any questions please do not hesitate to ask. If you would like to set up the policy please just give me a call on the number below and I can set the policy up in around 5 minutes. Alternatively if you wish to send a cheque please find the business address below.

---

I did only take 5 minutes as well ... 🙂

 

[Jules]

always had good dealings with Allianz myself- had two claims down the ages (aircraft hold damage to my mauriat on the way back from Irish tour- mercifully it got trashed on the return journey! Also -shattered my baritone mouthpiece many junks ago- don't ask!)- both of which they dealt with in an impressively low hassle manner....

 

[griff136]

I, like Jules, have used Allianz and have no complaints whatsoever. Being a repairer I have dealt with many insurers of musical instruments and the two that are by far the easiest to deal with and get paid by are Allianz and Newmoon.

Quite often a customer will come to the workshop and ask me to repair a sax that Jonny has dropped, denting the bow perhaps, putting the bell out of alignment and causing leaks on the notes from Low Eb downwards - I charge around £75 + depending on the extent of the damage, to repair the sax remove the bell and bow, remove any dents realign the bell and replace any pads. I always ask the customer if they have insurance - often accidental damage can be covered by household insurance but there's usually an excess to be paid. If the instruments are insured seperately with a musical instrument insurer theres usually no excess.

 

[Pete Thomas]

This came up yesterday as I am lending one of my altos to a friend for his daughter to learn on. He is going to investigate whether to insure it - I am only concerned that it comes back in roughly the same condition it left - it's good to spread the saxophone gospel.

I normally only worry about theft and think that I would have to pay repair costs on any damage. Do instrument insurance policies usually cover or exclude damage, whether caused by the player or anyone else ?

Yes, my insurance company paid out when I dropped my 10m. No questions about whether it was my fault or not. This is one of the factors determining a good company, you often don't know until it comes to the crunch and they drag out the small print.

An important issue can be replacement of rare vintage horns, will they give you the market value in money or replace it with a new saxophone?

I remember a time when a few people got stuffed by that, and I discussed it with my insurers who told me they would pay out whatever I could reasonably show it's value to be, provided I had insured it for that amount of course. They actually wrote that clearly in a letter because I asked for it in writing as I think the wording in the policy may have been ambiguous.

They also cover being left in a vehicle over night, which is sometimes inevitable when you are on tour.

 

[Pete C]

I also use Allianz and have made a couple of claims with no hassle. I did look at using the MU brokers but discovered that 1. they actually place the insurance with Allianz anyway; 2. that you can get a discount with Allianz if you are in the MU; 3. you loose the unspecified free insurance with the MU if you go through their broker (up to 2k). I decided the best option was a discounted Allianz insurance direct deal for individual instruments and keep the unspecified 2k (useful if I get an amp or something pinched) and public liability through the MU's broker.

Pete

 

[Fraser Jarvis]

OK, Thanks everyone for your input, i have gone with New moon, every things covered, all sax's, case's, mouthpieces, the lot, they have even covered "the professional musician's" violin in with the deal weather she's at school or at a performance somewere.

 

[scotsman]

🙂🙂 Who do you use Pete? Regards.🙂

 

[Pete Thomas]

🙂🙂 Who do you use Pete? Regards.🙂

Who me or one of the other Petes?

I now use Allianz.

 

[turf3]

I know this is a 13 year old thread, but I'd like to point out the alternative to the conventional wisdom of "insure everything always".

I think we all know that insurance companies are not charitable institutions. How they exist is to make a profit; which they do by taking in more income in premiums than they expend in payment of claims. Unless you have explicit prior knowledge that you personally are somehow wildly different than the norm, you can expect that you WILL pay more in premiums, on average, than you ever receive in payments. It's just like going to the casino in that respect - over the long run the house ALWAYS wins.

So, why would one have insurance? The real value and purpose of insurance is to protect you against a RARE chance of CATASTROPHIC loss. So, you insure your house - the effect of the place burning to the ground could be catastrophic to your finances. The effect of a multi-million-dollar lawsuit against you for negligence, should someone be injured or killed on our property, would be catastrophic. You insure your car for liabilty, because again the effect of a multi-million-dollar settlement against you for a car crash would be catastrophic. You have life insurance if you're a thirty year old well-paid sole breadwinner for your growing family, because your death and the loss of your income for the next 35 years would be catastrophic for them. You have health insurance because a heart attack, stroke, or lengthy cancer treatment would be financially catastrophic.

In all these cases, it's still the case that the average premium-payer will pay more in than they ever get out; but it's because the event of loss is so damaging financially, that you accept that, in case of the less probable event.

But we're not talking about that kind of insurance here. What we're talking about is insurance against the theft of a $1000 instrument, or even a $5000 instrument, or against $500 of repairs to the same. Again, keep in mind that unless you have specific knowledge that allows you to predict the contrary (and insurance companies are damn good at assessing risk), you are probably going to pay in more than you take out. Will the loss of a $5000 instrument ruin you financially? I doubt this is the case for very many people. Yes, it would be an inconvenience; yes, you might have to take out a loan to replace it with an equal instrument; yes, you might have to replace it with a cheaper one. But financial ruin? Nope. This is the kind of loss for which insurance is NOT a good way to spend your money. Take those premium payments and invest them in - well, practically anything that outperforms inflation will do - and you'll be ahead.

 

[Pete Thomas]

you can expect that you WILL pay more in premiums, on average, than you ever receive in payments. It's just like going to the casino in that respect - over the long run the house ALWAYS wins.

I agree totally with this, it is gambling. The problem is once you have started you feel locked in due to the sunk cost fallacy.

Sunk costs often influence people's decisions, with people believing that investments (i.e., sunk costs) justify further expenditures. People demonstrate "a greater tendency to continue an endeavor once an investment in money, effort, or time has been made".

 

[Targa]

Sunk costs - throwing good money after bad.