Klarinet Archive - Posting 000030.txt from 1999/08

From: "Mark Weinstein" <cpaok@-----.net>
Subj: Re: [kl] Instrument Insurance
Date: Mon, 2 Aug 1999 19:54:26 -0400

As always, it pays to be a good consumer.

The matter of Homowner's Policy v. Rider v. Separate Policy of Insurance
for musical instruments and related items should be studied carefully to fit
individual situations. Choose the BEST economic and operating alternative
that is available. A knowledgable insurance agent, or better yet an
underwriter, should be able to assist (and properly guide) the lay or
uninitiated person.

Be aware of replacement cost policies and their limitations. Its also
important to understand the mechanics of how the replacement cost clause
will be executed. Insurance companies like to "piecemeal" larger claims; in
effect, they wear you out. Expect cancellation from a Homeowner's Policy (we
could name some company names that are a "lock") for the theft of a valuable
item. If you get cancelled, this can travel with you for a time. If the
insurance Company cancels you, many times "they" will offer you a Policy
with a related/affiliated/ "sister" company at sub-standard underwriting
rates; this gives them a chance to recoup their loss! (Its generally good
advice to move on, and try your look with a new insurance company)

Most folks aren't after their insurance company just for money, they simply
want their claim adjusted (and if possible the item replaced) in a manner
that gets them back to where they started with a particular (quality) item.
The best replacement policies simpl;y allow the insured to buy the
replacement item (new) without having to scratch too long for the money;
many companies write a check on the spot once proper replacement cost
evidence is submitted.

Remember, too, that accessories and sheet music, etc that burn in a fire are
awfully important too. In many of these cases, but not every, a
professional will be more closely scrutinized, as opposed to the amateur or
"casual" musician.

Finally, be aware a useful resource in dealing with claims.
Insurance-related service specialists that will represent you in the event
that a claim has not been adjusted in a satisfactory manner. These
specialists generally have a background in claims and adjudication. They
work wonders. In many cases, you can call specialist and discuss the nature
of your claim --- and you will get an instant opinion or advice on
direction. Some of these specialists even work on the basis of a percentage
of the additional value that the insured receives after having retained the
specialist, paying nothing fior the amount that was already "on the table".

Good luck to all.

Mark Weinstein
-----Original Message-----
From: gdubac <gdubac@-----.com>
Date: Saturday, July 31, 1999 7:27 AM
Subject: Re: [kl] Instrument Insurance

>We also insure our clarinets on a personal articles policy (a rider to
>the homeowners policy) along with some other items that could not be
>replaced under the homeowners policy if stolen. Most homeowners
>policies have specific limits applicable to some types of valuable items
>like jewelery, coins, musical instruments, etc., and these limits may be
>too low. Also, we carry a rather high deductible on the homeowners
>policy - we would not want this deductible to apply if an instrument was
>lost or stolen.
>
>So you have to see if any of the specific limits on the homeowners
>policy apply to your instruments, and if they are high enough. Then you
>need to look at the deductible on the homeowners policy and decide if
>you can live with it. Also, compare what is specifically covered
>(breakage?). Then compare costs.
>
>Roger Garrett wrote:
>>
>> On Fri, 30 Jul 1999, Edmund William White wrote:
>> > Well, my Mother suggested that I insure my Buffet 1193-2 bass
>> > clarinet. As a college student, what options do I have for instrument
>> > insurance? What are the reputable companies? Should an instrument be
placed
>> > under homeowner's or apartment insurance? What about an instrument in
>> > transit? Any suggestions would be greatly appreciated.
>>
>> You can increase homeowners insurance, but if you are away, it can be a
>> problem with red tape. You can also take out a rider on the instrument
as
>> an add on to your homeowners - often this covers with not deductible and
>> includes breakage. One of my instruments cracked, and my agent allowed
>> for the $400 Brannenizing I had lost on the new lower joint.
>>
>> That's my recommendation - coming from one who insures $65,000 worth of
>> instruments each year.
>>
>> R. Garrett
>>
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