Conference mr1pst::music

    Jim,
    
    THis much I know: professionally used equipment is NOT covered by
    homeowners, renters or condo insurance.
    
    What you need is called an "Inland Marine" policy (don't ask how it got
    that name).  Almost any insurance agent should be able to discuss this
    with you, and most can offer it to you (some won't on musical
    equipment) but be warned that there can be a TREMENDOUS difference
    in price: in my case the lowest was $99/year, the highest was $1200!!!
    
    One strategy to try for is to get it done as a "rider" to your
    regularly homeowner's (or renter's or whatever).
    
    What I ended up doing was switching my homeowners to Allstate because
    State Farm wanted an arm and a leg, and Allstate was willing to do it
    for $99 as a rider to a homeowners policy.   The only problem I had
    with Allstate is that they won't insure more than $10,000.
    
    An Inland Marine policy pretty much covers your stuff no matter where
    it is: at a gig, at a rehearsal studio, in transit, etc.
    
    This is SUCH an important thing, and I'll bet most people in here never
    think of insurance, but I can give you references to people who went
    thru HORRIBLE experiences because they were NOT insured.  Some of them
    thought they were under other policies and found the VERY hard way.
    
    All I can say to implore people to look into this is "try and imagine
    what kind of position you'd be in if you lost all your stuff".  That's
    how important it is because that's what it's all about.
    
    Some common misconceptions that I hope will get people thinking:
    
    1) If you leave your stuff at your band-mates house, and it gets stolen
       or damaged in a fire or whatever, chances are IT IS NOT COVERED
       under your friends policy.
    
       I remind the guys in my bands of this periodically
    
    2) If your stuff gets stolen out of your van/car/whatever, chances are
        it is NOT covered.  Same applies to anyone elses car.  The key
        point is that it is professional material which is excepted in
    	most policies
    
    3) If your house burns down or your stuff is stolen, it is NOT covered
       by your homeowners policy.
    
    4) If it is stolen from a gig, it may or may not be covered depending
       on what the clubowner has in the way of insurance.  It's definitely]
       NOT covered on any of YOUR policies UNLESS you have an inland
       marine.
    
    Anyone in here who has gear that they BOTH a) can't afford to lose and
    b) can't afford to replace themselves ought to have this special
    insurance.   If not, you are being dumb/negligent and I do not intend
    to offend anyone, but that is the plain truth.
    
    	db

    As some of you know ... I tend to buy/sell alot gear every few years -
    whenever I "upgrade" or otherwise alter my setup.  Do I need to re-do
    my insurance (i.e. exactly what items are covered) EVERY time I buy or
    sell a piece of musical equipment?
    
    Jim

    If you have a floater, each piece is "scheduled" (listed separately)
    and you have coverage only on these items, so if you change equipment
    you must change your floater. My coverage (State Farm) gives me a
    30-day grace period with some dollar limit (I think it's $1000) for new
    acquisitions.
    
    Rather than change the floater everytime I buy or sell something, I
    send an update three or four times a year. This means I always have
    something that's not insured or am paying for something I no longer
    have. I also don't bother with small items like effects pedals, covers,
    stands, etc. 
    
    If you need professional coverage you don't have to have it on
    everything you own, just on those items that generate income. When I
    was a working musician, I had my stage instruments with professional
    coverage and the rest of my stuff on a standard floater.
    
    Danny W.

re .1

>>    3) If your house burns down or your stuff is stolen, it is NOT covered
>>       by your homeowners policy.
    
This one I don't understand.  Are you saying that if I use some equipment 
professionally and store it at my house that the personal property coverage of
my homeowners policy will cover all of my personal property except for those
things that I use professionally?

Walker

Re .3:

Yup. If you think about it, it does seem only fair. Costs for homeowner's
insurance is based on "average" cost of personal belongings. Start throwing in
the professional equipment of someone in a gear-heavy line of work, like video,
photography, *music*, and the like, and costs would have to skyrocket. Putting
pro equipment under a separate policy seems to make sense as being more
equitable, IMHO.

Bob

    Check in CLASSICAL_MUSIC -- there was a discussion in there a while
    back.
    
    					Val

    I had an inland marine policy for a long time. I switched
    to a metpay rider on my homeowners, which lists the equipment
    item by item with serial numbers and the text:
    
    	"exclusion for professional use waived"
    
    Meaning that they have WAIVED their standard exclusion and they'll
    pay off if your gear gets vanished in a club or in your car or in
    rehearsal space.
    
    Costs me $120 a year for $4k of appraised equipment
    
    Ive never filed any claims....