As a musician, your instrument (or instruments) may be one of the most important and expensive things that you own. There are several possible ways to secure coverage for your instrument by including it in other types of insurance that you may have run out to purchase after reading the first part of this guide, but the safest bet is to secure a standalone, instrument-specific policy. These types of policies come in both a scheduled and unscheduled basis. What that means is that some policies (scheduled basis) will require that you send a list of instruments to be covered and will only cover damage or loss to those; other policies (unscheduled basis) will cover any instruments that are in your possession at the time.
Here are some things to consider when shopping for a policy:
- Worldwide coverage. With this you are sure to be protected wherever your travels may take you.
- Replacement cost coverage. This means that the insurance will cover you for the cost of replacing your instrument with one of like kind or quality, and not for the actual cash value of the instrument, which may be less than it would cost to purchase something to replace it.
- Low deductible. As we have discussed before, the deductible is the amount that is deducted from your final claim payment, and the amount of money below which a claim will not be paid out. So, if your policy has a $1000 deductible, then any claims below that will not be paid out and your final claim payment will be your replacement cost minus $1000
Now that I’ve covered everyone working for me in the US, and all of my stuff (including my instruments!), I finally have the time and peace of mind to think about my upcoming tour to Japan. What do I do now? International Touring
There is that sticky question of health insurance, which I should probably get for myself and my musicians. Great idea! Health Insurance (Small Groups)