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Author Topic: Insurance  (Read 2751 times)

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Richard Shaul

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Insurance
« on: August 02, 2018, 09:40:45 AM »

Hi, can anybody give recommendations or advice on insurance for melodeons, both at home and out and about for morris or sessions?

Thanks
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Chris Ryall

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Re: Insurance
« Reply #1 on: August 02, 2018, 09:57:24 AM »

I use New Moon, who seem to charge about 0.7% of valye. I'm on the "anywhere policy. I think great Britain might be cheaper. Home only - your house policy may be best
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Lester

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Re: Insurance
« Reply #2 on: August 02, 2018, 09:59:15 AM »

The insurers of choice of many melnetters is Newmoon Insurance.

They cover my boxes both inside, outside and in the boot of my car, additionallly they cover customers boxes when they are with me and also provide £5M PLI for a very reasonable annual fee.

John MacKenzie (Cugiok)

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Re: Insurance
« Reply #3 on: August 02, 2018, 10:04:48 AM »

I use E & L, and find them quite satisfactory

SJ

https://www.eandl.co.uk/musical-equipment-insurance
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Chris Ryall

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Re: Insurance
« Reply #4 on: August 02, 2018, 10:16:02 AM »

Mention melnet @ new moon, thing I get discount.

But anyone should compare quotes. The market isn't large 😉
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Steve_freereeder

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Re: Insurance
« Reply #5 on: August 02, 2018, 10:36:55 AM »

Another recommendation for Newmoon from me. They are very clued up on instruments and easy to deal with.
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baz parkes

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Re: Insurance
« Reply #6 on: August 02, 2018, 11:29:29 AM »

Bryan Jenkins/ Musicians' Insurance worth a look
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JohnAndy

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Re: Insurance
« Reply #7 on: August 02, 2018, 03:24:47 PM »

I use New Moon, who seem to charge about 0.7% of valye. I'm on the "anywhere policy. I think great Britain might be cheaper. Home only - your house policy may be best

Hmmm, that's interesting, I'll have to try Newmoon again at next renewal. I currently use Brass Band Insurance Services / Aviva, who charge a bit over 1% of value, and include cover in car and in venues (provided not left unattended overnight in a non-secure public area). I did get a quote from Newmoon in the past but at the time their quote was not competitive.
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Tufty

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Re: Insurance
« Reply #8 on: August 02, 2018, 03:45:49 PM »

My home contents insurance covers me at home and away, festivals etc. (Yorkshire B.S) instruments up to 15K. You get a global allowance to allocate between sectors eg home electronics, jewellery etc. Not being much for diamond rings or smart phones I am able to prioritise instruments.
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John MacKenzie (Cugiok)

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Re: Insurance
« Reply #9 on: August 02, 2018, 04:22:45 PM »

The one thing that has made me stick with my lot is the cover for instruments left in a parked car. Providing they are hidden from sight that is.

Sir John
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Helena Handcart

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Re: Insurance
« Reply #10 on: August 02, 2018, 04:31:51 PM »

The one thing that has made me stick with my lot is the cover for instruments left in a parked car. Providing they are hidden from sight that is.

Sir John

Same with Newmoon. I find that a really useful option.
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Rob Lands

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Re: Insurance
« Reply #11 on: August 18, 2018, 06:09:57 PM »

phoned Paul Crump at New Moon re insuring my daughters collection of instruments when she goes to Uni. The insurance cost is based on the type of instrument for example a Sax is more expensive than a violin by value as there are more levers etc to break accidently. There also worldwide and UK only policies. But based on the overall value being insured the premium is likely to be 0.76 to 1.0 as previously mentioned. For me the critical difference between bespoke and household insurance coverage would seem to be the forced entry clause and coverage when stored away from home.
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Thrupenny Bit

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Re: Insurance
« Reply #12 on: August 18, 2018, 09:58:28 PM »

As an alternative view:
I use M&S home insurance, and their better policy offers 'anywhere outside the home' which can be your back garden through to a foreign place, and un-named items up to £4K value.
Useful as I don't need to get items valued for insurance purposes.
Just another option...
Q
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Little Eggy

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Re: Insurance
« Reply #13 on: February 17, 2021, 01:53:45 PM »

As an alternative view:
I use M&S home insurance, and their better policy offers 'anywhere outside the home' which can be your back garden through to a foreign place, and un-named items up to £4K value.
Useful as I don't need to get items valued for insurance purposes.
Just another option...
Q

A useful old thread.  My home insurance is similar - up to £4k cover for any individual item. It is applicable away from home as I found out when I had my phone pinched in London. My 'collection' of guitars and boxes isn't really large enough, and doesn't contain any really high value items, to merit looking at special insurance.
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Howard Jones

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Re: Insurance
« Reply #14 on: February 18, 2021, 10:21:58 AM »

Home insurance probably won't cover professional use if you do paid gigs.

I also wonder about unpaid performances.  When I was young I was performing in public as a floor singer in local folk clubs at least three nights a week, which is probably as often as many professionals average.  All unpaid, but I wonder how an insurance company would look at it?  That level of risk is possibly greater than they would expect under a household policy.  Insurance is a contract of "utmost good faith" and you are required to disclose all relevant information without being asked, so it might be advisable to talk to your broker if you play a lot outside the home, even on an amateur basis, so there is nothing which might give them an excuse not to pay a claim..

Hugh Taylor

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Re: Insurance
« Reply #15 on: February 18, 2021, 03:29:49 PM »

How is this for controversial?
My take on insurance in general is that in the long term you will be out of pocket. Hence I only think about taking out insurance in situations where I would have difficulty funding a replacement. I therefore take out travel insurance when going abroad, insure the house and contents, and the car, plus PLI for the band - remember when we used to play gigs? That's it. No pet or dental plans, no gas boiler breakdown insurance, etc.
I've had various melodeons since about 1974, and never had any stolen or damaged. I shudder to think how much I would have spent on insurance over that time.
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Winston Smith

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Re: Insurance
« Reply #16 on: February 18, 2021, 03:48:31 PM »

"How is this for controversial?"

It's not, as far as I can see.

"Insurance is a contract of "utmost good faith""

Certainly not in my experience! The few times where I've needed to claim, it's taken a great deal of time and effort to get them to even agree to pay out, and then some more for the actual payment to be made. I would question on who's part is the "utmost good faith" supposed to be?
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Grumpy

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Re: Insurance
« Reply #17 on: February 18, 2021, 04:25:44 PM »

Our home insurance (LLoyds TSB) covers instruments to 4K total in and outside and Morris including accidental damage and locked car. Always, however keep in mind the melodeon player that inadvertantly left an expensive box in his car in a backstreet of Glascow overnight. Next morning realising his mistake he quickly returned to his car where he found two melodeons and a P.A. !
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Chris D, Surrey, UK
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Tone Dumb Greg

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Re: Insurance
« Reply #18 on: February 18, 2021, 05:23:06 PM »

Wot! No banjo?
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Kon

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Re: Insurance
« Reply #19 on: February 18, 2021, 05:25:45 PM »

"Insurance is a contract of "utmost good faith""

Certainly not in my experience! The few times where I've needed to claim, it's taken a great deal of time and effort to get them to even agree to pay out, and then some more for the actual payment to be made. I would question on who's part is the "utmost good faith" supposed to be?

While "utmost good faith" seems to be a specific legal term (see https://en.wikipedia.org/wiki/Uberrima_fides) I have to agree with you Winston that getting money out of insurance companies is so difficult as to almost defeat the purpose. A couple of years ago I was hit by a car while I was cycling (the driver was at fault) - my bike, which was my only transport at the time, was damaged in the collision, and I couldn't afford to repair or replace it. It took 3 months and a lot of arguing for the insurance to pay out! Luckily I was able to borrow some money from family to tide me over, but that really convinced me that insurance doesn't really do the job it says on the tin.

I agree with Hugh's approach - if possible you'll almost always be better off putting the money you would have spent on insurance in a rainy-day-pot.

I've often wondered whether it wouldn't be possible to run an insurance company as a co-op rather than a for-profit enterprise - with money not needed to cover claims going back to policyholders at the end of the year.

Not that any of this has a huge amount to do with instrument insurance, which I'm sure is a near-necessity for gigging musicians given the value of their instruments and the difficulty involved in replacing them.
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