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KyleD Offline
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Joined: 16 Dec 2007
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Location: New York


PostPosted: Tue Jul 08, 2008 8:24 am    Post subject: Insurance for Studio Gear Reply with quote

Anyone have any links or information on insuring their gear?

Thanks,
-Kyle D
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K-dub Offline
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PostPosted: Tue Jul 08, 2008 9:16 am    Post subject: Reply with quote

Depends ... are you doing it commercially or personally?

Kev-

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K-dub Offline
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PostPosted: Tue Jul 08, 2008 9:18 am    Post subject: Reply with quote

Also, where is the equipment located? Meaning ... is it at home or away?

Kev-

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stainless Offline
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PostPosted: Tue Jul 08, 2008 9:43 am    Post subject: Reply with quote

I have a separate rider on my home owners policy with all equipment listed out, date of purchase, etc. If I claim deductable business expenses related to the operation of the equipment... (I think that's the wording) then I'd be subject to commercial rates and all the related hoops to jump thru.

Whether it's a homeowners rider or separate commercial policy- really look into depreciation rates and how value is determined in the event of a loss

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K-dub Offline
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PostPosted: Tue Jul 08, 2008 10:16 am    Post subject: Reply with quote

I own an insurance agency ...

There are several ways to approach the solution. But it's all situationally dependent. Hence my questions ...

Kev-

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stainless Offline
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PostPosted: Tue Jul 08, 2008 10:57 am    Post subject: Reply with quote

boy I'm sure glad I didn't start ragging on insurance companies Laughing
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Stainless ....

I wish I could be traded like a penny in the arcade for a token to be played
on a cello strung with strings that are my dreams



Check out our music at http://www.reverbnation.com/#!/stainlessbrown[/url]
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K-dub Offline
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PostPosted: Tue Jul 08, 2008 11:33 am    Post subject: Reply with quote

Go for it. I do it every day.

Very Happy

Kev-

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stainless Offline
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PostPosted: Tue Jul 08, 2008 12:54 pm    Post subject: Reply with quote

Travelers has been great! One claim (my PRS taken from the stage during a gig) was paid full value the Friday after the weekend it was stolen- All they asked for was the reporting police officers name and number.

Prior to that I had Farmers... their idea of replacement value was based on whatever they could negotiate for on the open market... even if it wasn't "exactly" what you'd lost (heh it looks JUST like it?!?) , and if you wanted a payout so you could personally go buy the replacement locally (and have some say in what you were getting) it was about 40% of declared value....

that's how I ended up with Travelers- and I'd have to claim 15% of my income from the music for them to consider me a "non-hobbyist"

so much for my rant....

and I've had very few claims in all my years of supporting the insurance industry!

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Stainless ....

I wish I could be traded like a penny in the arcade for a token to be played
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Check out our music at http://www.reverbnation.com/#!/stainlessbrown[/url]
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KyleD Offline
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Joined: 16 Dec 2007
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Location: New York


PostPosted: Wed Jul 09, 2008 3:10 pm    Post subject: Reply with quote

I'm at home and have enough gear to where I'm going to start my post production facility as a "side" thing until it picks up more.

Thanks,
-Kyle D
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K-dub Offline
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Location: Sitting in a chair in front of a computer screen


PostPosted: Thu Jul 10, 2008 5:00 am    Post subject: Reply with quote

Go to your homeowner's policy (or your parents') and schedule the expensive items as "non-professional" ... until you get to the point where you're earning too much money to be considered non ...

Once you get there, flip the coverage to "professional" ... IF your home policy has that provision.

KEEP UP TO DATE WITH THAT LIST.

Also, add "In home business/Studio" coverage as a rider to the policy. That will extend liability protection to commercial clients who might visit ... slip and fall.

That should cover your equipment and premises exposure.

Your professional exposure (the work you perform) will need to be covered through "General Liability" via completed operations coverage.

Shop until you drop for that.

Best,

Kev-

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K-dub Offline
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Location: Sitting in a chair in front of a computer screen


PostPosted: Thu Jul 10, 2008 5:03 am    Post subject: Reply with quote

btw ... coverage can vary from product to product ... and company to company ... as Stan illustrated so well above.

ASK QUESTIONS to your agent.

You're looking for REPLACEMENT COVERAGE vs ACTUAL CASH VALUE

In Stan's example above, Travelers has the former, Farmer's the latter.

Kev-

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KyleD Offline
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Joined: 16 Dec 2007
Posts: 107
Location: New York


PostPosted: Tue Jul 22, 2008 5:44 pm    Post subject: Reply with quote

Sorry I'm late on this...but a BIG Thanks Guys! THis is really helpful stuff. Thanks Again,
Kyle D
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