If music is passion, musical instruments are emotions. And when these instruments are damaged, theft, or ruined, it leaves us in a void – both emotionally and financially. Hence, investing in right musical instrument coverage is a no-brainer for every professional musician, hobbyist, music dealer, and even instrument collector. Though it cannot cover your emotional loss, it can certainly help you get out of those financial challenges. So, which music insurance company should you choose to protect your vintage piano or contemporary guitar against damage, theft, and disaster? Well, we have covered you. Find below 5 best picks for musical instrument insurers across the country.
1. Anderson Musical Instrument Insurance Solutions
Florida-based Anderson Musical Instrument Insurance Solutions is the musical instrument division of the reputable Anderson Insurance. Since last 28 years, the company has been offering coverage for all sorts of musical instruments in harmony with the needs of musicians, instrument dealers, collectors, symphony orchestras, and musician associations. Anderson has gained immense popularity for its significantly high coverage limits and affordable premium rates. Based on the type of instrument, the annual coverage fee can range between $165 and $250. If you qualify for the ‘preferred rate’, you can save even more. The deductible offered is as low as $100 USD. The company also extends its ‘all risk, agreed value’ coverage worldwide at no additional cost.
2. MusicPro Insurance Agency
MusicPro Insurance Agency started its journey in 2000 as a provider of convenient and low-cost policies for working music professionals. Now, it has become the leading choice of over 7,000 professionals, which includes many high-profile musicians and studios as well. The company is created and co-owned by well-known organizations like ASCAP and Sterling Risk while all other music associations endorse or support it virtually. MusicPro offers complete insurance packages with comprehensive protection, flexible options, inexpensive rates, and fast services (24-hr application processing). There are two types of package i.e. ‘Standard’ (for individual musicians) and ‘Classical’ (for symphonies and orchestras) to choose from. The all-risk policies with worldwide coverage have a deductible as low as $100 per loss. Besides, the company also offers additional coverage in the forms of studio liability insurance, borrowed instrument insurance, etc.
3. Huntington T. Block (HTB) Insurance Agency
Founded in 1962, Huntington T. Block is considered as the oldest company crafting original ‘all-risk’ insurance policies for high-value collections and orchestra supplies. Their clientele includes more than 5,000 individual musicians, around 40 symphony orchestras, and many professional music associations. Being an operating unit of the renowned Aon plc, it offers comprehensive and competitive musical instrument insurance programs for both music instrument owners and musical instrument dealers. HTB not only designs stand-alone policies to meet the distinct needs of musicians but also ensures responsive services with experienced claim management for its customers. All musical instruments and equipment can be protected from loss, theft, damage, fire, flood, earthquake, etc. with an HTB policy in hand. There are also additional features like in-transit coverage, inflation guard, coverage for loaned and borrowed instruments, etc. on a worldwide scale.
4. Heritage Insurance Services
Though Heritage Insurance Services has been in the field of insurance for more than 50 years, it began offering coverage for musical gear since 1991 with its National Musical Instrument Program. Now, the company has more than 10,000 musical instrument clients including professional musicians, casual players, instrument makers, instrument dealers, antique collectors, and retail shop owners. Being a group of well-established insurance companies with a unique rating system for instant cost comparisons, Heritage offers the best possible quote for the best possible coverage without any hidden agenda. It focuses on the unique protection needs of musicians worldwide with its big agency-like professional coverage and small agency-like personal service. You can expect extensive coverage with annual fee ranging from $500 to $100,000,000. Although it deals with all fine musical instruments, professional-grade wooden instruments like cello, viola, violin, etc. are its specialty.
5. Clarion Associates Inc.
If you are looking for the best deal for musical instruments from one of the most knowledgeable insurance providers, Clarion Associates Inc. is the name to rely on. It is a 50-year old third-generation privately owned family business that concentrated on the music industry and developed a thorough understanding of musicians’ requirements over the last 25 years. More than 13,000 worldwide musicians are insured by Clarion while many national and regional musician associations exclusively endorse it for its customized coverage and value-added services. From an amateur musician to a music corporation, the company has broad coverage for everyone at competitive premiums. Same day policy issuance and claim settlement expertise are two other unmatched advantages of Clarion.
However, each policy has its own limitations and every music insurance company has its own way to calculate the monthly policy premiums. So, make sure that you go through your policy documents thoroughly and do a price comparison before purchasing any coverage.