At clarion music insurance Company they are numerous stories of musical instrument theft or unexpected damages.
An insurance is merely the transfer of the burden of bearing of risk to be entitled for compensation on the occurrence of the event insured against.
For many musicians, they turn to benefit shows, Kickstarter campaigns, and pleas to fans. However, some of them are willing to have their musical instrument insured, then look at clarion music insurance.
If you’re a working musician and don’t have instrument insurance, you may want to give it a second thought; having some can easily save your skin even if it can’t get your baby back.
Clarion Music Insurance Company Review and Questions
Is Clarion an Insurance Company?
Since the early 1980’s Clarion has always represented financially stable insurance companies. Since 11/1/2008, Clarion is pleased to announce it now represents StarNet Insurance Company, part of the W.R. Berkley Corporation 475 Steamboat Road Greenwich, CT 06830 Group. StarNet/Berkley are highly rated and are licensed in every state.
Who is Eligible For Clarion Music Insurance
Clarion has a program for just about everyone. Whether you are a student over age 18, Professional or Amateur, Collector, Trust or Corporation, we can offer you broad coverage (subject to the policy’s terms and conditions) at competitive premiums. They can insure any kind of instrument from the common to the very rare.
They can even insure accessories such as sheet music, tuners, metronomes, music stands, and other items of value that are used in the playing of music. There is NO MAXIMUM value limit. Clarion music insurance company can handle it all for you
Clarion Music Company Policy Coverage, Features and Benefits
Just about everything! They offer unique coverage that isn’t offered elsewhere.
Every possible type of damage or theft is covered except those very few exclusions listed in the policy.
Simply stated, our coverage is in force anywhere in the world, wherever the instrument is located.
Valued at Basis
Valued At means that we agree to insure the instrument for the amount shown in the schedule of instruments insured. The amount that the instrument is insured for is the amount that you will collect in the event of a total loss.
Valued At is better than replacement cost in the sense that it is predetermined exactly how much the insurance company will pay in the event of a loss and therefore there is no need for negotiations as to what the replacement cost of an instrument is.
Difference in Value
Not only do we cover the cost of repairing a damaged instrument, we also cover the difference in the instrument’s value before the loss and the value after the loss (if any).
Right of Repurchase
In the event an instrument is lost, misplaced, or stolen, and we have paid a claim settlement, if that instrument is recovered the insured will have the option to repurchase the instrument for the same amount that the named insured received in the claim settlement. The insured will not have to reimburse Clarion for any claim expenses that have been incurred such as investigation or reward expenses.
Clarion Business Interruption Endorsement
If your instrument is either damaged or stolen/lost and you are forced to cancel a performance, this new coverage will reimburse you if you lose fee income because of a covered loss.
Because we know how important a musician´s fee is, we are including a per incident limit of $250.00 at NO COST to the customer. Higher limits are available to those musicians who charge higher fees.
If you wish to purchase limits in excess of $250.00, please call us to discuss how to secure additional coverage limits.
Newly Acquired Instrument coverage
We will cover newly acquired instruments up to the value of the highest valued instrument on the named insured´s current musical instrument schedule; up to a maximum of 50,000.00. You must notify Clarion within 30 days that you have in fact acquired the instrument.
Borrowed Instrument coverage
We will provide 30 days of free coverage to any instrument you borrow, as long as you notify us within 48 hours of the time you take possession of that borrowed instrument. In the event of a covered claim, we will pay up to the highest valued item on your policy or $50,000, whichever is less.
Replacement Instrument Coverage
If your instrument is being repaired, due to a covered loss, you have automatic insurance coverage for a replacement instrument. This coverage limit is up to the value of the instrument being repaired.
Inflation Guard Coverage
This coverage only applies to newly “Manufactured Instruments” less than 2 years old. If you keep your instrument(s) insured for an amount within 2 years of price increases you will have the ability to collect more than the amount the instrument is insured for.
Partial Loss Damage Coverage Enhancement
The policyholder has the option of keeping any undamaged instrument parts that have sustained damage. For example if a bow breaks, the insured can keep the Frog and we will deduct the value of that Frog and pay the balance of the insured value. The right to keep undamaged parts is strictly At Your Option. T
here is no requirement to purchase undamaged parts. This is strictly recognizing that musicians’ get attached to their instruments and may wish to re-use parts. Most insurance policies do not allow the policyholder the option to keep undamaged parts.
How do I add/delete or make changes to my music insurance policy?
Simply fax, email or send Clarion your request. (In order to add an instrument we will need an appraisal or bill of sale from a bona-fide instrument dealer/store. Requests to delete or cancel coverage must be made in writing.)
How to report a music instrument claim?
Visit our website or call Clarion to request a claim form be emailed, faxed or sent to you. This form is intended to help you provide all the necessary information we need to process your claim.
How is the music insurance policy reviewed at clarion insurance company?
Policies are usually renewed, invoiced and sent approximately 30-45 days before the renewal date. It is important that you keep us notified of any address, telephone number and email address changes.
What if I change addresses?
Just contact us via telephone, email, fax or regular mail. You must state clearly your new mailing address, the address where the instruments are located (if different), daytime phone number, fax number and e-mail address. Since they cannot be responsible for coverage lapses due to invalid address information, it is important that you notify us each and every time you move.
Clarion Music Insurance Accepted form of payment
Clarion can accept the following forms of payment:
- Make a payment on the website
- Checks/money orders drawn on US dollars and drawn on a bank located in the USA. Please do not send checks/money orders from outside the USA.
- American Express traveler cheques payable to Clarion Associates, Inc.
- We accept ACH Check Payments by phone, call 1(800) 848-2534, option 5 for more information.
- We accept MasterCard, Visa, American Express and Discover.
Please do not send cash!
Curious about the whole thing? We went to the source. Tom Riley of Anderson Insurance was kind enough to answer our questions below.
We condensed his answers for you here because… well, Insurance.
Frequently asked questions about musical instrument insurance
What’s the difference between clarion music insurance instrument insurance & a standard homeowners policy?
Instrument insurance covers your instrument if you play it professionally – homeowners’ will not. It also covers damage & repair, and pays your replacement value. Deductibles are usually much lower than the typical $500-$1000 for homeowners.
So it covers damage and repair?
It depends on your policy, but your busted musical instrument will be sent to a repair shop and the estimate sent back to insurance. Bonus: if the instrument suffered a loss in value as a result of the damage and its repair, this ‘diminished value’ would be reimbursed.
How are quotes and values formulated?
You fill out a short application. According to value (via appraisals and purchase docs) and risk (i.e. collector vs performer) a quote is generated between $.525/$100 and $1/$100. Membership in professional organizations or high-value instruments can get you discounts.
Do I have to have an appraisal?
High-value and vintage instruments need appraisals, but often aren’t required with a serial number and photos.
Is it affordable?
$150.00 per year covers up to $24,000 of listed items. That’s $0.40 a day. I’d say that’s the cost of a cup of coffee but it’s not 1975.
What happens when I make a claim?
After you submit theft or loss details, you may be asked to submit an appraisal (in the case of repair). Payment happens very quickly in the case of total loss or theft, or by the time your repair is performed.
What if I get my instrument back after having made a claim?
It’s the property of the insurance company; you can refund the check they’ve written you and keep the instrument if you wish.
That’s the quick & dirty, but check with an instrument insurer for more details and don’t forget to read all the fine print. Play safe out there.
So why bear the loss when Clarion Music Insurance Company can bear the risk for you. Visit the site here to apply
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