You may have read our article on ‘How much should I insure my instrument for?’ where we shared information on the key points to consider when figuring out your sum insured, and what happens if you need to make a claim. Knowing some of the challenges musicians face in today’s world, we wanted to follow up with an update on checking the details of your musical instrument insurance, making sure you are happy with the level of cover you have, and that it is reflective of your current circumstances.
Against the backdrop of the current economic challenges, we understand the importance of ensuring your musical instrument insurance is cost-effective and that the cover you have is reflective of your current needs. We’ve pulled together our latest guidance on everything you need to consider when figuring out your sum insured and the level of cover that suits you best.
We understand that things can change, and that sometimes making changes to your instrument insurance policy can be missed. In recent years the music industry has had to adapt, and with that the instruments many musicians own have changed, along with how these instruments are used. Some things you may want to consider when reviewing your musical insurance policy are:
- Any new instruments you have purchased
- Increase in recording/streaming/home based equipment
- Instruments you have sold but not always replaced
- The value of instruments increasing, impacting replacement costs
- Changes to where you are performing, such as UK only instead of Worldwide
It’s important to take a look at what instruments you have, how much you have insured them for, and the level of cover - to make sure you are satisfied that everything is up to date. If we take the example of where you are performing, a change from Worldwide to UK only cover could reduce your premium.
Staying on top of any policy adjustments you may need to make due to changing or selling instruments, as well as being aware of the value of these items, is also important. Rising inflation has been a widely discussed topic, and we know that some instruments are increasing in value due to the rising cost of parts, labour, and shipping. You should make sure that you insure your instrument for the amount it would cost to replace it with an instrument of similar condition and value.
If you have a few moments, take some time to review your policy documents and check that everything is up to date. Should you need to make any changes to your Allianz Musical Insurance policy, you can contact us using the details below.
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Did you know?
We can also offer standalone policies for Public Liability and Personal Accident insurance. As your musical journey evolves and changes, you may wish to consider if these types of cover are relevant or required for your current needs and activities as a musician.
