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.
- 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.