Music Equipment Protection Coverage—Ever More Near …

October 1, 2026

Ken Shirk  -  AFM International Secretary-Treasurer

Decades ago, the AFM was the first one out of the gate to get the ball rolling for affordable musical equipment insurance for professional musicians. Until we got into it, meaningful equipment insurance for working, gigging musicians was simply not available at realistic and affordable prices. Through the AFM’s group membership benefits insurance broker at the beginning, the then-administration of the AFM secured a commitment from New Hampshire Insurance to create an affordable all-risk worldwide replacement cost policy that AFM members could purchase.

And New Hampshire delivered—with affordable rates, starting with a $75 minimum premium, $2.20 per hundred dollars of value up to $1,500 (i.e., 2.2% on the first $1,500 of coverage), then $1.00 per hundred dollars of value thereafter (i.e., 1% on insured value above $1,500). That program remained unchanged through the decades without any increase in premiums­—right up until New Hampshire Insurance abruptly decided to get out of that part of the business entirely in 2023, leaving the Federation without a program for the members.

The Federation’s then-current broker, AMBA, worked for months to find a similar replacement program through other carriers without success until landing upon a company called Accelerant. Accelerant offered a solution that ostensibly replaced the New Hampshire program, but not quite exactly—a minimum premium of $249 at 80 cents per hundred dollars of value over $32,000, with coverage only in the US, Puerto Rico, and Canada, and excluding things like damage in shipment or in transit via common carriers. Not unexpectedly, the uptake by members hasn’t been enthusiastic, particularly in that there are now other carriers out there offering coverage similar to the old New Hampshire program, although at higher rates.

The good news now is that as of this writing, the finishing touches are being put on a new AFM-controlled equipment protection program, available only to AFM members, that will almost exactly duplicate the original New Hampshire program­—minimum premium of $100 with premium rates of 2.2% on the first $1,500 of value and 1% on value over $1,500, all-risk (fire, flood, earthquake, theft, damage, mysterious disappearance), worldwide (at home, on the road, in shipment, or as checked luggage—packed carefully, of course—in your locked car or van, on stage) with replacement cost coverage.

The new coverage program has been developed under the aegis of the AFM’s 30-year-old Mutual Benefit Trust Fund, which is under the sole control of the International Executive Board (IEB). A feasibility study was conducted in early 2025 demonstrating the viability of an AFM-controlled program, and legal work was done in the ensuing months to identify, and ensure compliance with, state regulations. With that completed, the necessary structural components have been put in place, and rollout should commence in the next couple of months.

With other insurance coverage options available, one may wonder what need is solved by yet another equipment coverage program. The answers are fairly simple:

1) The AFM controls this new program. It will not be subject to the business decision whims of an insurance corporation, to be discontinued when the corporation decides it’s no longer worth their trouble. The program will essentially belong to the membership.

2) As union-owned program, there is no profit motive. Insurance corporations must make a profit to pay executive salaries, commissions to brokers, and dividends to stockholders. The removal of salaries, commissions and dividends from the financial equations means that profits will be put to work for the participating members by keeping premium rates down and improving coverage benefits.

Keep your eyes alert to further announcements and updates about this exciting new members-only benefit.

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