Is It Time for a Coverage Check-Up?

September 2, 2014

Sam Folio  -  former AFM International Secretary-Treasurer

When was the last time you looked at the fine details of your insurance policies to make sure you are getting adequate coverage, and not over-paying for that coverage? The US Small Business Administration recommends annual reviews of insurance policies. Below I have detailed some insurance policies designed for musicians and offered to AFM members.

Mercer Consumer provides AFM members with a “special risk” musical instrument and equipment insurance plan designed specifically to fit their needs. It’s open to AFM members in the US, and about 4,000 members currently participate. The insurance provides $20,000 of coverage for only $218 per year (based on $2.20 per $100 value for the first $1,500 of coverage, $1 per $100 after that).

The insurance covers the actual replacement cost—not the purchase price—up to the scheduled amount with no depreciation and a low $100 deductible per loss. The insurance can be used to cover all of your equipment, not just instruments, from theft, vandalism, breakage, and water, fire, or lightening damage, regardless of where it is—home, vehicle, studio, or gig.

It can be used to make up for coverage gaps in homeowners, auto insurance, or venue/employer insurance. Additional features and enhancements include $10,000 coverage for additional expenses, newly acquired property is covered up to $25,000, short-term rented or borrowed equipment (no additional cost for 30 days), data and media (up to $1,000 in any one loss), rental reimbursement up to $2,500, and $500 for costs of emergency removal.

Liberty Mutual provides US AFM members with competitively priced auto and home coverage. More than 600 AFM members currently take part. Enhanced features of the auto policy include: 24-hour claims service, emergency roadside assistance 24 hours a day/365 days a year, and appraisals within 24 hours. The homeowners policy offers 24-hour emergency repair, a contract network referral program, and a personal property replacement service.

For more information on insurance policies and other benefits for AFM members log onto the afm.org website, click the “Why Join?” banner, and look under benefits.

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