Who should be listed as an Applicant? (Named Insured)

Please note that the person who listed as an application will become the Named Insured on the policy.

The Named Insured has special rights and duties. These rights and duties are explained in General Rules of the policy wording.

 

Individual

If you are applying as an individual, please list your full legal name in the Applicant’s name box.

Partnership or Joint Venture

If you are applying as a Partnership or Joint Venture please list you and partners or co-venturers full legal names.

Trade Name/Unincorporated Company   

If you are applying as a company that is not incorporated please list your full legal name and your unincorporated company name by including the acronym dba (doing business as).  An example of how to correctly list your name in this scenario is below:

Jane Doe dba ABC Music Company

Corporation

If you are applying as a Corporation, please list the full legal name of your corporation including the company’s designation (i.e. Inc. Ltd, Corp.)

Who is the Insurance Company that issues the policies?

The insurance company is Travelers. They have 30,000 Employees, $105 Billion in assets and have been operating for over 150-years.

Click here to:  view the Financial Strength of Travelers

Where and When is Equipment Covered

The musical Equipment and Instruments under this policy are covered under an Inland Marine coverage form. Meaning, the coverage is included while in your studio/office/home for storage, while in transit* to and from your gigs, and while being used away from your premises anywhere in the world**

Note that there is no coverage for property while rented, leased or loaned to others;

* The policy contains a Theft from an Unattended/Unlocked Vehicle exclusion that reads as follows:

We will not cover loss by theft or pilferage that occurs while covered property is left on or in an Unlocked and unattended container, compartment, vehicle or trailer. We will cover theft of property from a locked container, compartment, vehicle or trailer when there are visible signs of forced entry. This exclusion will not apply while covered property is in the care or custody of a common carrier.

** Coverage is included anywhere in the world with the exception of any country or jurisdiction which is subject to trade or other economic sanction or embargo by the governments of Canada or the United States of America.

What is the deductible?

The Equipment deductible is $250 per claim. This applies to any one incident, not per item.

What is covered/not covered under General Liability

This coverage is designed to protect against claims of bodily injury or property damage to third parties caused by your operations as a professional musician. It includes the cost of a lawyer to defend you.

The Commercial General Liability coverage offered through the program would not be intended to cover touring exposure.   A tour is defined as a series of pre-scheduled performances in different cities, performed by an artist or group over a series of weeks or months. A tour has a scheduled start and stop date and the band/musician is responsible for booking the venues in which they perform. If you are a touring band/musician, please contact us directly for a tour liability quotation.

This Commercial General  Liability Policy provides coverage for claims arising from a personal recording studio. This  Commercial General  Liability Policy excludes claims arising from the operation of a Commercial Recording Studio. Please contact us if you would like a quote for your commercial recording studio.

The commercial general liability also includes coverage for tenant legal liability (coverage for your professionally used rented premises), Employers Liability (Canadian employees only) and Non-Owned Auto Liability equal to limits chosen. The commercial general liability / tenant legal liability  coverage’s would not apply to personal residence or any activities outside of those as a professional musician.

This policy includes the following exclusions: Pyrotechnics and/or Throwing of Objects Exclusion; Abuse Exclusion, Field of Entertainment Exclusion, Rap Performance Exclusion

Coverage Territory (excluding Non-Owned Automobile Liability) applies anywhere in the world with the exception of any country or jurisdiction which is subject to trade or economic sanction or embargo by the governments of Canada or the United States of America. In jurisdictions where the insurer may be prevented by law from paying damages or defending lawsuits they will indemnify you.

What is A Classical Musician?

To be considered as classical musician, the applicant must be a fulltime classical musician and not affiliated with any other type of music in a professional capacity. 

How will my Equipment be valued if I have a claim?

Below is a breakdown of how Instruments & Equipment valued under the Front Row Music Instrument program:

  • Replacement Cost, except if agreed value is requested. If agreed value is requested, a current appraisal less than 5 years old must be provided. To maintain agreed value an updated appraisal must be provided every 5 years

Replacement Value - this is the cost to replace the property/equipment with the same or other similar property of comparable material and quality used for the same purpose without deduction for depreciation.

**If you want to insure antique, rare or one of a kind instruments, we recommend that you contact our office to arrange a quote for these items to be insured on an agreed value basis.  As an owner of these unique items you may not be satisfied with a new equipment or instrument of comparable material and quality replacing your antique, rare or one of kind instrument. 

For example if you own a vintage Les Paul guitar that is appraised at $25,000 and you do not request that your instrument be valued based on agreed value,  the policy would only provide you with a new Les Paul guitar of comparable material and quality used for the same purpose in the event of an insured loss.  In order to make sure that you could replace your vintage guitar with another vintage guitar of same value as your original appraised guitar, you need to contact our office to arrange a custom quote and provide a copy of an appraisal that is less than 5 years old.  

If you have any questions regarding how your equipment and instruments will be valued, please contact our office. 

How to make Policy Change once a Policy is purchased?

Once a policy is purchased, policy changes can be made HERE. These changes will be sent to our help desk and processed manually and will then be reflected on your renewal.

Do you require a schedule of my Equipment?

We do not require a schedule of instruments/equipment to be on file to bind coverage under the program. It would be the insured's responsibility to maintain proof of ownership for your records. In the event of a claim, the claims adjuster would require the proof of ownership.

Co-Insurance Explained

A clause in an insurance policy requiring an insured to carry a certain percentage (usually 80, 90 or 100%) of insurance in relation to the value of the property insured.  The insured shares in losses to the extent that he is underinsured at the time of loss.  Under the terms of this clause, property must be insured in an amount equal to or exceeding 90% of its insurable value. Failure to do so will result in a penalty in the event of a loss. The manner in which the 90% co-insurance clause would operate is illustrated in the following hypothetical example.  

Example:

A) Owned Instruments/Equipment is insured on a replacement cost basis for $60,000.

B) Actual cost to replace the Owned Instruments/Equipment is $100,000.

C) Minimum amount of insurance required to satisfy the 90% co-insurance clause is $90,000. (90% of B)

D) Amount of loss $50,000.  

 

Application of co-insurance clause:  

FORMULA:

Amount of insurance carried   X  Amount of loss  =  Recovery

Amount of insured required  

$60,000. (A)  X  $50,000 (D) = $33,333.33

$90,000. (C)  

This example clearly illustrates the necessity of insurance to value. Note the amount of recovery never exceeds the amount of insurance carried. For this reason it is important to insure for 100% of the insurable value in order to have enough coverage in the event of a total loss.

Can You Explain Coverage Enhancements?

**Coverage Territory: Worldwide - Anywhere in the world with the exception of any country or jurisdiction which is subject to trade or other economic sanction or embargo by the governments of  Canada or the United States of America.

Full coverage for Earthquake & Flood

$10,000 Office Contents Coverage - office furniture, fixtures, photocopiers, office supplies, including tenant improvements done to the office space. This would be for a home office/studio or small rented office/studio space. Please contact us if higher limits are needed.

$10,000 Rental Reimbursement - If any Musical Instruments or Equipment that is insured are lost or damaged by a covered cause of loss, the insurer will reimburse you for the reasonable rental expense you incur to rent substitute property necessary to continue your operations while the insured gear is being repaired or in the process of being replaced.

$5,000 Computer Hardware/software/extra expense coverage - covers replacement values to lost or damage to office computers and software. The extra expenses covers additional expenses incurred due to a covered loss on computers, such as the rental of temporary equipment.

$10,000 up to 30-days: newly acquired Instruments/ equipment - automatic coverage for equipment that is newly purchased or acquired atomically, even if those items have not yet been added to the policy.

$10,000 up to 30-days: Borrowed Instruments/Equipment - provides coverage for instruments/equipment that are borrowed or non-owned while being used as a replacement for insured gear that is damages or stolen

$5,000. Valuable Papers - reimburses the cost to replace or reproduce valuable documents such as trusts or business records, corporate agreements, contracts and charters in the event of a covered loss.

$5,000 Accounts Receivable - covers the loss of revenue owed to the insured musician by their customers that they cannot collect because of damage to their business records in the event of a covered loss.

Built-in Inflation Guard on Instruments & Equipment - if the value of an insured equipment or instrument increases in value from the time it is first reported, the insured values will automatically increase accordingly.

$5,000 Business Income / Extra Expense Coverage - covers the additional expenses incurred due to a covered loss, including the loss of business income.

An example of this coverage would be: An artist is a music teacher and their instruments and teaching facility were damaged in a fire. This would cover their cost to rent a temporary location for teaching; and cover lost revenue during the period they were down and could not teach.

Are you located in the US?

For assistance, please contact MusicPro Insurance:

1-800-MUSICPRO

www.musicproinsurance.com

Appraisals for ACV over 5-years explained

If your instrument is 5 year or older and you do not have an appraisal your instruments will be valued at actual cash value.  Actual Cash Value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss.  This means that in the event of the loss your settlement will be based on the smallest of the following amounts:

  • The actual cash value of the lost or damaged property at the time of loss.
  • The amount it would cost to repair or replace the property with similar kind or quality.
  • The limit of coverage that applies to the property.