The standard form of insurance for musicians is of a very high standard. When it comes to this type of insurance, there are two levels of coverage available: personal and commercial.
Personal Insurancy (PIs)
If you have a valid policy which does not include a cover for theft then it is better to have a PIs policy to cover this type of damage. There are numerous providers of these policies including Don’t Go There, Policy Books and Page One Insurance.
If your policy does not include theft cover then it is important that you take into consideration the type of theft that could occur, the type of vehicle you are driving and the type of equipment you are using.
If your policy is insured for theft that does not occur on your own property then the insurance company may not cover all of the damage as it is unlikely that they would want to pay for any damage they cannot cover, therefore it is best to try and find a new insurer if you are in doubt.
Commercial Insurancy (CI)
If your policy does cover theft then the insurance company will cover your loss. This is great, but it can come at a price. Insurance providers will charge a premium if you insure your car with an insurance company which does not offer theft cover. In fact, some insurance companies are now proposing to charge you as much as double the usual price if you insure your vehicle with a private insurer. For example, insurance companies are now proposing to charge £5,000 or £10,000 extra if you insure your car with an insurer that does not offer cover for theft. This is not a good deal, but it is one that is being forced on us by insurance companies who are under pressure to make more money from their policy holders.
So what is the solution? So what can you do?
If you are a musician who relies on home insurance, or if you have a vehicle that you use often then your first step should be to contact your insurance provider to inform them that you want the cover which is available. You should also inform your agent of the situation. When you speak to your insurance provider they should be able to offer you the cover which is available, although it will cost them a small fee.
The other option for musicians is to consider buying a PIs policy. These will not cover all theft damage, but they will cover theft on your property, and for vehicles you are using. A PIs policy will not cover stolen equipment.
If you have a commercial policy that does not cover theft then it is possible to get a CI policy, however it is likely that your insurance company will refuse to insure you if you are uninsured.
For further information on insurance for musicians or any other specific concerns then please contact a specialist agent today and ask for advice.