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Equipment Insurance
https://mail.karaokescenemagazine.net/forums/viewtopic.php?f=1&t=29194		 Page 1 of 2
Author:  Lonman [ Tue Dec 17, 2013 2:39 pm ]
Post subject:  Equipment Insurance
This was brought up in another thread, but who has insurance on their equipment?
Who do you go through?
What does it (supposedly) cover?
Up to $$$ how much?
Cost per month?

I have never had insurance because I was always covered under the clubs policy, but they just got a new plan that does not cover anything not owned by them anymore so I am now looking mainly in case of fire/theft.
Author:  timberlea [ Tue Dec 17, 2013 3:06 pm ]
Post subject:  Re: Equipment Insurance
Have you check with your home/tenant insurance provider? Perhaps they can add an addendum onto your policy as they do with people who have expensive jewels, etc, that wouldn't normally be covered.
Author:  Kirks Karaoke [ Tue Dec 17, 2013 3:19 pm ]
Post subject:  Re: Equipment Insurance
You may be SOL. I lost a lot of PA equipment back in 1981 when the flight-line Tav ( at the south end of Sea-Tac ) burned down. The band I was working for looked into Ins. and found nothing for coverage and the clubs policy would not pay us ether. I know a lot has changed scene then, maybe business insurance is the way to go if not too high of price.
Author:  Lonman [ Tue Dec 17, 2013 3:41 pm ]
Post subject:  Re: Equipment Insurance
Don't own a home, renters ins won't cover it. I have seen people in the past talking about dj equipment insurance, just cannot find any of those threads right now. But would be nice to see something current anyway.
Author:  Jasaoke [ Tue Dec 17, 2013 4:02 pm ]
Post subject:  Re: Equipment Insurance
I can't specifically speak about audio equipment, but I've looked into insuring my tools. (I'm a contractor & own several thousand dollars worth of tools, truck, etc.)

The cost of 3 years of insurance for my small business equipment would buy me all new tools. The insurance benefit would not pay out that much on 3-year-old tools. It ended up being not worth it, especially for equipment that sees a lot of use. If I would save that money, I could replace my ENTIRE outfit in 3 years.

I (obviously) don't know how much money you've got tied up in your gear, but consider that number against what a yearly premium would be.
Author:  Lonman [ Tue Dec 17, 2013 4:12 pm ]
Post subject:  Re: Equipment Insurance
I estimated on site I have close to $40K which includes music.
Author:  johnny reverb [ Tue Dec 17, 2013 5:00 pm ]
Post subject:  Re: Equipment Insurance
Just google insurance for DJ equipment, and lots of stuff comes up. I know you want to hear about someone who's actually used it, but it's a start......hope you find something reasonable....
Author:  Kirks Karaoke [ Tue Dec 17, 2013 5:05 pm ]
Post subject:  Re: Equipment Insurance
Lonman wrote:
I estimated on site I have close to $40K which includes music.

I hope you don't keep your CD-G's onsite when they are closed.
Author:  spinndoctors [ Tue Dec 17, 2013 5:18 pm ]
Post subject:  Re: Equipment Insurance
The type of insurance that generally applies is called marine insurance - named that way because initially it was intended for ships cargo , then it applied to cargo being transported on trains , then trucks. It applies to most types of mobile equipment these days. sadly there are not alot of companies that offer it. But if you advertise at all on www.wedj.com they have an offering of it via an insurance agency that is very reasonable , I pay about $225 a year for my multirig op.
Author:  Lonman [ Tue Dec 17, 2013 5:25 pm ]
Post subject:  Re: Equipment Insurance
Ct Kirk Karaoke wrote:
Lonman wrote:
I estimated on site I have close to $40K which includes music.

I hope you don't keep your CD-G's onsite when they are closed.

Have since 94. They have good security and someone is usually on premises 24/7.
Author:  MadMusicOne [ Tue Dec 17, 2013 6:22 pm ]
Post subject:  Re: Equipment Insurance
...In the same boat. Have heard that Marine Insurance is about the only option. Did come across this site: http://www.djinsuranceinminutes.com/ ....You could go through ADJA " http://adja.org/insurance/" which leads to the above link.
Author:  chrisavis [ Tue Dec 17, 2013 6:23 pm ]
Post subject:  Re: Equipment Insurance
The ADJA has insurance plans. I have checked into them in the past but have not purchased. I am going to go back and look at it again though simply because I have so much gear now, odds are something is going to happen sooner rather than later.

-Chris
Author:  Brian A [ Tue Dec 17, 2013 10:26 pm ]
Post subject:  Re: Equipment Insurance
Lonman wrote:
Ct Kirk Karaoke wrote:
Lonman wrote:
I estimated on site I have close to $40K which includes music.

I hope you don't keep your CD-G's onsite when they are closed.

Have since 94. They have good security and someone is usually on premises 24/7.

Same here. Had my cdgs on site all the time too. I was disc based then, 2,185 cdgs stored in eleven 200 capacity binders. Try lugging that along every gig, cumbersome to say the least. So, I just leave it in the venue with the rest of my gear, it was stationary set-up anyway. Almost not able to get all my gear tho’ when they filed for chapter 11 were it not for my proof of ownership. I am currently in a similar venue, also permanent set-up but I leave my cds at home as I’m now pc based. Equipment insurance? None whatsoever. I know; one of these days I really must look into that.
Author:  Cueball [ Wed Dec 18, 2013 3:11 am ]
Post subject:  Re: Equipment Insurance
Ct Kirk Karaoke wrote:
I hope you don't keep your CD-G's onsite when they are closed.
I remember similar discussions about Insurance back in the days when the JOLT Forum still existed. I also remember most saying that they really couldn't get full coverage for their CDGs. People there said that the Insurance companies would only pay out a depreciated value for the discs. There was also talks about how one would be able to replace those out of print discs (at that time, the DK discs were out of print).
Author:  Marble [ Wed Dec 18, 2013 5:20 pm ]
Post subject:  Re: Equipment Insurance
Not insured :(

It worked out about £3000 to insure it. Which is pretty much the cost of a new rig especially when you add that cost year on year.

So discs split in two cases - each case in different location (so I'd only have to replace 50%). Spare hard drives and a emergency rig at parents.

If something breaks I replace it. Not spent 3000 on replacing a broken / stolen missing item yet.
Author:  ed g [ Wed Dec 18, 2013 9:05 pm ]
Post subject:  Re: Equipment Insurance
I pay 650 a year to travelers for a 2 million liability policy that includes 25000 in equipment losses.
Author:  Kirks Karaoke [ Wed Dec 18, 2013 9:35 pm ]
Post subject:  Re: Equipment Insurance
ed g wrote:
I pay 650 a year to travelers for a 2 million liability policy that includes 25000 in equipment losses.

What is the name of the policy?(business, ect)
Author:  Lonman [ Thu Dec 19, 2013 2:43 am ]
Post subject:  Re: Equipment Insurance
Ct Kirk Karaoke wrote:
ed g wrote:
I pay 650 a year to travelers for a 2 million liability policy that includes 25000 in equipment losses.

What is the name of the policy?(business, ect)

2nd that!
Author:  Alan B [ Thu Dec 19, 2013 8:37 am ]
Post subject:  Re: Equipment Insurance
My equipment is not insured. I have no intention of insuring it. For me, I don't think it would be worth it.

Thank You.
Author:  SwingcatKurt [ Thu Dec 19, 2013 9:34 am ]
Post subject:  Re: Equipment Insurance
Hey Lonnie....does your 40k$ figure take into account the depreciation and usage over how ever many years it's been in place and been used. I know it's been there for as many years as I've visited you(a good number). And insurance companies will not payout the full brand new amount of purchase. They calculate it based on age, original purchase price, useage, depreciation.

In my case I had a bunch of Karaoke discs stolen from my car(about 100). Insurance did pay to replace but at about 70 per cent of new based on the above.

I too recall the threads about commercial insurance you are reffereing to....as I believe the discussion was about coverage under Maritime insurance. Don't recall anyone finding anything other. But perhaps under the category of commercial/work tools/equipment. Surely construction/work companies have some sort of theft/damage/fire insurance for thier tools/machines/equipment for on-site situations.

I'll ask my wife...she worked as an underwriter for about 10 years and if anyone would know about the proper riders/policies, she would.
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