| Author |
Comment |
Bobbie
Registered User
Posts: 631
(8/30/01 5:33:23 pm)
Reply
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Appraisals
Two questions:
1) I have an appraisal from 1992 on my old
cello, which I need to price for sale. Could that be updated simply
by having someone look up some rate of appreciation and applying it
to the 1992 figure, assuming the same condition of the cello? (It
has been reglued.)
2) I have a homeowner's policy that covers
musical instruments with no limit, but does have a deductible and
does not cover breakage. Should I have a separate policy or a rider
that covers the cello? Has anyone had any experience with insurance
companies covering instruments on a regular homeowners
policy?
Thanks, Bobbie
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CampbellAG
Registered User
Posts: 6
(8/31/01 12:55:01 am)
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Insurance
Bobbie,
I recently purchased a cello and I contacted my
homeowners insurance company to see about adding an all risk rider
to my policy. It's apparently no problem. They just need a written
appraisal that is less than 12 months old and photos of the
instrument. It's pretty cheap, but of course the cost will vary
depending on value of your cello. Alternatively, you might contact a
company such as Music Agency Inc. (www.musicagencyinc.com) or
Merz-Huber Company (610-544-2323) if your insurance company doesn't
provide this type of policy. I don't have any experience with either
of these companies, but the shop where I bought my cello had some
flyers.
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TerryM
Registered
User
Posts: 541
(8/31/01 8:04:47
am)
Reply
|
Re:
Insurance
I think for peace of mind it is important to find out just what
coverage you have for you cello. Some companies will include your
cello as part of an overall homeowners policy, but what are they
covering-full replacement value or depreciated value or appreciated
value or theft or accidental breakage? Make sure that you are
covered for what you think you are covered. Policies that do not
cover for accidental breakage are worthless in my opinion. It is
important, especially for those who have older instruments and have
had them for some time to know that the value has most probably
appreciated well beyond what they may have paid for them. This goes
for bows as well. I paid $300 for a bow over 20 years ago and it was
appraised at $1900.
A written appraisal of a bow and cello
is not that expensive and will provide, along with pictures or
video, a solid basis for any future claim. Those of you who play in
orchestras and groups outside your home have a higher risk when
moving the cello back and forth and into practice halls. Those that
play professionally or even occasional paid gig work need additional
coverage because of the higher risk involved. Insurance is all about
putting a price on risk and so you pay accordingly.
Terry
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jeff
Registered User
Posts: 6
(8/31/01 11:27:19 am)
Reply
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appraisals
My cello is covered under a "personal articles floater" policy that
is separate from my home-owner's policy. It is quite cheap ($.31 per
$100 of evaluation) and covers "all perils" and has no deductible. I
have heard concerns voiced about counting on your homeowner's policy
to cover everything. Does it, for example, cover the cello when it
and you are out
of the home? In your car and have an accident, at
a rehearsal and someone crashes it, etc., etc.??
You should
check with your insurance company/agent to see exactly what is
covered.
One particular issue is whether or not you use the
cello in performance for pay. I think the occasional wedding or
reception might be ok, but for those who are professional musicians,
the insurance company will insist on a different kind of
policy.
I know that you can get such coverage through ASTA (I
believe you have to join, but it ain't that expensive) for, I think,
$.45 per $100.
Also, I looked into getting increased/inflated
coverage on my old cello (the appraisal was 20 years old). My
insurance company insisted on a new appraisal - which typically
seems to costs between $75 and $100 for
a written
appraisal.
-jeff
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