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Insurance
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Author:  ericlater [ Thu Dec 28, 2006 2:31 pm ]
Post subject:  Insurance
What can the collective experience out there tell me about liability and property insurance?
Author:  Guest [ Thu Dec 28, 2006 3:17 pm ]
Post subject:  Re: Insurance
Do you mean, do you need it?   How much it costs?  Or what's it called? (type)
Author:  ericlater [ Thu Dec 28, 2006 6:42 pm ]
Post subject:  Re: Insurance
who are the primary carriers?
is it hard to get?
how much does it cost?
what are the typical deductibles?
are there, typcially, any exclusions?
do most of you carry it?
Author:  Flipper [ Thu Dec 28, 2006 11:22 pm ]
Post subject:  Re: Insurance
here is a good place to start http://www.adja.org/

if you do a google search on DJ insurance you will find quite a few sources.

I pay about $280 per year with a $250 deductable and it covers me for theft, damaged equipment and liability. It all varies based upon your state, and specific needs.

Sometimes you can get a rider on your homeowners insurance that will cover most of what you need. I prefer to pay a separate premium, and have selected coverage through adja assoc. and it works well for me. I'm primarily interested in Liabliity coverage due to the types of functions that I do.

Good luck on your search.
Author:  marty3 [ Thu Dec 28, 2006 11:55 pm ]
Post subject:  Re: Insurance
I have a separate rider on my homeowners for "off-premisis entertainment".  Well worth it - there are some banquet halls here that require it, not to mention just common sense.  I went through country insurance - premium is based on gross income.  Worked out less than the DJ-oriented web-based policies.  Liability only - I figure gear/music can be replaced, a people problem needs protection.
Author:  Guest [ Fri Dec 29, 2006 1:06 am ]
Post subject:  Re: Insurance
I have all of my equipment ($30,000 Inland Marine policy) insurance and liability insurance.    It's not cheap.   And I should up it to $50,000.    Think about this.   If something happens to your equipment.   The Insuance company will only pay you half of the equipment value.    That's all it's worth because it's used electronics.   And to replace it they will get you used equipment.     Welcome to real world economics.
Author:  Lonman [ Fri Dec 29, 2006 2:50 am ]
Post subject:  Re: Insurance
The club I work covers it since it's stationary, it's in writing too!
Author:  ericlater [ Fri Dec 29, 2006 5:36 am ]
Post subject:  Re: Insurance
Thanks folks.  That's exactly the info I needed!
Author:  TopherM [ Fri Dec 29, 2006 7:24 am ]
Post subject:  Re: Insurance
Quote:
The Insuance company will only pay you half of the equipment value.    That's all it's worth because it's used electronics.


That is only true if you have crappy insurance, Mr. Dog.  I had some of my equipment stolen when my house was robbed in Feb. 2003, and without having any additional riders or anything, they gave me full replacement value for NEW equipment within two weeks. USF&G Insurance.

Big Dog, you need to quit running with those HACKS of the insurance industry!!
Author:  Guest [ Fri Dec 29, 2006 7:11 pm ]
Post subject:  Re: Insurance
If the policy says replacement value and you have the reciepts and can prove that the stuff was less than a year old and in like new condition, maybe.  Tell them you use it for business 5 nights a week.      But usually replacement value means if your $500 machine was 5 years old, then it's worth about $50 dollars to replace it with a 5 year old machine.    They will never pay you $500 for it.   :no:

My agent told me flat out that it will never be covered if I leave it anywhere over night.     I would want to see the bar owners policy or talk to his agent to be absolutely sure about being covered.   I'm not taking any bar owners word for anything, ever.

Edited:    If you use your equipment in your house and it's considered a home stereo then, yes they will cover it without question.(unless you are claiming an outragous amount)    However, if the equipment is used for profit or commercially, then the insurance company will want it covered under a rider or a seperate policy.    Telling the insurance company that it is/was a home stereo unit when you actually use it for business, would be considered insurance fraud.   Subject to fines and imprisonment.
Author:  Kellyoke [ Fri Dec 29, 2006 9:57 pm ]
Post subject:  Re: Insurance
Bigdog, the accusation  that TopherM was lying, and uses cheap equipment was completely uncalled for.  If I miss understood your post, then please clarify.

Have a good day.

Kelly
Author:  SwingcatKurt [ Sat Dec 30, 2006 11:19 am ]
Post subject:  Re: Insurance
I had a set of cdg's ripped out of my car. About 150 discs. My car insurance replaced them. I had to provide any purchase receipts, a list of the missing cdg's(disc #'s) and replacement cost estimates for those I didnt have reeipts for. I estimated 19.99 as AVERAGE replacement cost for a new CDG. They could verify that on internet searchs as a fair and accurate AVERAGE repalcement cost. I think I ended up getting about 80% of what the set was acutally worth new. The amount I recieved MORE than covered the actual replacement of the entire set (through judiscious shopping on-line looking for sales and bargain basement deals, clearance etc etc with various on-line karaoke supply houses).
Author:  twansenne [ Sat Dec 30, 2006 11:34 am ]
Post subject:  Re: Insurance
TopherM @ Fri Dec 29, 2006 9:24 am wrote:
Quote:
The Insuance company will only pay you half of the equipment value.    That's all it's worth because it's used electronics.


That is only true if you have crappy insurance, Mr. Dog.  I had some of my equipment stolen when my house was robbed in Feb. 2003, and without having any additional riders or anything, they gave me full replacement value for NEW equipment within two weeks. USF&G Insurance.

Big Dog, you need to quit running with those HACKS of the insurance industry!!


Had a car stero stolen, and my insurance coved the entire replacement cost, less deductable, of NEW equipment.  All the comppnesnt were 1-2 years old.  Guess it depend on your insurance company and your policy.  Ya can get covered for ANY AMMOUNT, you just have to have your policy written that way.
Author:  Guest [ Sat Dec 30, 2006 1:14 pm ]
Post subject:  Re: Insurance
Car and house policies are totally different animals when it comes to replacing items.    Have you claimed a loss on a commercial (business) policy?     I had some discs stolen at a job one night.    After the deducatble was paid I had some money left over.   But it didn't pay for my loss.    If it's new they want to see the reciept.   Also if you use it for commercial use, they think you are pounding the crap out of it and it will not be in very good shape.

Used equipment is as good of an excuse as any for the insurance company to not pay full money.    Try to sell your used equipment at a music store.   They will tell you it's worth half what you paid for it.    Now when you have to file a claim the insurance company calls the music store to get a value of the equipment.   What are they going to tell the insurance company?      It's worth more than it was new?     You will take a pounding, trust me.     Unless your policy is an "Original Cost  Replacement Value Policy" ... you're screwed.   To pay for such a policy isn't worth the monthly premium.    Most say "Replacement Value"   That means if it's 5 years old, that's what they replace it with.   NOT a Brand NEW one.
Author:  Flipper [ Sat Dec 30, 2006 2:06 pm ]
Post subject:  Re: Insurance
Checked my policy and it is "100% Replacement Cost Policy" and covers my equipment and discs up to $75,000.  It has $250,000 general liablility.

Also called the agency and verified that there was no pro rata replacement value if I had my equipment or music stolen.

This was a good exercise as I was not 100% sure of what coverage I had as I purchased the policy 5 years ago and have filed it away.

Big Dog makes a good point....If you purchase insurance make sure of what you are buying and what it covers in the event of loss.

I would never have intentionally paid for insurance that would devaluate my equipment over time. The last thing I would want is to find out after the fact that I was paying for a policy that would only get me 1/2 way back in business after a loss.
Author:  twansenne [ Sat Dec 30, 2006 2:48 pm ]
Post subject:  Re: Insurance
Flipper @ Sat Dec 30, 2006 4:06 pm wrote:
Checked my policy and it is "100% Replacement Cost Policy" and covers my equipment and discs up to $75,000.  It has $250,000 general liablility.


And once again BD proven WRONG.

Again, it all depends on your policy/insurance company.
Author:  Kellyoke [ Sat Dec 30, 2006 3:48 pm ]
Post subject:  Re: Insurance
Ok, here's a "what if."  IF, a person was to lose all of the original CDG's due to theft; or in a fire;  I don't mean they just said they did but even had pictures of the destroyed mess.

Yet, they have converted their CDG's to computer.  If, they did not have insurance, could they still legally do a show, IF, they had documentation, ie.,Paypal receipts; shipping papers, credit card invoices for every disc they lost?

I'm not "what ifing"  about finding a way to "beat" the system.  I'm talking about a legitimate loss.

Just asking and then I will follow up where my thinking is going.

Kelly
Author:  ericlater [ Sat Dec 30, 2006 4:50 pm ]
Post subject:  Re: Insurance
Surprising you asked.  When I spoke with SC the other day, I asked that very question.  I noted that most of my receipts are nothing more than credit card slips (no details).  I got no answer other than "I know what you mean"

Hmm, can you justify an insurance loss for the destroyed disks if you're still in business with a hard drive.  Hmmm?  But if you're disks are gone, wouldn't the manufacturers be correct it they then insisted that you destroy the hard drive?

This is a interesting legal/insurance question.  If you can't get paid for the destroyed disks, you can't afford to replace them.

So I guess you have to make the insurance claim stick, go out and replace the disks and make sure to get receipts when you do that!  The absence of details on old receipts could become superfluous if you have receipts that basically equally the value of the hard drive!
Author:  Flipper [ Sun Dec 31, 2006 1:36 am ]
Post subject:  Re: Insurance
By the way I was wrong about my premium. It's approx $750 per year....I don't write the check my wife does LOL

The insurance company is Firemans Fund Insurance
Also the policy liability limit is 1 million and I have my equipment and music insured for 50K. I have to list everything I own right down to the patch cords and song books.

Here is the statement from the insurance provider on the equipment coverage:

A. Who Is Insured
Property Plus is available to any DJ who owns or is financially responsible for any office or DJ equipment, or any tapes, CD’s, KD’s or LP’s. Property Plus is an optional coverage. The ADJA maintains the actual policy, participating DJ members receive a Certificate Of Insurance as proof of coverage.

B. What Is Insured
Property Plus provides insurance coverage on a special Commercial Articles Floater form for any office or DJ equipment, tapes, CD’s, KD’s, and LP’s listed on the application, up to the specified value, against all risks of direct physical damage from any external cause, except those which are specifically excluded. The coverage is provided on a replacement cost basis (new for old), and contains a $250 per loss deductible ($500 per loss deductible for loss of tapes, CD’s, KD’s and LP’s due to theft). The policy includes coverage for loss due to fire, windstorm, theft, earthquake, flood, vandalism and other perils which are not excluded. Rental Reimbursement coverage is also provided.
Author:  ericlater [ Sun Dec 31, 2006 2:00 pm ]
Post subject:  Re: Insurance
Flipper, thanks for the specific verbage.  It is very helpful.  I hope I can get a better quote than $750.  That appears to be a lot compared to other business policies I have that cover liability to the public we serve?  Not that I don't have a more expensive policy than that but it covers a somewhat risky business.  Do you know from the deck page how much of the $750 is for liability and how much is property?
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