Valuation for Insurance

[Glynn]

After many years I have left Allianz Instrument insurance (UK) as too costly. My Alembic Orion 4 S/N 99OW12007 is happily covered now as a specified item with House and Contents insurers, Churchill.  It covers away from home and unattended vehicles. They suggested I get a professional valuation in case of a claim.  The cover is new for old.
Can Alembic give me this?  I have estimated the figure from the price list and insured it for just over £9000.
Glynn

[jazzyvee]

Hi Glynn, i have had to get replacement valuation at current prices for my alembics from Mica because Allianz is an old for new policy. Allianz told me that if don't correctly declare the current retail price, in the event of a claim, they 'may not' pay out because you were under insured.
I would check the small print because whenever i tried to include my instruments on household item cover, which in the past were all well under £1k the clauses stated they are not covered if used for financial gain gigging, paid sessions. Hope yours doesn't exclude them. My Allianz cover this year was through the roof but i had to pay it for peace of mind, plus complete a security assessment form.

[edwardofhuncote]

I haven't kept up with new prices on Alembics in a couple years Glynn, but that sounds/looks about right for a new replacement for your '99 Orion. Mica should be able to generate a current replacement value letter for you though. I don't have any of those letters for any of my guitars but I don't need them for my carrier... since most of mine are vintage guitars I wouldn't necessarily replace if lost somehow, I simply put on them the amount I want them insured for. I do keep full (approximate) replacement value on the one Custom Alembic.


I have no idea how these things work in the U.K. but Jazzy's advice sounds very much like the reason I went with a separate carrier for my instrument collection. While most of them are garaged at my residence 99.9% of the time, I do play them outside my house, make some money doing it,  and that gave an 'out' for an insurance policy that covered them as item in my house. Maybe just explain your situation very directly so there isn't any misunderstanding?

[Glynn]

Thanks for that.  Will Mica see this or do I do something different?

[Glynn]

Just for peace of mind, I have just accepted Allianz's quote of £12.18 pm to cover the Alembic (unlimited cover for professional use). I too am suspicious of what home insurance companies would class as 'business use' and of course they all wriggle when you make a claim!
Thanks for the input chaps - much appreciated.
Glynn

[jazzyvee]

Excellent.