Author Topic: Instrument Insurance (Read 285 times)

hammer · « **on:** June 11, 2013, 11:57:18 AM »

Now that I have 4 Alembics in the family as well as a couple of vintage Gibsons, I've finally decided that the net value of my gear requires something beyond my general homeowners insurance. I know this was covered a while ago, but I was wondering if those with experience with various companies are still recommending Heritage. I recently got a quote from them and it was approximately $1.00 for every $1,000 of instrument one had on hand.

stout71 · « **Reply #1 on:** June 11, 2013, 01:39:00 PM »

I just got a policy with Heritage (underwritten by The Hartford) and it cost me $250 per year for about 25K of coverage at replacement value so your figure is in line with mine. I've heard nothing but good things about them.

s_wood · « **Reply #2 on:** June 11, 2013, 03:56:48 PM »

I also insure my Alembics (and other gear) with Heritage. They are really fantastic. Their policies cover all kinds of loss or accidental damage, pretty much without exception. Sadly, I know from experience how they handle claims...which is very well, quickly and fairly.

Check out this thread: http://club.alembic.com/Images/393/130335.html?1336851919

lbpesq · « **Reply #3 on:** June 11, 2013, 04:25:27 PM »

I also use Heritage. As folks around here may remember, I recently had a flood in my basement studio which damaged one of my guitars. Heritage paid off extremely quickly and without any hassle once I emailed them a pic of the damaged instrument. They even paid extra for the damaged case (which I wasn't expecting)!

Bill, tgo

edwin · « **Reply #4 on:** June 11, 2013, 07:55:08 PM »

I've been with Heritage now for well over 10 years. While I haven't had any claims, I do feel very secure. I will also say that my premiums seem to be less than the above quote, so I think being a long time customer with very little risk (despite a pretty decent gigging schedule) will help in the long run. Colleen is always very helpful.

hammer · « **Reply #5 on:** June 11, 2013, 08:45:54 PM »

Thanks everyone. The word of all of you is good enough for me. Heritage it is.

cje · « **Reply #6 on:** June 12, 2013, 11:41:26 AM »

One of the first things I did when Diamond-Eyed Jack arrived was call Heritage!

malthumb · « **Reply #7 on:** June 13, 2013, 03:24:47 AM »

Another vote for Heritage. Think of it this way....with so many of us on Heritage, they are probably very familiar with the valuation of Alembic basses being a bit different from your typical Fender.

s_wood · « **Reply #8 on:** June 13, 2013, 01:00:18 PM »

Plus, Heritage lets the policy holder set the value of the insured instruments (within reason) Their philosophy is that since they charge base upon the insured value if you over-insure your stuff you are overpaying, and that's your problem.

sonicus · « **Reply #9 on:** June 13, 2013, 01:33:54 PM »

OK, All the good personal experiences here regarding Heritage have convinced me now as well . I spoke with Robert per phone and sent him my information . Thanks , you all helped me decide.

stout71 · « **Reply #10 on:** June 13, 2013, 01:45:06 PM »

And if there was any doubt, always insure for replacement value rather than their other options, agreed value or actual cash value. I insured everything at full retail as I'm sure everyone else here does. In the event of a loss, I'll likely get a replacement cheaper through a dealer, but insuring at retail covers things like manufacturer price increases, etc. I had to do some homework to make sure everything on my 1997 pre-mass production Warwick was covered. Everything on it that used to be standard fare is now custom shop stuff.

I'm curious, for any of you who have had a loss covered by Heritage, did they just write you a check up front or did they reimburse later?

lbpesq · « **Reply #11 on:** June 13, 2013, 02:16:02 PM »

When I made my claim earlier this year, they sent me a check within 10 days as I recall.

Bill, tgo

cje · « **Reply #12 on:** June 15, 2013, 03:34:21 PM »

And every few years, you might want to call Mica to get an updated replacement value, which you should then use to update your policy.