There is a whole of series of insurance products which are particularly appropriate for musicians. Here we provide an overview of the most important ones. Talk to your insurance provider or an independent advisor and compare the offers. Only with a complete individual consultation can you be sure that you and your instrument are fully covered and you are not paying for insurance twice.
1. Property insurance
Definition
Property insurance is a generic term for certain categories of insurance. It covers insurance which compensates for any losses due to damage, destruction or theft of movable items or real estate. Property insurance includes house contents, theft, instrument and real estate insurance.
Insurance of valuables
Insurance of valuables covers damage for example to musical instruments (and other personal valuables) due to theft or burglary, robbery, fire, water damage, loss, damage and destruction. Specific measures regarding storage and oversight are required. The items insured must be listed separately in the insurance contract and be described in detail (individual insurance).
Some insurance providers no longer offer this ‘all risk’ insurance because of frequent abuses of trust. The premiums vary enormously and must be verified.
Instrument insurance
This is a special form of provision which is primarily worthwhile for precious (classical) instruments, because the insurance is expensive and relatively complicated. It covers expensive repairs and the associated loss of value. Aside from these special cases, insurance of valuables is a better option than instrument insurance, which often does not cover everything.
Transport insurance
Transport insurance covers you against any damage which may occur during transport, from the loading to the unloading of the items. It covers travel with your own vehicle, public transport or by post.
Technical insurance
Mainly recommended for sound technicians. Damage to electronic installations can quickly become very expensive. Ordinary usage naturally implies risks which are not calculable. Technical insurance provides coverage against force majeure, material and manufacturing faults, sabotage, theft, negligence etc.
House contents insurance
House contents insurance covers all damage to objects in the house which are not part of the building or physical building structures. It is a form of all-in-one insurance which depending on the contract can cover fire (incl. due to natural causes), water damage, theft (possibly including burglary) and damage to glass. The value provided in compensation is normally based on the costs of new purchase (new purchase value). It is important to frequently update the monetary value to be insured to match inflation or new purchase prices, as otherwise you will likely end up underinsured. The insurance does not cover for inappropriate handling or misuse by mistake, and technical insurance is required to provide cover in such cases. Instruments are also not insured during transport. But this is covered by insurance of valuables and transport insurance.
Important
- You should also insure your practice room as a second location under the house contents insurance so that the equipment is also insured away from home.
- Make sure you have an up-to-date inventory list and a receipt for all technical devices and instruments.
2. Personal liability insurance
Definition
Personal liability means liability for unlawful damage caused to another person. For example, you may be held liable for culpable fault or neglecting a duty of care. Personal liability insurance covers the damage to third parties. But if damage is also done to the person insured, this will not be covered by the personal liability insurance.
Private liability
If you cause material or personal damage to another person, you are liable and have to cover the costs. The relevant insurance protects you as the user of items lent to you. For example, if you borrow a colleague’s instrument to play it.
Public liability
This type of insurance covers claims for material and personal claims made against the person insured (customers, guests, employees) based on legal liability provisions.
The claims for damages must be linked to the installations or equipment used and professional duties or be caused by faulty products used by third parties.
Important for musicians: from the moment when a service (gig) is provided in exchange for payment (fee or donation), no costs are covered by private liability insurance.