Posted by Steve Dedman on May 24, 2002 at 16:11:24:
In Reply to: Re: Re: Instrument insurance posted by Rick Denney on May 24, 2002 at 15:25:37:
Not positive, but when I asked if they wanted actual list value or what I paid for it, she said "list." So I would assume actual replacement value. In the case of your venerable York Master or 20J, you would need the whole appraisal schmear. In my case, since my model is still manufactured, a retailer's price list would suffice. However, the premium price is the same for $5K coverage as it is for $30K coverage. So you could insure not only all of your horns, but all of your accessories as well. (Unless, of course, they total more than $30K. In which case the premium would go up.)
Here are some of Clarion's coverage policies: (from their web site; a veritable fount of knowledge))
Right of Repurchase
In the event an instrument is lost, misplaced or stolen, and we have paid you a settlement, if that instrument is recovered by Clarion you will have the option to return the claim payment and repurchase the recovered instrument from us. You will not have to reimburse Clarion for its claim expenses such as rewards paid, investigative expenses, recovery costs etc. This clause cannot be passed on after the insureds death.
Borrowed Instrument Coverage
We will provide 30 days of free coverage to any instrument you borrow, as long as you notify us within 48 hours of the time you take possession of that borrowed instrument. In the event of a covered claim, we will pay up to $50,000.00.
Newly Acquired Instruments
We will cover newly acquired instruments up to the value of the highest valued instrument on your current instrument schedule; up to a maximum of $50,000.00. You must notify us within 30 days that you have in fact acquired the instrument.
Replacement Instruments
If your instrument is being repaired, due to a covered loss, you have automatic coverage for a replacement instrument. The coverage limit is up the value of the instrument being replaced.
Inflation Guard
This coverage only applies to "Manufactured Instruments" less than 10 years old. If you keep your instrument appraised within 2 years of price increases, you will have the ability to actually collect more than the amount you insure for. See policy for exact terms and conditions.
Partial Losses (Pair and Set)
You have the option of keeping any undamaged parts of your instruments in the event of a partial loss. For example if a bow breaks, you can keep the ebony frog and we will deduct its value and pay only for the damaged parts or you may return all the parts and get paid for a total loss. (In your case, Rick, perhaps some freak accident has rendered the valves on the YM unusable, you have the option of them settling on just the value of a valveset, allowing you to keep the bell and outer branches.)
Exclusions
We have 4 basic exclusions; War, Nuclear losses, wear and tear, gradual deterioration and vermin/insects.
$250 a year ain't bad for someone with your collection. For me, with one horn, $125 is a lot better. Not that I won't do it, I'll just mumble about it as I do.
SD