Thursday, March 6, 2014

Revised Musical Equipment Insurance Rate is 37% Lower: Hamilton Musicians Guild

Brent Malseed, Secretary of the Hamilton Musicians Guild, offers the following details about the EXCELLENT insurance coverage available to Musicians Union members.

And I quote:

Only you know the value of your instruments and equipment. Just think of the amount of money it would take to replace them. Most homeowner’s and renter’s insurance is not enough to protect you from loss, theft, or damage on location. The Canadian Federation of Musicians (CFM) provides access to an “All-Risk” Musical Instrument, Equipment & Liability Insurance Plan. Your instruments and music-related equipment are protected from vandalism, breakage, water, fire, lightning, and theft up to the full replacement value. If you are employed full-time, freelance, work out of your home, or are self-employed, this insurance protects the large investment you’ve made in your equipment.

These are some highlights of the changes which will take effect on March 1, 2014.

Current benefits which remain unchanged are:

• The member chooses the value of each item to be insured. Only items above $10,000 require an appraisal. The policy pays the limit shown on the policy.
• The members are only required to insure the items they wish to insure.
• If an item that was stolen is ever recovered the member has the right to purchase that item back.
• You can schedule any item you use in your performance. It does not necessarily have to be a musical instrument.
• Claims under $5,000 are quickly settled and paid through the HUB office and do not require review of the underwriter [Intact].
• Equipment Rental reimbursement should you need to rent equipment because your scheduled equipment was damaged or stolen;
• Coverage for promotional Items (CDs ; T-shirts, Posters) up to a limit of $2,500 is included free with the policy.
• Low deductible: Most commercial policies have a $500 or $1000 minimum deductible.
• Multiple Liability limits available - 1, 2 and 5 Million limits. This allows the member to meet most if not all venue requirements for liability certificates.

The features which take effect on March 1 are:

• New Rate: The equipment rate has been reduced from $2.75/$100 to $2.00/$100. The $2.00 rate is 37% lower than the old rate.
• New Deductible: The deductible has been increased to $100.00 from $50.00. You should still insure items under $100 in value because if a case of gear goes missing it could include a number of items worth under $100 that together total $500 - $1000.
• New Liability Rate: The liability premiums have been increased to $50.00 for $1 million coverage and $100 for $2 million coverage and Advertising and Personal Injury coverage has been added (for libel and slander, not bodily injury, which the policy has always covered).
• Increased Equipment Rental Limit. The rental reimbursement limit has been increased from $1,000 to $10,000 for no additional charge, should you need to rent an instrument, when yours has been lost, stolen, or damaged.
• Coverage at NO CHARGE - Lost Income. Should you be unable to play as scheduled due to an insured loss to your equipment or if the venue experiences an insured loss and is closed, your policy will pay your lost income less expenses to a maximum of $5,000 for contracts signed prior to the loss for up to 21 days. Remember, your signed AFM/CFM contract form is your best tool for proving loss of anticipated revenues.

We know there are policies available elsewhere that have lower per hundred rates, but we must caution you to check the fine print; therein lie surprises. Our research indicates that this is a superior product, backed by proven service and support, and of course, it is only available to members.

For more information check out the information on our website at - http://www.hamiltonmusicians.org/membership-benefits/


No comments: