Jane Melin, WSMTA V&I Chair
A talented friend who has had successful careers as a branch-manager and a custom-cake-designer says she’s been both a BANKER and a BAKER – either way she’s working with DOUGH! As treasurer for my local chapter and a personal-finance enthusiast, I engage with both Music and Monetary NOTES on a regular basis. Here’s a financial topic that was new to me this year: the benefits and costs of Instrument Insurance.
Orchestra and band instruments endure jostling car trips, being carried outside with limited thermal insulation, temperature and humidity swings in both indoor and outdoor performance spaces, CQB “pit conditions,” being left in unsecured rooms, as well as everyday bumps and bruises. If we’re able to afford the out-of-pocket expense to replace our instrument, we try to protect it with a good case and hope for the best.
I recently traded up to a nicer professional-grade violin – the kind I’ve been looking forward to playing “someday” for the past 40 years. Tucking it under my ear for the first time, I could hear the “va-VOOM” of its sound-engine like a racecar coming out of a pit stop. Wow, this is a lot of instrument, I thought. (I had been playing on the sound equivalent of a minivan.) And wow – what if something were to happen to it? This was going to be a big investment AND potential risk, beyond my ability to self-insure. I decided that if I wanted to play this special instrument with peace of mind, I should really look into instrument insurance.
I was already aware that dedicated instrument insurance provides better coverage than just including your instrument as a rider in your homeowner’s insurance. Because this is a specialized type of insurance, I had initially presumed that the premium costs would soon add up to more than the potential out-of-pocket expenses of self-insuring. But I was pleasantly surprised. I requested quotes from Heritage Insurance Services (musicins.com), recommended by the shop where I purchased the violin; and from Clarion Associates (clarionins.com), MTNA’s promoted insurance partner – not to be confused with the name of this newsletter! (There are other reputable providers – search online for “instrument insurance.”) The quotes were both quite reasonable, including coverage for significant wear-and-tear repairs as well as for loss and catastrophic damage. In fact, I would have to pay the annual premium well beyond my natural life span before it added up to the replacement cost of the instrument.
With all other factors being equal, the Clarion quote was 20% lower than the Heritage quote. Both insurers offer discounts for members of professional associations like MTNA, ASTA, etc. And they both offered instant coverage upon submission of the contract and payment, so my protection could start right away. That’s real peace of mind. If you haven’t considered insuring your instrument(s) before, I highly recommend researching your options! And now, I’m off to take a drive in my racecar…
Jane Melin, NCTM
WSMTA Vocal/Instrumental Chair
[email protected]