“All-Risk” Musical Instrument and Equipment Insurance Plan for Members

Protection That Makes a Difference

As a professional musician, you know just how much money you have tied up in your equipment – and how expensive it can be to replace or repair.

No matter how experienced or careful you are, your equipment can be lost or damaged by vandalism, breakage, water, fire, lightning, and more important . . . theft! You’d be out of a great deal of money if your equipment was lost, damaged or stolen, And you can’t count on your homeowner’s or renter’s insurance policy to help you out. When the equipment is part of your business, it won’t be covered by homeowner’s or renter’s insurance. You can count on the “ALL-RISK” Musical Instrument and Equipment Insurance Plan to cover everything from instruments and computers, to cables and recording equipment. You’re covered wherever you go . . . up to the replacement value of your equipment.

The best part of this Plan is that it is being made available to you through your Federation at a very reasonable cost. Don’t leave your expensive equipment to chance . . . protect it with the “ALL-RISK” Musical Instrument and Equipment Insurance Plan.

Newly Acquired Equipment Protection

If your newly acquired equipment is less than 25% of your policy limit automatic coverage is provided for 30 days if you purchase additional or replacement equipment or take custody of equipment. You have 30 days to notify the Insurance Administrator . . . you will then be billed for the additional insurance.

Should your newly acquired equipment exceed 25% of your policy limit notify the Insurance Administrator immediately. You will be billed for the additional coverage.

LOW COST Annual Premium p/$100 of Replacement Value

Your first $1500 of equipment . . . . . . . . $2.20 per $100 value
Replacement value in excess of $1500 . . . . $1.00 per $100 value

FOR EXAMPLE: If the equipment you wanted to insure is value at $20,000, here’s how you would calculate your premium:

Your first $1,500 ($2.20 x 15) = $33.00
The next $18,500 ($1.00 x 185) = $185.00
$10 Administration fee = $10.00

Your total Annual Cost for $20,000 of coverage would be $228.00

NOTE: Minimum premium is $75 (plus the $10 fee.) Values in excess of $10,000 per item, or $30,000 in total value must be submitted for individual analysis, acceptance may be subject to additional infortmation. There is no limit to the amount you can apply for.

Answers to Your Important Questions

Why do I need this insurance?

If you’re employed full-time, freelance, work out of your home or are self-employed, you need this “All-Risk” insurance to protect the large investment you’ve made in your equipment.

What exactly is “All-Risk” protections?

“All-Risk” means there are very few exclusions to your coverage. Unlike most plans, this Plan, sponsored by your Federation, covers all the related equipment you choose to insure – including computers – from theft, breakage, water, vandalism,vehicle damage, fire, lightning and other natural hazards. Theft of equipment from a vehicle is also covered.

What can I insure?

Virtually all of the musical equipment you own can be insured under this “All-Risk” Plan, You can insure not only your instruments, but all of the equipment used in conjunction with producing and recording music. Items valued under $100 can be insured as miscellaneous itmes – i.e., cables, instrument stands, etc.- even sheet music.

Do I have to insure all of my equipment?

No! You need only insure those items you want to insure . . or those you feel you need to insure. That’s an important advantage for you because you may already have some coverage for your equipment permanently kept on premises. But do you carry insurance for the equipment you take with you? Chances are, the equipment you take on location is not covered when it is not on your property.

With this program, you’re covered no matter where your equipment goes. So if you wanted to, and you have other insurance, you could insure just the equipment you take on location . . . you’ll even be covered while at a recording studio, concert hall or while on vacation.

If I have a claim, do I receive the current market value of the instrument?

Not necessarily. You would receive the insured amount, which is the amount obtained from the appraisal. Because the values of better instruments appreciate, the market value may have risen since the instrument was appraised. Therefore, it is your responsibility to keep appraisals and insured values current on the policy. Such appraisals may be obtained from the manufacturer of the instruments involved or from an established musical instrument dealer who has experience with and specific knowledge of the instruments’ current market values.

What should I do if I have a claim?

Any claim, or situation which may result in a claim, should be reported immediately to the Group Insurance Administrator, Albert H. Wohlers & Co., 1440 N. Northwest Highway, Park Ridge, IL 60068-1400.

Are there any exclusions?

With this Plan, there are very few exclusions. For example; losses due to war, atomic or nuclear explosion, insects, vermin, inherent vice, or mysterious disappearance are not covered.

Is there a deductible?

This Plan is subject to a low deductible . . . just $100 for each loss.

How do I enroll?

It couldn’t be easier . . .download the forms here

  • Complete, date and sign the brief application enclosed. Be sure to list all the equipment you want to insure and the current replacement cost.
  • Calculate your premium following the easy steps outlined to the right.
  • Mail your completed application and check payable to: Albert H. Wohlers & Co.
    Administrator, AFM Group Insurance Plans
    Park Ridge, IL 60068-1400

This Plan is available only to U.S. members.