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PRO STUDIO INSURANCE?
Old 20th March 2003
  #1
PRO STUDIO INSURANCE?

Yeah, kind of boring topicyuktyy
I've have never had insurance for my studio and I've got enough toys now so I've really got to get some! I would appreciate any advice.
I'm talking a pretty small studio by your standards $80k or so in gear in the top floor of my house. My homeowners will not cover a business in a home(allstate). Thanks
daniel
Old 20th March 2003
  #2
Lives for gear
 
cashewcupcake's Avatar
 

I have insurance through the musicians union. My studio's neccesary for me to make music so coverage is AOK with the insurance company and the union.

I have about 90K of coverage on my policy.

The insurance company ROCKS. I've had to do a claim once already and there were NO HASSLES.

Oh i love my union!

It's a little more expensive than other coverage though. It's $1 per thousand covered annually.
Old 22nd March 2003
  #3
Quote:
Originally posted by faeflora
I have insurance through the musicians union. My studio's neccesary for me to make music so coverage is AOK with the insurance company and the union.
I'll have to check into that, I'm not sure if the union is around up here. The rates sound great! Thanks
daniel
Old 22nd March 2003
  #4
Motown legend
 
Bob Olhsson's Avatar
 

The general category of insurance a studio should seek is called "inland marine" coverage.

What you want to avoid is being lumped together with music rehearsal studios or teaching studios that are subject to a disproportionate amount of rip-offs compared to a typical recording studio. I'd simply avoid the word "music" and the word "studio" in any description of what you want covered. Calling yourself a "production facility" of some sort can reduce your premiums considerably.
Old 22nd March 2003
  #5
Quote:
Originally posted by Bob Olhsson
The general category of insurance a studio should seek is called "inland marine" coverage.

What you want to avoid is being lumped together with music rehearsal studios or teaching studios that are subject to a disproportionate amount of rip-offs compared to a typical recording studio. I'd simply avoid the word "music" and the word "studio" in any description of what you want covered. Calling yourself a "production facility" of some sort can reduce your premiums considerably.
Bob, thanks for the help
I have heard about the inland marine coverage from my current home insurance provider(allstate) who do not provide it.
I remember seeing ads in the back of Mix or some other mag for studio insurance, I wonder if this is the type they offer?
Would a local insurer providing inland marine coverage give the best bang for the buck?
I guess some homework is in order,thanks
daniel
Old 22nd March 2003
  #6
Motown legend
 
Bob Olhsson's Avatar
 

The time spent on serious homework really pays off when it comes to insurance. One good place to ask about a broker is at your local broadcast or video post facilities.
Old 22nd March 2003
  #7
Gear Maniac
 

I have insurance with Hartford.

It's pretty comprehensive. Will check details of the policy and post on next week.
Old 23rd March 2003
  #8
One with big hooves
 
Jay Kahrs's Avatar
I have a sweet policy with a company out of Albany, NY. They do most of the major studios in the tri-state area. $120K of replacement coverage on my gear was stupid cheap compared to using my regular insurance agent who does my car insurance and whatever. The name of the company is Capital Region and you want to speak to Joe Monterallo. I don't have the number handy but if you search google you should be able to pull it out of rec.audio.pro because I've posted it there before.
Old 25th March 2003
  #9
Gear Guru
 
Drumsound's Avatar
Quote:
Originally posted by NYC Drew
I have insurance with Hartford.

It's pretty comprehensive. Will check details of the policy and post on next week.
I've got Hartford too. It's less than a grand for $70 or $80K.
Old 25th March 2003
  #10
Lives for gear
 

One issue to consider is whether you have other people coming through or have guest/rental gear. MusicPro is an insurance program set up through ASCAP (but you don't have to be an ASCAP member- I'm not.) I had mine through a broker in Long Island called Sterling and Sterling, I believe (it's been a while- I'm now under someone else's umbrella.) It was about $700 a year for about $120k of equipment, but it included a million dollars of liability insurance, would cover guest equipment or rental equipment, and had a 60 day grace period if something I bought hadn't been registered but was stolen/destroyed, as long as I had a receipt. Super easy and no hassles (some companies will have requirements such as security systems.)

It will also depend on where you are. Being in the city is very different from being out of the city (Joe Montarello, who was great for Jay, was not great for me- more expensive and wanted me to install a security system.) It will all depend.

Another consideration is whether they understand equipment, because insurance doesn't do you any good if it takes a year to get paid and you go out of business. I had a client with Music Pro lose a whole studio in a flood and they were very quick about things like paying full replacement value for gear that doesn't exist any more (what do you do to replace a Roland 760 or a Proteus?). He was up and running again in a month. Another client with a flood, with other insurance, had to take 6 months down before he saw all his money, and he had to punch them in the teeth for every penny. For example, they wanted him to re-use his patchbays, though they had been right under the main water flow. PITA.
Old 9th April 2003
  #11
Here for the gear
 
autopilot's Avatar
 

Seabury & Smith (Marsh) Insurance / Liability

Hi, I'm new to the forum. Wish I would have seen this about a week or two ago. I just went through trying to get my very small studio insured.

I had the same problem with my home insurance not being able to cover my musical equipment and home studio. They claimed that owning 9 microphones was not "normal." Of course, I told them that "wasting my money on a new car was stupid but you insure that don't you?" However, read below about studio liability as an addendum to your home insurance.

Well, anyway, I was able to locate Seabury & Smith Insurance through my old music union. BUT you don't have to be a member of the Union. I think another poster mentioned that above. They provide insurance in I believe all US states whether in the studio or on the road. It is an "all-risk" policy with only a few exceptions. The cost of the insurance is $2.20 per $100 of equipment for the first $1500, then $1 per $100 after that. I think if your studio is worth over $100K in equipment coverage, then it has to go to underwriting. Otherwise, you simply fill out the application, attach a list of gear with replacement costs, and send in the appropriate premium amount.

My insurance on around 34K of gear was roughly $370. (and they do not require a security system!)

Although my home insurance would not cover equipment at a fair price, they did have options to add liability for a home studio as an addendum to my homeowner's policy (go figure). For my small studio, I only opted for about $300K of additional liability. This was only about $50/yr extra on my current policy. For a home studio owner, that may be cheaper than going with a separate liability policy.
Old 9th April 2003
  #12
Gear Addict
 

Autopilot's added liability coverage is a pretty good deal, but one thing to be aware of is that most commercial GL (General Liability) policies will included coverage for "Products and Completed Operations". I'm not sure how well this would line up to the needs of a commercial studio regarding their output, but it might be worth asking an underwriter. If it does, that might be a nice bit of backup if you are doing paid work for a big label and are worried about them getting litigious. (You here those infamous stories of them sueing bands over insufficient quality of master tapes - do they ever mess with the engineer or producer?).

Bear
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