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Old 9th April 2003
  #11
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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.