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Studio Insurance and Rates

For everything after the recording stage: hardware/software and how you use it.

Studio Insurance and Rates

Postby jaminem » Sun Jan 08, 2012 2:12 pm

Hi Chums, can anyone recommend a decent insurance company for my studio and the rates I may pay.

My studio gear has been on the household insurance for a while but they are getting funny about it and want to charge an arm and a leg.

Last time I had a separate policy I paid 1% of the declared value but was told this was high?
Is this still the case and if not could you guide me to what I should be paying...

Thanks
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Re: Studio Insurance and Rates

Postby James Perrett » Mon Jan 09, 2012 10:09 am

It has been a while since I had separate studio insurance but we ended up with Towergate who seemed competitive and very easy to work with. I think we paid a bit under 1% but most of the gear was only insured when it was at the studio.

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Re: Studio Insurance and Rates

Postby Richie Royale » Mon Jan 09, 2012 10:13 am

I insure my equipment separately to my home insurance, just to be on the safe side. This includes my record collection as well, which would be quite expensive to replace should a fire destroy it.

I am currently with Allianz http://www.allianzmusicalinsurance.co.uk/?gclid=CI_1o-_Zwq0CFSEhtAodoi3eAw

Their premium was slightly more than Hencilla Canworth with whom I was with previously, however Hencilla insisted on a monitored alarm at renewal, which in a rented house wasn't viable and would be quite pricey in the long run.

I'm pretty sure the premium was less than 1% of the sum insured though.
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Re: Studio Insurance and Rates

Postby James Perrett » Tue Jan 10, 2012 12:20 pm

Richie reminded me that we had a monitored alarm at the studio, which only cost £199 to install but they made their money on the monthly monitoring payments.

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Re: Studio Insurance and Rates

Postby Richie Royale » Tue Jan 10, 2012 12:25 pm

Yep, it is the continual outlay for the monitoring that was the real tax. Allianz are well established, but so far I have never had to claim on insurance for any music stuff either with Allianz or Hencilla and I hope I never have to.
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Re: Studio Insurance and Rates

Postby Martin Walker » Tue Jan 10, 2012 2:04 pm

I’m still with Hencilla Canworth, and have moved over to them for my home buildings and contents insurance as well, partly because their quotes were good, and partly because I didn’t want any ‘passing the buck’ between two different insurers if I ever do have to make a claim


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Re: Studio Insurance and Rates

Postby chew_rocket » Tue Jan 10, 2012 3:03 pm

I'm with Music Guard and it cost me £13 a month to cover £10k of gear and upto 1mill claim for public liability. I think thats an absolute bargain!
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Re: Studio Insurance and Rates

Postby The Red Bladder » Tue Jan 10, 2012 3:20 pm

chew_rocket wrote:I'm with Music Guard and it cost me £13 a month to cover £10k of gear and upto 1mill claim for public liability. I think thats an absolute bargain!

That's 1.56% p.a. making it the most expensive here!
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Re: Studio Insurance and Rates

Postby HollowAxis » Tue Jan 10, 2012 3:21 pm

I have been thinking about insurance, in South Africa I was covered under home contents (and did manage to successfully claim after a burglary), specific music equipment insurance wasn't an option as far as I know.

After doing a quick search I see there are a bunch of companies that do specialist insurance for this in the UK.
I'm actually really surprised to find so many, and a bit wary.
How many of you have had success actually claiming for anything with one of these companies?
As opposed to something like household insurance with Lloyds or some bank etc?

Very interesting topic.
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Re: Studio Insurance and Rates

Postby jaminem » Tue Jan 10, 2012 3:23 pm

1.2% seems to be the best I am getting quoted at the moment...

Thanks for the info tho guys...
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Re: Studio Insurance and Rates

Postby Richie Royale » Tue Jan 10, 2012 3:43 pm

My premium was 1.05% of my total sum insured.
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