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rocky clements Regular user 110 Posts |
I posted this question a while back and got information that conflicted with what most insurance companies have told me. I would like information on insuring my props. The last time I posted this topic, pretty much everyone said that they have a policy that is with their home or other property. I have been told by every insurance company I have talked to that if the props are used professionally (for income) they cannot be covered by a rider on an existing policy. The cheapest I have found on a stand alone policy is nearly $2,000 annually for $40,000 coverage. Does anyone have a suggestion?
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wizardofsorts Special user Chicago, IL 935 Posts |
I have a policy that covers my show. It is 1 million liabity. ie- kid coming up on stage falls and breaks tooth, I'm covered. It also has 5 Grand in coverage for my business property, ie- my props. It costs me $251 a year. If you need details, pm me.
Edd
Edd Fairman, Wizard of Sorts is a corporate magician available for your next trade show, hospitality suite, client luncheon, or company event. http://www.wizardofsorts.com
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Michael Messing Inner circle Knoxville, TN 1817 Posts |
Hello Rocky,
What you are looking for is called an "Inland Marine" insurance policy. The problem you are running into is that most standard carriers (Allstate, State Farm, Farmers, etc.) do not want to insure something that they aren't used to insuring normally, i.e. stage props. That being the case, the agents go to specialty carriers and those carriers charge a very high premium. (They're called specialty carriers because they'll insure what nobody else will.) My best friend is an insurance agent and he convinced his commercial property underwriter to allow me to purchase a standard inland marine policy for my equipment. I have $19,000 in coverage for $179.00. What you probably need to do is to find musicians that have their equipment insured. The carrier they use will likely also accept magic props. I wish I could be more specific but I don't know which companies work with that type of equipment. I would recommend that you go to a music store and see if they know where musicians are getting their coverage from. (If they're hobbiests, they'll be adding it to their homeowners policy but, as you've already found, that's not what you want.) The other option is to see if you can get an agent to lobby his commercial property underwriter to give you a standard inland marine policy. One of the reasons I was able to get the underwriter to accept it is that I explained that I do "one-nighters" and my equipment is never set up in one location for a long run. Since I don't have my equipment set up overnight, there isn't as much risk. If you do shows where your equipment is set-up in a venue for several days or weeks and you, personally, aren't around your equipment all the time, it's not likely that you'll get that type of policy. Michael |
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