I am in a touring band and we just bought a sound system. what kind of insurance do we need to get?

Question

system is valued at 50,000 - what kind of insurance do I need to get?

Answer 1

The policy type is "inland marine" coverage, it covers equipment ANYWHERE in the policy territory (standard territory is USA, Canada, and posessions of the US like Puerto Rico.)

You can't buy this directly, though, you'll have to go through an agent.  So find a local, independent agent, to get real quotes for you - but it's going to START at around $1500 a year.

Answer 2

You will need to purchase a commercial policy with a Miscellaneous Property Floater for the value of the equipment. You should also add Commercial General Liability to this policy to protect yorselves in the event that someone is injured or property is damaged during a concert.

No persoanl lines (i.e. Homeowner's, Tenant's or Condo Unit Owner's) insurer is going to insure A/V equipment or instruments that are being used at a paying job.

Answer 3

you should contact an insurance agent pronto!! You not only need insurance for your equipment, but you need liability insurance and insurance in case you get sued for lost gigs, etc. They should be able to work you up coverage that also includes travel for equipment .