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Anderson Musical Instrument Insurance Solutions, LLC
1570 Lakeview Drive
Sebring, FL 33870-7959
Credits of $24.99 or less are held on account and applied towards your renewal for any policies renewing in six (6) months or less. Credits of $10.00 or less will be held on account and applied towards your renewal. Policy cancellation requests and return premiums of $25 or greater will be mailed to the latest address on file within 5 business days or returned to your credit card if we have this information on file.
Yes, after you receive underwriting approval from us.
Please submit the below to firstname.lastname@example.org and provide the following information:
- Name and address of your renter.
- A copy of your agreement between you and your renter. (We require that you hold your renter responsible for the first $500 (or more) of damage in writing.)
- Please let us know the Year, Make, Model, Serial number and Itemized value for the instrument that you would like to rent to others.
- Provide a brief background of your renter’s background and experience handling (and caring) for any instrument that you want to rent to others.
- Let us know the extent that this instrument will be away from your renters’ premises, along with your renter’s experience transporting this instrument.
- If your rental instrument is left away from the renters’ premises, describe how this instrument will be protected when it is not being played or is unattended.
Proof of an insurable interest is required BEFORE an insurance policy is issued. Once we receive proof of insurable interest, we are allowed to issue a legally binding contract of insurance. If you are unable to prove insurable interest, it is impossible for you to suffer a financial loss! (Please refer to our https://www.anderson-group.com/form_directory/AndersonMusicalInstrumentsCoverageForm221-01631706.pdf to review the exact policy language.)
What items are acceptable to establish that you have an insurable interest?
— Bill of sale issued to you in your name,
— Appraisal issued in your name confirming you have an insurable interest to support your bill of sale or private purchase agreement or inheritance.
-- Affidavit of ownership signed by you, listing all pertinent items along with your declaration under penalty of perjury that you are the rightful owner of this item(s) and or instrument(s).
— Court or any other legal document for instruments that are inherited, gifted, or furnished to you for your use and enjoyment.
— Any other proof of provenance (ownership or custody) which confirms you are not attempting to insure an instrument that presents a “moral hazard” along with the potential future fraudulent claim. IF you do not have an insurable interest, there is a clear motivation to submit a fraudulent claim. These type of claims increase cost to insurance companies and are direct contributors of eventual overall increases in cost of premiums for all policyholders.
We rely on email delivery for 99% of our communications and policy deliveries. In the chance that you have not received a quote or your policy renewal or invoice, please check your SPAM or JUNK MAIL filter to see if there are any emails from email@example.com.
- If mail from us has been snagged by your spam or junk mail filter, please add firstname.lastname@example.org to your contacts. This will guarantee an orderly flow of email from our office to your email.
We get this question a lot. We feel this a key part of how differentiate ourselves from the competition! Here is the breakdown on the coverage types.
Actual Cash Value:
Actual cash value coverage (”ACV”) is something that you want to avoid wherever possible. This valuation clause, typically found on most homeowners and commercial property policies, subjects you to a potential for a depreciated settlement at claim time if you are insured at less than 80%, 90% or in some cases, even 100% of the “replacement” cost of the insured property. The typical insurance industry’s definition for ACV is the:
Cost to replace your instrument with a new instrument of similar like kind and quality, less depreciation.
What does this mean? If you do not keep the value up to date on your instrument to 80% to 100% of “replacement cost” and have an ACV clause on your policy and experience a coverage loss, you may well receive less, and possibly significantly less, for the repair or replacement of your instrument. The good news is that most musical instrument policies, including Anderson Group’s, DO NOT place an ACV valuation clause on their policies.
If you have a Replacement Cost valuation clause, the deduction for depreciation is removed from your policy, otherwise the definition noted above for ACV remains. What you actually end up receiving at claim time is still unclear as you and the insurance company will have to sort out the “replacement cost” for a replacement instrument of like kind and quality.
With “agreed value” coverage, both you and the insurance company have agreed up front on how much your instrument(s) and accessories are worth! Should you experience a covered loss, the insurance company will pay up to the “agreed value” in the case of repair or the “agreed value” if your instrument has been lost, stolen, or damaged beyond repair. How do we come up to a mutually agreeable “agreed value”? For instruments currently being produced, we will typically accept the current year replacement cost to replace your instrument(s). In other cases, we may request an appraisal. In all cases, we will let you know whether we will require an appraisal or not. 99% of the policies issued by Anderson Musical Instrument Insurance Solutions, LLC utilize the “agreed value” clause in the policy.
The Anderson Group Musical Instrument Coverage Form also includes additional coverage should your instrument suffer a reduction in value due to a covered loss, up to the maximum “agreed value” limit for the instrument in question.
In all cases, please refer to the actual policy for complete details available here If these coverage types and what makes us different from the competition is unclear, please feel free to contact us We are here to help.
Our clients expect a stable, low-cost solution to insuring their instruments. Insurance agencies derive the majority of their revenue from commissions from their insurance company at a pre-determined percentage of the premium. Candidly, without the policy fee, the revenue to administer and service our clients would generate a loss after payroll and other expenses associated with servicing musical instrument insurance at our very low rates and total premium cost. Our options were two-fold; considerably raise the minimum premium to increase our agency revenue thus allowing us to cover our costs as well as be profitable or add a small policy fee of $9.95 to $25.00 per year. We chose the second option and after checking out your options, we are proud to say that the policy fee approach is considerably more favorable to our clients.
Fees have become common place both for insurance agencies as well as many other service-related businesses. The overall impact to you is that you are paying less than you would pay then you would have to pay if we did not charge this administrative fee. Do not take our word for it – ask your colleagues or contact us and we will be happy to give you the names of the other agencies in the country that are offering musical instrument insurance.
Our minimum premium plus the $9.95 to $25.00 annual policy fee is considerably less than the competition – and we intend to keep it that way for as long as claims continue to run favorably. We very much appreciate your business and look forward to serving your instrument insurance needs for many years to come. Should you have any additional questions, please contact us.