I talked to PLC (recently rebranded as Acrisure) at the 2019 convention, as their advertised coverage was far cheaper than the production insurance I carried back then, $2,500+. Their coverage started at $500 for covering a few thousand dollars of technician tools, and the $1million liability policy that many institutions require. They were able to add on my particular needs to that very simple piano tech policy - inland marine blanket coverage for my own and rented property, in transit and at any location. The Hanover Insurance Group is the underwriter.
I'm glad this question is being asked, because I'm digging into the finer details and it seems coverage is a little more complicated/confusing/particular than I believed when creating the policy, but here's some basic figures:
My premium is about $1,850 and covers $120k of personal business property. Blanket coverage includes $50k "in transit" of my own or someone else's property (including rental), which seems to also include up to $10k of contracted work. So if I'm taking an action home for a rebuild job, and my car and the action get totaled, I can have new parts manufactured and still get paid for my work. There's a million other stipulations, coverages, limits, blah blah squeezed into 185 pages, but that's hopefully what I'm being covered for, at that rate. This also includes the $1million personal liability for myself and one non-specified employee (standard, I don't have an employee but I get covered anyway.)
From a previous discussion about insurance, I gleaned that most piano technician policies do NOT cover customer property, whether in the home or in transit. I pay a lot, but I'm definitely covered there. Hope this helps.
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Robin Whitehouse
Greenbelt, MD
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Original Message:
Sent: 02-27-2024 14:52
From: Norman Brickman
Subject: Insurance Coverage for Tools
James, greetings. Yes, I agree -- insurance should be prioritized. I just renewed my Inland Marine Property policy for contractor tools with Erie -- $229 for $8,000 coverage for one year. It was handy when my car was stolen in DC back in the late 90's with a lot of my tools in it and never recovered. I would not be surprised if there are cheaper policies available, but we have gotten good service with Erie over the years. Regards, Norman..
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Norman Brickman
Potomac Piano Service
Potomac, Maryland
potomacpiano@verizon.net
https://potomacpiano.com
(301) 983.9321
Original Message:
Sent: 02-27-2024 09:35
From: James Kelly
Subject: Insurance Coverage for Tools
I am renewing my policy for liability, transport of actions and am curious what other technicians are carrying for tool coverage. I am concerned about tool and supply coverage if we have to evacuate for a hurricane but a bigger concern is a vehicle break-in and theft. The standard policy only covered $2000 for tools. After years in the business I have far more than that invested The price of tools and supplies has shot up and some of the individual tools I have are over $100. Its a good idea to look up what your tools would cost today- some of the tools like key easing pliers, gram gauges and even the tilter are 2x what I paid. My tuning tools alone with my SAT and Falk hammer are over $2000 alone !
Vehicle Insurance has also skyrocketed its a good idea to review your policy especially under-insured and non insured coverage. There are lots of people who get just enough insurance to get a vehicle on the road then stop paying premiums
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James Kelly
Owner- Fur Elise Piano Service
Pawleys Island SC
(843) 325-4357
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