Post Number: 12
|Posted on Tuesday, May 13, 2014 - 6:13 am: |
I've got a couple of Alembics that need to be covered while out of the house. One is a relatively standard off the shelf Essence but the other is a one of a kind custom JPJ triple omega familiar to some club members - both early 1990's vintage. Unfortunately I don't have any original sales documents to establish value. Where can I find appraisers or help establish a value on these instruments? I would probably establish an "agreed value" for insurance purposes. Thanks for your help.
Post Number: 211
|Posted on Tuesday, May 13, 2014 - 7:25 am: |
I would suggest insuring it for replacement value rather than agreed value. Agreed value is basically the same as market value, and Alembics don't hold their value well. I pay $250 a year for $35K replacement coverage through Heritage Insurance.
If you can get the serial numbers to Mica, she can pull the original build sheet and get you a replacement cost and maybe the original build sheet.
Post Number: 768
|Posted on Tuesday, May 13, 2014 - 8:00 am: |
When insuring my Anniversary bass the first decision I needed to make was whether to insure at full replacement cost - if lost, I would have Alembic make an exact replacement, or to insure at street value (which is always subjective). I decided on full replacement cost as the difference in premiums wasn't all that great, your results may vary.
You could contact Alembic for assistance in determining costs for new instruments "then and now" if you needed something "official" when dealing with your insurance carrier. Probably a good idea for the JPJ. Their custom quote generator could get you in the ball park. If you're seeking full replacement costs I doubt original sale values would mean much.
I contacted my carrier and asked how they determined value ("ebay" histories, dealers, etc.) for total loss, damage/repairs, etc; I figured it was good to know how the game was played. It was helpful. Might be worth a call.
I'm not sure if it would have any bearing on the rates if the basses are classified as pleasure/luxury items or if you're gigging with them as a tradesman might, I didn't ask.
Many years ago I lost my Ric when my house was robbed. The insurance "replacement" money was far lower than what I paid for it, even after just a few years. Sour lesson, and it's a difficult argument to win with an adjuster.
There have been a couple of Club threads that have asked similar questions, could be worth a search.
Post Number: 3371
|Posted on Tuesday, May 13, 2014 - 8:07 am: |
Heritage , insured for full replacement cost. That is the way I think is prudent.
Post Number: 5745
|Posted on Tuesday, May 13, 2014 - 9:04 am: |
+1 for Heritage. They are easy and helpful to deal with. The one time I had a claim they paid off without any hassle in less than 3 weeks.
Post Number: 4015
|Posted on Tuesday, May 13, 2014 - 9:36 am: |
I contacted my Insurance company about this very issue a few years back and because it's a new for old policy, they insist that I insure it at current new replacement value which is what they claim would be paid if there is a loss. I found the the quote generator(http://www.alembic.com/cgi-bin/quote/quote?model=Essence) and the on line price lists, (http://www.alembic.com/prod/prices.html), ideal for my valuations. I had to obtain a written quotation from Alembic for the full replacement cost for some instruments and Mica was quite happy to email me them over.
I agree with Sonicus, I would rather go for replacement cost than be under insured especially as with regular home insurance you maybe be covered out of the house but not for gigs.
Post Number: 13
|Posted on Wednesday, May 14, 2014 - 6:40 am: |
Thank You all - I think I'll give Mica a shout for some help. What is the best way to contact her with something like this?
Post Number: 4017
|Posted on Wednesday, May 14, 2014 - 10:12 am: |
I tend to phone if I have queries that require a quick response.
Post Number: 321
|Posted on Wednesday, May 14, 2014 - 4:13 pm: |
I have my Axe insured for full value because I would want the same bass if something were to happen to my Axe.