Answers to Your Questions About Heritage Music Policies
This section answers frequently asked questions about policies and insurance. If you don’t see the answer you want here, please contact us.
“Can you explain your valuations & inventory procedure?”
Items insured are valued at actual cash value at the time of loss. If an instrument cannot be replaced at wholesale (is a vintage or privately made instrument) the policy will respond by paying the actual cash value of the item. Instruments which are consigned to you for sale are paid based upon the amount you have agreed to pay the consignoer or the actual cash value - which ever is less. Losses to instruments which have been sold but not yet given to the buyer are paid based on your sale price to the buyer.
General business property (other than instruments) is valued at the cost to replace with new items of the same quality.
“How does policy issuance work?”
If you have opted for installment payments, the insurer will continue to send bills by first class mail prior to the due date.
When we send your policy to you we will ask you to review the limits of coverage to make sure they are correct and accurate. Should you wish to make a correction, you can contact us by fax, e-mail [link to pre-addressed e-mail field] or send written instructions to us.
“How will I be billed for my coverage?”
“When will I receive my renewal invoice, and where will I send my payments?”
“What is your renewal procedure?”
“How are claims handled?”
Severe and total losses are infrequent compared to partial damage losses. Most common would be theft, fire and water damage. We have seen the effects of natural disasters including hurricanes, floods, earthquake, forest fires, tornados, and even mudslides which can be devastating.
Claims of a catastrophic nature are reported to the carrier immediately and we will coordinate the adjustment with the insurer and the insured.
Since we have insured a large number of makers and dealers, we have an excellent resource for developing information on proper repair and devaluation of instruments. The insured is also encouraged to utilize their own repair and dealer relationships to help develop values at point of loss.
Our current insurance partners are all highly rated and financially stable carriers in North America. It is our experience over the last 20 years that they have been exemplary in settling and paying claims fairly and expeditiously, both large and small.
Our Musical Instrument Insurance Partners
Contact Heritage Insurance Services today at 1-800-289-8837, fax 215-322-5854,