The Heritage Players and Collectors Policy is one of the most comprehensive and competitive policies available. Players, owners, collectors, schools, trusts, museums and even marching bands or just about any entity that owns musical instruments are eligible for coverage under this policy.
Premiums start at $200.00 per year and there are no fees or hidden charges. Policies can be written with no deductible or a $250.00 deductible or higher if you like. Coverage can be issued in a matter of minutes following receipt of our application. We offer installment payments and accept Visa, Mastercharge and American Express.
The policy covers risks of direct physical loss, and it covers musical instruments worldwide. This includes but is not limited to, the following kinds of losses:
And many other perils not mentioned…
Your covered instruments and equipment will be valued at either Agreed Value, Actual Cash Value, or Replacement Cost. Here's how these  valuation methods work:
When we accept the appraisal for an instrument and/or equipment, these items will be covered under Agreed Value Clause. The advantage of this type of valuation is that when a covered loss occurs the insurance company will not question the value of your instrument after a loss, so you are guaranteed to receive the full amount of its listed value.
Because you and the insurer agreed on the instrument's value when your policy was written (i.e., before the loss), the Agreed Value Clause enables the insurance company to pay for your loss quickly…and it ensures that you will be paid the agreed-upon amount.
This is the more common method of valuation. If it's not practical to obtain appraisals at the time of your policy issuance, your instruments and equipment will be insured under Actual Cash Value Clause. Instead of an appraisal, you declare the value of each item to Heritage Insurance Services, Inc. This represents the market value of your items to the best of your knowledge and the amount(s) you're willing to accept in the event of a loss. The insurer then accepts these values on the condition that they're within reasonable market range.
When a loss occurs, the insurance company will either ask you to justify your declared values, or it will make the valuation directly.
When the cost to replace an instrument or related musical equipment exceeds actual cash value (fair market value) Replacement Cost may be beneficial. Some instruments and equipment physically depreciate over time. Replacement Cost is used when you prefer to be paid based on the cost to replace with new or contemporary items. As an example, say a piano has an actual cash value (fair market value) of $52,000, but is sold new by the manufacturer today for $76,000. If you insured for $76,000 under a replacement cost valuation, the insurer would pay based on the cost to replace with a new piano rather than the actual cash value of the older piano.
When an instrument appreciates or retains its value over time, replacement cost and actual cash value are the same.
Appraisal generally involves an independent evaluation of your instrument's value, either before or after a loss occurs, by someone other than you or the insurance company.