Insuring Your Records - Advice Required

[Tsu Tomatoes]

A friend of mine who's in insurance, has been asked to commission a report by their underwriters. They're looking into the idea of insuring DJ's/records/equipment etc.

ie: Do you already have insurance? What % of the value is the premium? Are you covered only for gigging or home cover? These sort of things. Doesn't just have to be DJ's suggestions, but collectors as well.

I'm meeting her on 30th November,so all suggestions before then would be greatly appreciated. Thanks in advance.

title amended. Shane

Edited November 25, 2005 by ShaneH

[Guest Matt Male]

A friend of mine who's in insurance, has been asked to commission a report by their underwriters. They're looking into the idea of insuring DJ's/records/equipment etc.

ie: Do you already have insurance? What % of the value is the premium? Are you covered only for gigging or home cover? These sort of things. Doesn't just have to be DJ's suggestions, but collectors as well.

I'm meeting her on 30th November,so all suggestions before then would be greatly appreciated. Thanks in advance.

title amended. Shane

This came up a while back and i was wondering so i rang my insurance company and they said contents insurance covered it as long as i could prove their worth. I suppose sales lists and ebay would support that.

I hope that's right and no one nicks my complete Gold Mine collection

[Guest Dan]

This came up a while back and i was wondering so i rang my insurance company and they said contents insurance covered it as long as i could prove their worth. I suppose sales lists and ebay would support that.

I hope that's right and no one nicks my complete Gold Mine collection

i think it all depends on the value of the collection and whether or not you want to take them out of your house (eg for djing or to take them to a mates or whatever) matt.

most home contents will cover something up to around £1000 as long as it stays in the house (i think you said before you sold up so if you've not got that many of them back or whatever that's probably why your home contents would cover).

anyone with a bigger collection will have to get specialist insurance, particularly if they want to take them out.

i insure mine (not that i have a fantastic collection or anything, but i couldn't afford to replace them that's for sure) and the premium is around 1/50 of the value i put on them (which is an under-valuation but covers me more than no cover, if you get my meaning).

unfortunately the broker i use has recently stopped taking new business but anyone interested should shop around; they will find someone.

have said it before, anyone with a collection which runs into the tens of thousands of pounds is mad if they don't insure (and many people who have been collecting for 20+ years, with today's inflated prices, will find themselves up there...no longer just the really big names).

one guy said 'oh my collection's worth so much it would cost me too much to insure', which is almost a collector's item of bizarre, inverted logic. do you take the same approach to your house? or insure your new car for third party, fire and theft only?

he said he'd rather shell out £500 on a record than cover his collection for £50,000.

i could see his point.

until the house burns down, or he gets burgled, or mugged coming back from an event.

Edited November 25, 2005 by Dan

[Guest]

Like anything important,in this country it depends on you`re post code,it dont while gettin` it,but once you`ve got it,....wast of time in tottenham.....i`ll tell you.....

[Guest Dan]

Like anything important,in this country it depends on you`re post code,it dont while gettin` it,but once you`ve got it,....wast of time in tottenham.....i`ll tell you.....

good point ken, postcode is a huge factor. also what security you have - i had to have better locks fitted and locks on all windows and leaving the house with them unlocked invalidates insurance.

but i got a 10% 'tony martin' rebate for owning a 12 bore.

[Ged Parker]

but i got a 10% 'tony martin' rebate for owning a 12 bore.

[Simsy]

This came up a while back

https://www.soul-source.co.uk/index.p...wtopic=17543&hl=

[Tsu Tomatoes]

Thanks for your input so far. I'm sure this will all come in use .

What about other less obvious issues like: Should you insure expensive headphones/equipment, loss of earnings through cancelled gigs etc?? Your views and points are appreciated. Cheers

[pikeys dog]

Thanks for your input so far. I'm sure this will all come in use .

What about other less obvious issues like: Should you insure expensive headphones/equipment, loss of earnings through cancelled gigs etc?? Your views and points are appreciated. Cheers

You can only do that if you are running it as a bona fide business.

That means letting the Tax man know about all of your DJ bookings, and letting him have a cut of your wages.

How many people actually do that?

[Tsu Tomatoes]

Thanks for all your comments. . I'll let you know the result of her report when it's finished. Cheers

[Guest Netspeaky]

I have mine insured with the co-op, I asked them and they covered them to value I asked for as part of house content. On my Insurance content it is down as Vinyl Record Collection.

[Tsu Tomatoes]

It looks like the insurance company will go with a 'graduating' scale of insurance. ie: 100 £10-ers @ x? amount. 100 £100-ers @ x? amount. That sort of thing. When the full details are released I'll let you know. It will cover worldwide insurance as well, not just UK

[SteveM]

You can only do that if you are running it as a bona fide business.

That means letting the Tax man know about all of your DJ bookings, and letting him have a cut of your wages.

How many people actually do that?

Errrrr

[Guest]

Earlier on this year I took a 50 box with a bought value of over 10k to Australia, I tried several companies and none of them would insure them for me. Lloyds did consider that if I had original sales receipts for each one, and could show what deprecation level to the value of each record for damage (impossible!) they would look into it, but when I called back to see if valuations would do for some off them as I don't keep receipts over a year the person I spoke to said no. I am DJing abroad again next year, so would be great if you can get something set up for this.

[Steve G]

Earlier on this year I took a 50 box with a bought value of over 10k to Australia, I tried several companies and none of them would insure them for me. Lloyds did consider that if I had original sales receipts for each one, and could show what deprecation level to the value of each record for damage (impossible!) they would look into it, but when I called back to see if valuations would do for some off them as I don't keep receipts over a year the person I spoke to said no. I am DJing abroad again next year, so would be great if you can get something set up for this.

Janine - have you tried the "Magpie" bods - I think they can do "in transit" risks, but not sure about going to Oz. Keep them with you at all times in hand luggage - that's my advice.

[Guest]

ta but it was more for the 3 weeks there, would look silly taking them to the beach with me ;-)

[Guest James Trouble]

If you can get insurance it will cost a bomb, like 10% of the record's value.

I would say you are better off buying a large flat screen TV, Xbox360, good hifi system, HDDVD player and leave a very large and heavy box full of pound coins in the house instead of insurance. That way if the house is brocken into the chav scum crack heads will have their hands full taking all your cool gear and the big box of pound coins to worry about your shitty 7" singles. And your house hold insurance will then cover the loss of your electonic goods and your records will be safe.

Just an idea.

[Guest]

Love your way of thinking little bruv

[Ted Massey]

Earlier on this year I took a 50 box with a bought value of over 10k to Australia, I tried several companies and none of them would insure them for me. Lloyds did consider that if I had original sales receipts for each one, and could show what deprecation level to the value of each record for damage (impossible!) they would look into it, but when I called back to see if valuations would do for some off them as I don't keep receipts over a year the person I spoke to said no. I am DJing abroad again next year, so would be great if you can get something set up for this.

Put them on CD's it seems to be standard practise with some DJ's

[Guest]

Nooooooooooo way

[Guest James Trouble]

Love your way of thinking little bruv

Thanks sis', I love you to.

[Guest Stuart T]

If you can get insurance it will cost a bomb, like 10% of the record's value.

I would say you are better off buying a large flat screen TV, Xbox360, good hifi system, HDDVD player and leave a very large and heavy box full of pound coins in the house instead of insurance. That way if the house is brocken into the chav scum crack heads will have their hands full taking all your cool gear and the big box of pound coins to worry about your shitty 7" singles. And your house hold insurance will then cover the loss of your electonic goods and your records will be safe.

Just an idea.

Although in the Metro Towry Law stated that it would insure a £21,000 record collection in Leeds for £88.20. Too expensive to insure the whole lot, but it may be possible to insure the number one box as thats the one most likely to be nicked (can't see toerag burglars lugging records out unless they knew their value) but the risk is fire or them getting trashed.

[Tsu Tomatoes]

If you can get insurance it will cost a bomb, like 10% of the record's value.

I did bring this up with my friend who I explained to, that most collectors/DJ's would rather spend £2,000 + on more records than on insurance. After all they've sat there OK for this amount of time. She's determined to keep the prices reasonable with no claims bonuses as well. The insurers will charge less if you have them all catalogued, receipted (E bay buys are easy with Paypal), don't carry them or leave them in the boot of your car etc.

Like I mentioned earlier, you will have the option of just insuring the more expensive records rather than insuring the whole lot. Sounds like she'll have her work cut out. When she does her bit, I'll let you all know.

[Guest Dan]

If you can get insurance it will cost a bomb, like 10% of the record's value.

as said above mine costs 2% of collection value

only thing with having insurance is you do get sucked in - i just paid my renewal and felt i had to on the sod's law basis that if i didn't i was bound to be burgled the following day.

actually, best thing for people with really serious collections is probably secure storage; rack them up safe and sound and rotate a 200 count box every two months or so.

[Steve G]

ta but it was more for the 3 weeks there, would look silly taking them to the beach with me ;-)

Not at all girl - you'd look very hip and trendy

[Geordiejohnson]

I have mine insured with the co-op, I asked them and they covered them to value I asked for as part of house content. On my Insurance content it is down as Vinyl Record Collection.

So was mine!!!!!!..............and when you start talking to the underwriters about values etc they throw in the words "classic" were they over 30 years old etc etc......... i got only £127 .72p for repairs to a sledge hammered front door and shit all for my records and classic model car collection, also they ask for proof such as catalogue numbers, photographic evidence and receipts, if you cant provide them you will struggle to get paid out...think about it, who outside this scene are going to accept you may have few 7" singles worth more than a grand each...they say "prove it sunny jim"

Geordie

[Guest Dan]

So was mine!!!!!!..............and when you start talking to the underwriters about values etc they throw in the words "classic" were they over 30 years old etc etc......... i got only £127 .72p for repairs to a sledge hammered front door and shit all for my records and classic model car collection, also they ask for proof such as catalogue numbers, photographic evidence and receipts, if you cant provide them you will struggle to get paid out...think about it, who outside this scene are going to accept you may have few 7" singles worth more than a grand each...they say "prove it sunny jim"

Geordie

geordie, ignore this if it's something you've tried but your insurers can't refuse to pay out on the basis that you haven't got photographic or other evidence of your collection (unless having those things was a condition of your policy).

they may say that, but they would, wouldn't they? a lot of companies, insurers and others, rely on people not really knowing their rights and accepting what they are told.

the fact is, all you actually need to do is be able to prove ownership of the records and there are lots of other ways of doing this: get dealers to vouch for you, show bank statements or cheque stubs if you paid by cheque, get mates who've seen your collection to make statements to that effect, if you dj anywhere, get the promoter to confirm what you played (if you've ever posted playlists on here or anywhere, that would help), get a statement from your missus.

in terms of valuation, to be taken seriously i would get manship and brown's books, and do a popsike search for the last year, say, on ebay, and use all three sources to average out what each record goes for or is listed at (for records over, say, £50...the rest just average out manship and brown).

if it's not too late, and your policy was valid otherwise, i'd do all of the above and send it to the insurer with a letter saying you want them to pay up and if they don't you'll be taking them to court. not guaranteeing it will work but i would never accept at face value what an insurer says when rejecting a claim.

[Geordiejohnson]

geordie, ignore this if it's something you've tried but your insurers can't refuse to pay out on the basis that you haven't got photographic or other evidence of your collection (unless having those things was a condition of your policy).

they may say that, but they would, wouldn't they? a lot of companies, insurers and others, rely on people not really knowing their rights and accepting what they are told.

the fact is, all you actually need to do is be able to prove ownership of the records and there are lots of other ways of doing this: get dealers to vouch for you, show bank statements or cheque stubs if you paid by cheque, get mates who've seen your collection to make statements to that effect, if you dj anywhere, get the promoter to confirm what you played (if you've ever posted playlists on here or anywhere, that would help), get a statement from your missus.

in terms of valuation, to be taken seriously i would get manship and brown's books, and do a popsike search for the last year, say, on ebay, and use all three sources to average out what each record goes for or is listed at (for records over, say, £50...the rest just average out manship and brown).

if it's not too late, and your policy was valid otherwise, i'd do all of the above and send it to the insurer with a letter saying you want them to pay up and if they don't you'll be taking them to court. not guaranteeing it will work but i would never accept at face value what an insurer says when rejecting a claim.

Cheers dan but it was June 2001 would it still qualify??? probably not..

But good advice for others

[Guest Dan]

Cheers dan but it was June 2001 would it still qualify??? probably not..

But good advice for others

i dunno you know, it might not be too late.

you need a solicitor to advise you properly - rich buckley? anyone else on here who can help? - but if thy mis-advised you as to whether you were covered (ie by saying they only accepted one form of 'evidence' and refusing to honour the policy without it, it might be that they have acted in bad faith and that a court could find in your favour).

i dunno what the statute of limitations says now, it used to be six years i think but i think they may have reduced it to three, but you might also have a case against them, some sort of slightly unusual damages action.

like i say, you need a proper lawyer to advise and also you would need to be able to show proof as above, but it's at least worth making casual enquiries about.