Bandroom Insurance

Discussion in 'The Rehearsal Room' started by Deano, Jul 21, 2005.

  1. Deano

    Deano Member

    South Wales
    I don't know whether or not this topic has been discussed before.

    We've just had our renewal through for the bandroom and it has increased by 10% since last year. We've done some investigation on alternative sources but it seems that Norwich Union have the monopoly on our type of buildings.

    Does anybody out there know or use an alternative insurer?

    any info. would be a great help.
  2. HSB

    HSB Member

    Ah, Insurance, my favourite subject (lets out a sad yawn).

    There are several factors to your premium, not least changing weather patterns, severe storms and extensive flooding. These are costing Insurers a lot of money and everyone who chips into the pot, sadly, has to bear a little of this.

    In addition, there's the alarming rise in blame culture, as I suspect your policy will also include your Liability cover. If someone were to trip over one of your instrument cases whilst you're out on a concert chances are, these days, they'll be straight on to a personal injury lawyer. This is also causing a significant increase in the frequency and amounts Insurers are having to pay out.

    Our bandroom insurance is with Norwich Union and they are at least a very secure company and the policy wording is likely to be one of the best around. I've no doubt you could get cheaper cover elsewhere but you'll probably incur a number of onerous terms and warranties, perhaps even restricted cover.

    Your best bet is to ask a local Insurance Broker to investigate for you. They earn a commission on the premium only if you accept their quote. You shouldn't have to pay for them to investigate other Insurers for you. (If they do intend charging for this, they should tell you at the outset).

    If you're already through a Broker I would be inclined to trust their judgement. What you are buying is peace of mind that if, heaven forbid, you did have a major incident you will have an Insurer with the financial security, scope of cover and procedures to help you fully.
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