AFM Instrument Insurance Update

For those of you who have instruments and equipment insured through the AFM, we have an update on that situation. The broker, AMBA, has told the AFM that a replacement carrier (which has been selected) will hopefully be in place by the end of March, but that it might go into April. Apparently the premium rate will be lower, though the minimum premium will be a little higher. Apparently they will switch current AIG customers over first before processing new applications (which can hopefully get going by the end of April). Customers will also have the option to backdate their policy to 1/30/24 if they can warranty no known claims, or they can issue at a current date. More information has been sent to existing customers as of the first of this month.

The AFM has recommended four other companies to explore if any members do not want to wait any longer. They are:

Clarion Associates – https://www.clarionins.com/

Anderson Group – https://anderson-group.com/musical-instrument-insurance/

Heritage – https://musicins.com/

MusicPro Insurance – https://www.musicproinsurance.com/

Clarion is well known in the classical world and is who Rose Mathews, our own Musicians Federal Credit Union manager, recommends for insuring single instruments. MusicPro is associated with ASCAP and has many members. Heritage specializes in unique instruments.