CHES Special Risk has introduced a new insurance product designed for individuals with private collections of musical instruments.
According to an emailed news release, this specialized product recognizes the sentimental, aesthetic, and financial value associated with these items. It also addresses the fact that standard home, condo, or tenant insurance policies may not offer sufficient coverage for musical instruments.
“Musical instruments are not just objects; they are treasures with immense personal value,” said Emily Newell, an underwriter with the managing general agent (MGA). “Our goal is to provide peace of mind to individuals by offering insurance solutions tailored to the unique needs of private collections. Whether your clients play instruments for pleasure or own them for their aesthetic appeal, it's crucial to have the right coverage in place.”
Coverage for musical instruments is part of contents coverage within home insurance policies, according to CHES Special Risk. This coverage safeguards against various risks, including property damage and destruction from insured perils such as fire, natural disasters, vandalism, and theft. It offers financial protection that ensures individuals can replace their instruments or cover repair costs in the event of extensive damage.
CHES Special Risk provides specialized coverage in niche insurance markets. Its offerings include jewellers block insurance, private wine collection insurance, stamp collector insurance, and HVAC insurance.
Earlier this week, the MGA introduced an infectious disease liability insurance policy to help healthcare establishments address pandemic risk. Other recent offerings include a commercial general liability product for contractors and tailored insurance solutions for tour operators.
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