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Topic: Evaluation for insurance. |
Ivan Laybourne
From:
United Kingdom
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Posted 12 Dec 2012 10:20 am |
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Friendly greetings everybody,
Last year I bought a pedal steel and am now starting out on the long road learning to play this beautiful instrument.
Recently I decided I'd better insure it so I spoke to my insurance broker and they told me I need to have it valued.
Now I'm not looking for an 'official' signed document, but I would be grateful if any of you more experienced steel players would be kind enough to give me a rough idea of what value you would place on this instrument for insurance purposes.
It's a 1977 Emmons D10 push pull guitar with 10 pedals and 10 knees and was built by Ron Lashley senior for the late Bill Johnson who played with Marty Robbins from 1965 - 1975. I bought it for £2500 (about $4000).
I'd appreciate your suggestions. Thanks in advance.
Best regards,
Ivan Laybourne |
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Clark Doughty
From:
KANSAS
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Posted 12 Dec 2012 11:03 am Inssurance
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Bill of Sale ought to do it!  |
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Chris Lucker
From:
Los Angeles, California USA
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Posted 12 Dec 2012 11:20 am
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Do yourself a favor, and insure it for replacement value.
You and I know that Emmons will not make a 1977 push pull, but they still make pedal steels and the value of a new Emmons is greater than the value of yours. That, by the way, is one of the real advantages of owning an Emmons -- old or new.
Also, when shipping, If you insure your guitar as a vintage instrument you will run into problems. Sure, FedEx, for example, will insure items up to $50,000, but that coverage excludes items of extraordinary value. Vintage instruments, such as a 1977 pedal steel, are considered items of extraordinary value.
I have a policy with Heritage and that was the only coverage I had any confidence in as they focus on vintage instruments -- mostly for music stores shipping lots of instruments. They are expensive, but they understand vintage instruments.
If you go with a conventional insurance company, take advantage of the fact that you have a Emmons and insure for replacing with a LeGrande. That will give you a safe cushion for buying another 1970s push pull and having it loaded up.
_________________
Chris Lucker
Red Bellies, Bigsbys and a lot of other guitars. |
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Brad Bechtel
From:
San Francisco, CA
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Ivan Laybourne
From:
United Kingdom
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Posted 12 Dec 2012 2:07 pm
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Yes I take your point Chris, insuring for replacement value makes good sense to me.
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| " .... take advantage of the fact that you have a Emmons and insure for replacing with a LeGrande. That will give you a safe cushion ......" |
I like that approach but I'm not sure how to go about it. Could you explain what you mean? For example, does an insurance form usually enable you to evaluate an instrument at a higher value and pay a higher rate?
Brad ... that's also interesting about Gruhn's appraisal service ... didn't know that was available. I'll check it out.
Thanks for taking the time guys. |
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Chris Lucker
From:
Los Angeles, California USA
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Posted 12 Dec 2012 2:22 pm
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| Ivan Laybourne wrote: |
Could you explain what you mean? For example, does an insurance form usually enable you to evaluate an instrument at a higher value and pay a higher rate?
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I can explain it to you, but that will not help you. You need to talk to your agent.
Ask to insure for replacement value. Tell the insurance company it is a black mica Emmons with two ten string necks and whatever pedals and knee levers and show it is in very nice condition. You are unlikely to get the insurance agent who knows the difference between a LeGrande and a push pull. Leave 1977 out of the equation. It is not relevant, nor does it add value. What you paid is not relevant either. If you paid a dollar for the Emmons, would you insure it for a dollar?
Again -- use the fact that Emmons is still making D10s to your advantage. Insure for replacement value.
If it was a 1964 Emmons I would recommend using Heritage because the Wraparound may be worth as much as $12,000 and the value of a new Emmons will not help you.
_________________
Chris Lucker
Red Bellies, Bigsbys and a lot of other guitars. |
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Ivan Laybourne
From:
United Kingdom
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Posted 13 Dec 2012 6:17 am
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| Thanks for the clear explanation. I get it now. Your advice is welcome. |
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