Gearsure Frequently Asked Questions
What does GearSure cover?
GearSure is a general property insurance policy specifically designed to cover “mobile” entertainment equipment including musical instruments, public address, audio visual, sound, lighting. DJ equipment, theatre sets, props, costumers, film, video and photography equipment.
The principal risks that are covered are:
- Worldwide cover (excluding certain countries – please refer to policy wording)
- Fire & Perils
- Accidental Damage
- Accidental Loss
- Transit Damage
- Theft with or without forcible entry from venue of performances, studio or location of event
- Theft following forcible entry from locked motor vehicles (if equipment left in an unattended vehicle, vehicle must be locked and equipment kept out of sight or in locked boot)
Some significant provisions of the Policy are as follows:
- The Policy provides You with cover for loss or damage to property being equipment where advised to Us and listed in the Policy Schedule.
- The Policy also covers the hire of emergency replacement equipment where loss or damage is covered under the Policy and conditions are met.
- Where there is a claim for the total loss of equipment, pair or set individually listed and we have paid that claim, we will become the full owners and reserve the right to take possession of such equipment, pair or set.
- The Policy does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit Us, Our parent company or Our ultimate controlling entity from providing insurance.
Who is the Insurer?
This insurance is underwritten by Arena Underwriting Pty Ltd as agents for Chubb Insurance Australia Limited (ABN: 23 001 642 020 AFSL No. 239687). Action Entertainment Insurance Pty Ltd is authorised under a binding authority to issue cover on behalf of Arena.
If I hire my equipment out, is it still covered?
Yes, your equipment is still covered for loss or damage whilst on hire. However, please note that this policy does exclude theft by hirers or persons to whom the goods have been entrusted.
The policy does have a subrogation clause which means that in the event that the equipment is lost or damaged whilst in the hirer’s possession the Insurer will indemnify you the Insured, however they will look to recover the costs from the hirer who was responsible for the equipment at the time of the incident. We recommend that the hirer also have an equipment policy in place.
Do I need an ABN to take out a policy?
No, we are able to offer this policy to private individuals, not for profit organisations, sole traders, partnerships or Pty Limited businesses.
Is my equipment covered whilst I am loading or unloading from the vehicle?
Yes, the policy will respond should an incident occur where your equipment is lost or damaged during packing or unpacking activities. Please note that if you vehicle is left unattended for a longer period of time then the vehicle should be locked and equipment kept out of sight at all times.
Is my equipment covered if I store it in my vehicle whilst on location for a job?
Yes, the equipment is covered whilst stored in your vehicle, providing that the vehicle is locked and the equipment is kept out of sight or in a locked boot. There is no restrictions on where the vehicle is parked.
Can I insure my items for an agreed value?
Yes, we recommend that you provide the brand new replacement value of your item. In the event of a claim you are entitled to claim up to the specified sum insured or the brand new replacement value of the item, whichever is the lesser. We recommend you review the values noted your on schedule at least once every 12 months.
How do emergency hire costs work?
Emergency hire costs in the event of a claim – our policy will pay for emergency hire costs following a recoverable claim under your policy – these costs are paid in addition to the claimed amount of your equipment and are limited to 20% of the claimed amount or incurred hire costs during 30 days following the date of loss, whichever comes first.
Disclaimer: Conditions apply, for example the equipment hired must be equipment which is necessary to perform, rehearse, record or conduct your normal business. Click here to view the PDS for full details.
Can I take out Australia wide cover only?
No, we offer the policy as Worldwide cover only.
If I travel overseas, how long am I covered for under the policy?
Providing you are an Australian resident, our GearSure policy provides automatic World Wide cover (some countries excluded) for up to 12 months from the inception date of the policy.
What countries are not covered?
Please refer to the policy wording but generally those countries which have trade embargos or trade restrictions placed on them by either the Australian or United States of America governments.
Do I need to list my items on the policy?
Yes, GearSure policy is a specified item policy and cover will be limited to those items you list on your application.
If I purchase or sell some equipment throughout the year, can I change my policy?
Yes, the policy can be updated at any time throughout the policy period. Pro-rata premiums will apply.
Do you offer unspecified item policies?
No GearSure does not provide unspecified item policies (i.e. blanket cover).
The above is a summary only and subject to the terms, conditions, limits and exclusions within the Product Disclosure Statement and Policy Wording. Click here to view the PDS.
General Advice Warning
By arranging this policy for you, Action Entertainment Insurance Pty Ltd have not taken into account any specific business or personal information relating to your financial objectives, risk profile or specific needs for insurance. It is your responsibility as the policy holder / insured party, to ensure this policy is suitable for your needs.