Excess
this is the amount of money that you contribute towards the cost of a claim. With there is no excess as standard on instrument or equipment insurance, but you can choose to pay a voluntary excess and doing so will reduce your premium, typically by around 12.5%.

There is a 500 excess for claims made for damage to a third persons property.
There is a 50 excess (for each and every item) for breakdown claims.

See also minimum claim.