@DG said:
You need to look for specialist insurance, if you want to be covered against theft or loss of the key.
Yeah, but good luck finding somebody in the US who will do that. You'll have to go through foriegn insurance companies, like Loyd's of London, and they charge more than what it's worth.
My home owner's insurance (Allstate) will cover the cost of the software in the event of a fire or theft. They WILL NOT cover the cost if the key and/or software leaves the curtilage of my home. As long as I keep it at my home studio and never travel with it I'm covered. Be sure to explain to the insurance company what you have and the value. They WILL NOT cover the key in the event of a malfunction with the key or your system. So be sure that the key is in the warrenty period as DG suggested.
I have friends who use their home studios as a business, for tax purposes, and the insurance they keep to cover their "business" will also cover the cost of the software but It's usually a little more expensive than regular home owner's insurance. Not to mention, if anything does happen to the software they can write it all off of their taxes as a loss.