I would bet that was liability insurance, in which case no, it wouldn't cover your gear. If the venue makes you get insurance, they're making sure your negligence won't cost them.
Here's a little bit I've picked up over the years. Many Insurance companies have Inland Marine policies (policies that cover equipment used in your business). Many agencies will NOT want to offer it to you unless they're already getting your home and auto business. Most of those Inland Marine policies are going to be Actual Cash Value as opposed to Replacement Cost. As I've said before, Replacement Cost is better, especially if you have vintage gear. This is where a company like Clarion is so good, or whatever the AFM offers. They are companies specializing in musical instrument insurance. When I first looked into Clarion, I was bracing for sticker shock, but was surprised that they were actually cheaper than the ACV policy I had with the company that also had my homeowners and auto policies.