How to Insure Your Musical Instruments and Collectibles

Special insurance for musical instruments and collectibles may be necessary, especially if you are a professional musician, as Petrus de Beer, principal violinist of the Cape Town Philharmonic Orchestra, learned when his 128-year-old violin was stolen from his home. July 2022 car.

He inherited from his mother a violin made by the famous French violin maker Léon Fischéser in 1896. The violin was valued at €17,000 (about R325,000) but was not insured.

However, the story had a happy ending for De Beer: the couple who bought it at a flea market found it online 18 months later when they wanted to zoom out and saw his post about his stolen violin. They gave it back to him.

Tarina Vlock, managing director of Elite Risk Acceptance, a major insurance company and subsidiary of Old Mutual Insure, says De Beer’s touching reunion with his treasured violin serves as a touching reminder of the emotional and financial risks associated with valuables.

“This shows how important it is to insure valuable items to protect them from unexpected loss and damage. Insurance can’t protect the sentimental value of beloved pieces, but it can ensure that musicians and collectors aren’t left financially devastated if the worst happens.”

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Violin Stealing Lessons

What can musicians and collectors learn from this? Vlok says that for musicians, instruments are very personal and valuable possessions. “Theft or damage to these items can impact not only the emotional connection to the instrument, but also one’s livelihood.”

Vlok says owners who make a living from their craft should consider specialty insurance for high-value items such as musical instruments, jewelry and fine art, especially for professional musicians who often invest heavily in their instruments.

“Standard insurance policies usually cover incidents involving theft, damage, fire and water, but specialist insurers can provide more comprehensive cover. However, professional musicians should speak with their brokers to ensure they have adequate insurance for their valuable instruments.”

She notes that domestic insurance typically only covers items intended for personal or household use. For amateur musicians, homeowner’s insurance may provide some protection for instruments used at home, but not for professionals.

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Rare musical instruments require special insurance

“However, due to their rarity and quality of workmanship, some instruments require special insurance and it is important for the insurer to know where and how the instrument is used. For example, Nicolo Galliano’s 300-year-old cello, loaned by Italian musician Sam Lucas, comes with strict conditions, including that the instrument remains with him while traveling, as placing it in cargo holds would expose them to significant risk.”

Vlok says instruments that have aged and require special care, as is the case with the De Beer violin, need special policies because they often have unique qualities that significantly affect their value, such as craftsmanship, provenance and historical significance.

“Standard policies typically do not take these factors into account, so a custom policy is needed to accurately assess and cover the cost of the instrument.”

She says the cost of insuring a musical instrument largely depends on its value. “While proof of purchase may be sufficient for standard instruments, rare and expensive items often require expert appraisal to determine their true insurable value.”

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Tips for purchasing insurance for precious and valuable items

Vlok gives the following tips for insuring precious and valuable items:

• Rare instruments such as the De Beer violin require insurance that covers a wide range of risks such as theft and damage. Make sure your policy takes into account both the market value and the historical value of the instrument.
• When traveling, keep your valuable tool with you during transport to avoid damage in the cargo area.
• If you are playing on a credit instrument, please let your broker or insurer know so they can do the necessary underwriting.
• Keep detailed records, including photographs and appraisals, to simplify the insurance claims process for valuable items.