This way you insure your musical instruments and collectibles

Money can never replace a unique item like a 128-year-old violin, but it can help you replace it if you make a living playing it.

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

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

The story had a happy ending for De Beer, however, when a couple who bought it at a flea market looked it up on the Internet when they wanted to downscale 18 months later and saw his post about his stolen violin. They gave it back to him.

Tarina Vlok, managing director at Elite Risk Acceptances, a high-net-worth insurer and subsidiary of Old Mutual Insure, says De Beer’s heartwarming reunion with his treasured violin is a moving reminder of the emotional and financial risks associated with valuable possessions.

“It shows how important it is to insure valuables against unexpected loss and damage. Insurance cannot protect the sentimental value of beloved pieces, but it can ensure that musicians and collectors do not face financial hardship if the worst happens.”

Lessons from the violin theft

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

Vlok says owners who make a living from their craft should consider specialized insurance for valuables such as musical instruments, jewelry and fine art, especially professional musicians who often invest significantly in their instruments.

“Standard insurance policies usually cover theft, damage, fire and water-related incidents, but specialist insurers can offer more comprehensive cover. However, professional musicians should talk to their agents to ensure they have the right coverage for their valuable instruments.”

She points out that domestic insurance normally only covers items that are for personal or household use. For amateur musicians, homeowners insurance may provide some coverage for instruments used in the home, but not for professionals.

Rare musical instruments require specialized insurance

“However, due to their rarity and craftsmanship, some instruments require specialist insurance and it is important for the insurer to know where and how the instrument is used. For example, Nicolo Gagliano’s 300-year-old cello, loaned by Italian musician Sam Lucas, comes with strict conditions, including that the instrument remain with him when he travels, as placing them in cargo holds could expose them to significant risks. ”

Vlok says that instruments that are outdated and require special care, as in the case of De Beer’s violin, need tailor-made policies because they often possess unique qualities that significantly affect their value, such as craftsmanship, provenance and historical significance.

“Standard policies typically do not take these factors into account, making customized policies necessary to accurately assess and cover the value 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 pieces often require expert appraisal to determine their true insurable value.”

Tips for buying insurance for precious and valuable items

Vlok gives these tips for insuring precious and valuable items:

Rare instruments, such as De Beer’s 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 significance of the instrument.
Keep the valuable instrument with you while traveling to avoid damage in the luggage hold.
In the event that you are playing a loan instrument, inform your broker or insurer so that they can make the necessary underwriting.
Keep detailed records, including photos and appraisals, to simplify the insurance claim process for valuables.