Special insurance for musical instruments and collectibles can be essential, especially if you’re a professional musician, as Petrus de Beer, principal first violin of the Cape Town Philharmonic Orchestra, found out when his 128-year-old violin was stolen. 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 euros (approximately 325,000 lei), but it was not insured.

However, the story had a happy ending for De Beer as a couple who bought it at a flea market looked it up on the internet when they wanted to downsize 18 months later and saw the post about the stolen violin. They returned it 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 encounter with his prized violin serves as a poignant reminder of the emotional and financial risks associated with possessions of value.

“It demonstrates how important it is to insure valuable items to protect against unexpected loss and damage. Insurance cannot protect the sentimental value of beloved pieces, but it can ensure that musicians and collectors are not financially out of pocket if the worst happens.”

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Lessons from the violin theft

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

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

“Standard insurance policies usually cover theft, damage, fire and water incidents, but specialist insurers can offer more comprehensive cover. However, professional musicians should speak to their brokers to ensure they have adequate 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, homeowner’s insurance may provide some coverage for instruments that are used in the home, but not for professionals.

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Rare musical instruments require specialist insurance

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

Vlok says instruments that are aging and require special care, such as De Beer’s violin, need custom policies because they often possess unique qualities that significantly influence their value, such as craftsmanship, provenance and historical significance.

“Standard policies typically do not take these factors into account, making a custom policy 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 parts often require a specialist appraisal to establish their true insurable value.”

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Tips for buying insurance for precious and valuable items

Vlok offers these tips for insuring your precious and valuable items:

• Rare instruments such as De Beer’s violin need insurance to cover a wide range of risks such as theft and damage. Make sure your policy takes into account both the market value and historical significance of the instrument.
• When traveling, keep your valuable tool with you during transport to avoid damage to the cargo hold.
• If you are playing a loan instrument, inform your broker or underwriter so that they can make the necessary underwriting.
• Keep detailed records, including photos and ratings, to simplify the insurance claim process for valuable items.