The touching reunion of South African violinist Petrus De Beer with his cherished 1896 Léon Fischesser violin serves as a poignant reminder of the emotional and financial risks tied to valuable possessions. After being stolen from his car in July 2022, the violin was recently recovered thanks to two vigilant Capetonians, highlighting the critical need for insurance to protect against unforeseen loss and damage.
De Beer shared in a recent interview that he had not insured his violin, valued at €17,000 (approximately R325,000), and felt devastated upon discovering its theft. Crafted by the esteemed French violin maker Léon Fischesser, this 128-year-old instrument was missing for 18 months until the Van Stadens spotted De Beer’s Facebook post about its loss. Recognising its significance, they contacted him, leading to a reunion that coincided with the thirteenth anniversary of De Beer’s mother’s passing, from whom he inherited the violin.
“While insurance cannot replace the sentimental value of treasured items, it can ensure that musicians and collectors are not left financially burdened if the worst occurs,” says Tarina Vlok, Managing Director at Elite Risk Acceptances, a high-net-worth insurer under Old Mutual Insure.
### Insights for musicians and collectors
“For musicians, instruments are not just valuable possessions; they hold deep personal significance. Theft or damage can disrupt both their emotional connection and their livelihoods,” Vlok explains.
She emphasises the importance of specialised insurance for high-value items like musical instruments, jewelry, and fine art, particularly for professional musicians who invest heavily in their craft.
Vlok outlines that standard insurance policies generally cover theft, damage, fire, and water-related incidents. Specialised insurers may offer broader coverage. However, professional musicians should consult their brokers to ensure they have the appropriate protection for their valuable instruments. Domestic insurance typically only covers items for personal use, while amateur musicians might find some coverage under homeowner’s insurance.
Due to their rarity and craftsmanship, many instruments require specialised insurance, and insurers need to understand how and where the instrument is used. For example, the 300-year-old Nicolo Gagliano cello borrowed by Italian musician Sam Lucas comes with strict travel conditions to mitigate risks associated with cargo holds.
Instruments like De Beer’s violin, which require special care, necessitate tailored insurance policies that account for unique factors like craftsmanship, origin, and historical significance. Standard policies often fall short in covering these aspects, making bespoke policies essential for accurate valuation and protection.
Vlok says: “The cost of insuring a musical instrument largely depends on its value. While proof of purchase may suffice for standard instruments, rare and valuable pieces often need an expert appraisal to determine their true insurable value.”
### Top tips for insuring valuable items:
1. **Comprehensive Coverage**: Ensure that your insurance covers a wide range of risks, including theft and damage, while considering both market value and historical significance.
2. **Travel Safely**: Keep your valuable instrument with you during transit to prevent damage in cargo holds.
3. **Notify Insurers**: If playing a loan instrument, inform your broker or insurer to ensure proper underwriting.
4. **Maintain Records**: Keep detailed records, including photographs and appraisals, to facilitate the insurance claims process for valuable items.
PERSONAL FINANCE