How to: Insure Your Musical Instrument

‘If you’re insuring for the first time,’ says David Waterman, cellist of the Endellion String Quartet, ‘make sure you get your instrument valued by a genuine expert. Then make sure you go only to specialist insurance companies – shop around, look at what each offers and negotiate.’

Here are some of the need-to-know facts about insuring your instruments, how to avoid some of the common pitfalls and ensuring that you get yourself the best deal available for your circumstances:

What will the insurer want to know at the outset?

For a start, apart from the type of instrument and its value, they’ll want to know details of any previous losses and claims. ‘And we need to know where you will be using the instrument,’ says Suzanne Beney of Lark Group. ‘You can restrict cover to private premises, your country of residence or to a bank vault – thereby reducing the premiums.

‘If you need worldwide cover, check you have it before travelling. Not all policies offer standard worldwide “all-risks” cover, as Lark does.’ Specialist insurers deal in those basic categories of accidental damage, loss and theft but, as suggested, there will inevitably be variables in the precise scope of cover offered by individual companies.

Take approaches to the exact circumstances under which thefts might happen, for example, when an instrument is left in an unattended vehicle. ‘Some policies offer unattended vehicle cover for an additional charge,’ says Paul Crump of New Moon Insurance, ‘although we offer it as standard. Some insurers require the item to be in a boot or glove compartment and not in the vehicle between certain times at night.’

Also, determine whether the company concerned applies an excess, whereby you pay a set sum against a claim before the company picks up the rest. Everywhere you look there will be special features, by which companies try to distinguish themselves from competitors: for example, New Moon claims to have an exclusive deal with their guarantee of paying up to £250 postage to transport a damaged instrument to/from a repairer.

Will my home insurance provide me with cover?

‘It may suit some musicians,’ says Colin Young of Allianz Musical Insurance, ‘but many find it isn’t right for them. For lower value claims, perhaps under £1,000, some musicians may have cover on their home insurance. But by the time they deduct the excess and then think about losing their no claims discount for several years because of a claim, they end up not claiming.

‘Instruments often have to be specified items on home insurance and musicians may not realise exactly how much that item pushes the premium up. As specialist insurers, we know musicians take great care of instruments, so our rates are low. A general home insurer sees an instrument as just another valuable item to steal.’

What obligations rest on me, the purchaser?

Once the insurance is bought and sold you have to make sure to use common sense – such as keeping the instrument in a sensible case. Where very expensive instruments are involved, different gradations of security are likely to be required, such as mortice locks protecting storage space.

Update your insurer on any new circumstances, such as a change of address or instrument. And always remember to make a claim promptly – very promptly where theft is involved – and make sure to also inform the police.

Insurers like Lark appreciate that, once an agreement for a repairs claim has been validated, you need to be completely happy with the choice of repairer. ‘And if the claim relates to a total loss,’ says Suzanne Beney, ‘we’ll provide a cash settlement so that you can find a suitable replacement regardless of how long it takes.’

Is taking out cover online an option?

Well, for one thing, you may prefer the chance it offers to read terms and conditions at your leisure, and you can expect a cheaper deal. But, if you feel the form you’re completing doesn’t relate to your circumstances, real live humans are normally available by phone. ‘You can soon tell if they understand your needs, the risk and the product they’re selling,’ says Paul Crump.

Speaking of which, what sort of thorny issues might need discussion? ‘Things like discovering that the superb instrument you play doesn’t have a high value for insurance purposes because it isn’t by a well-known maker,’ says David Waterman. ‘Or you may want to clarify in advance just what may happen when you require relatively small repairs. I recently claimed on around £1,000 worth of repairs … then discovered my premium had gone up so much as a result it wasn’t worth claiming at all.’

Can special clauses be added to my policy?

‘Yes’, says Suzanne Beney. ‘We refer your requirements to underwriters. If accepted, they’ll be written into your policy schedule.’ Guide prices? Well, as you would expect, it’s hardly possible to even attempt comprehensiveness in an article of this length. The beauty of going online is that all kinds of research and comparison are swiftly possible. But Paul Crump emphasises the general guideline that ‘it’s a lot cheaper than you think to arrange specialist cover.’