Priceless violin returns home following theft: Lessons learnt
By: Tarina Vlok, Managing Director at Elite Risk Acceptances
The heartwarming reunion of South African violinist Petrus De Beer with his treasured 1896 Léon Fischesser violin serves as a touching reminder of the emotional and financial risks associated with valuable possessions. Stolen from his car in July 2022, the violin was recently recovered thanks to two alert Capetonians, bringing to light the importance of insuring valuable items to safeguard against unexpected loss and damage.
De Beer noted in a recent interview that he did not opt to insure his violin, and valued at €17,000 (approximately R325 000), was devastated to discover it missing. Crafted by the renowned French violin maker Léon Fischesser in 1896, this 128-year-old violin had been missing for 18 months until the Van Stadens came across De Beer’s Facebook post about its theft. Recognising the instrument's significance, they reached out to him, resulting in the reunion that coincided with the thirteenth anniversary of De Beer’s mother’s passing – from whom he inherited the violin.
“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,” says Tarina Vlok, Managing Director at Elite Risk Acceptances, a high-net-worth insurer and subsidiary of Old Mutual Insure.
Lessons for musicians and collectors
“For musicians, instruments are highly personal and valuable possessions. Theft or damage to these items can not only affect an emotional connection to the instrument but also livelihoods,” says Vlok.
She adds that specialised insurance for high-value items such as musical instruments, jewellery, and fine art should be considered seriously by individuals who earn a living from their craft, especially professional musicians who often invest significantly in their instruments.
Vlok explains that standard insurance policies typically cover theft, damage, fire, and water-related incidents. Specialist insurers may provide more comprehensive cover. However, professional musicians must talk to their brokers to ensure they have the appropriate cover in place for their valuable instruments. Domestic insurance normally only covers items that are for personal or domestic use. For amateur musicians, homeowner’s insurance may provide some cover for instruments that are used in the home.
However, due to their rarity and craftsmanship, some instruments require specialised insurance, and where and how the instrument is used is important for the insurer to know. For instance, the 300-year-old Nicolo Gagliano cello borrowed by Italian musician Sam Lucas comes with strict conditions, including that the instrument remains with him during his travel, as placing them in cargo holds can expose them to significant risks.
For instruments that are aged and require special care, like in the case of De Beer’s violin, tailored policies are needed as they often possess unique qualities that significantly influence their value, such as craftsmanship, origin, and historical significance. Standard policies typically do not accommodate these factors, making a tailored policy necessary to accurately assess and cover the instrument's worth.
Vlok notes, “The cost of insuring a musical instrument largely depends on its value. While proof of purchase may be enough for standard instruments, rare and expensive pieces often require expert appraisal to establish their true insurable value.”
Below are Vlok’s top tips for insuring precious and valuable items:
- Rare instruments, like De Beer’s violin, need insurance that covers a wide range of risks such as theft and damage. Make sure your policy considers both the market value and the historical significance of the instrument.
- When travelling, keep the valuable instrument with you during transit to avoid damages in the cargo hold.
- In the event you’re playing on a loan instrument, inform your broker or insurer so that they can do the necessary underwriting.
- Maintain detailed records, including photographs and appraisals, to simplify the insurance claims process for valuable items.