Insuring Musical Instruments in South Africa

There are musical instruments of top quality to match all levels of play. Musical instruments are  relevant in different cultures and Africa has a rich musical culture and many unusual musical instruments. From single musicians to bands and orchestras, South Africa also has a number of traditional yearly music festivals. These include Oppikoppi, Splashy Fen, Woodstock South Africa among others. So insuring musical instruments is going on all the time.

Insuring Musical Instruments – Priceless Value

Musical instruments cost a fortune today. For instance, George Michael bought a Steinway Z Piano owned by John Lennon and Yoko Ono for $2.08 million and its value is still increasing. Small wonder, as this is the very piano that John Lennon composed his world famous song  ‘Imagine’ on.

Just in South Africa, a Chateau Bariton Saxophone can cost close to R50 000. A 2nd hand Steinway Grand Piano can cost R400 000. Some brand new ones from leading brands can cost more than R2 million. Even if you are playing one of the lesser known instruments, once you have tailored it to your liking and added a few accessories to it, its value can add up very quickly. So insuring musical instruments is essential.

Insuring Musical Instruments

Homeowners Insurance Possibly Not Enough

Many South African artists look upon their musical instruments as their bread and butter. Some of them even use instruments which are classified as antiques and which are priceless.

Several insurance companies insure private individuals as well as corporate entities who own musical instruments. Insurance protects their instruments against damage and theft.

Just because your equipment is covered under your homeowner’s insurance policy, chances are that the cover won’t be enough to compensate the total loss. There are always limits on home insurance, and unless you have a rider over those limits, you will only get the limit amount.

You can take out home insurance or household contents insurance, but you may require additional insurance for valuable musical instruments. Specified valuables are items that you want insured for a specific replacement value in the case of them being stolen or damaged.

Insuring Musical Instruments with Various Companies

  • For instance, Old Mutual iWyze insurance of valuables will let you insure musical instruments as part of your household insurance.
  • Hollard, an authorised Financial Services Provider who is also a  member of the South African Insurance Association for instance also insures musical instruments. They know full well that some things are  irreplaceable – like your paintings and  musical instruments which can have enormous sentimental value. Insuring with Hollard means you’re protecting your financial investment, regardless of what happens to them. Their Assets Out is an innovative feature of their  insurance that covers you for up to 10% of your total contents value for any musical instrument or other  belongings you take out of your home. With Assets Out, you get cover for your musical instruments no matter where you go in the world.
  • Then again, sometimes the shop where you buy your musical instruments from, will provide insurance services. They will arrange insurance products for your double bass, keyboard, guitar, drum set and even your flute. Their insurance will ensure repair or replacements of  your musical instruments and musical equipment if damaged or stolen.

Insure – so that the Show can go On

A good musical instrument ensures high-performance shows and concerts for musicians, and because musicians are constantly on the road, their precious guitars, pianos, flutes, trombones, drums and other instruments have to be insured so that the show can go on.

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