Musicians urged to fine tune their cover

By JO THORNHILL
Updated:

 

Music enthusiasts are being urged to take a new look at their insurance cover as the value of many instruments has soared during the recession.

The cost of raw materials, such as wood and gold and silver, has risen considerably.

Added to this, the falling value of sterling has pushed up the price of instruments because many are imported from the Continent and Japan.

Got the blues: Richard Wilson's insurance was not enough to cover the cost of replacing instruments stolen from his music school

Got the blues: Richard Wilson's insurance was not enough to cover the cost of replacing instruments stolen from his music school

Noel Sheehan, owner of Sheehan's Music, the musical instrument specialist in Leicester, says instruments have increased in value across the board by at least 20 per cent, and in some cases as much as 50 per cent.

'To give a few examples, a mid-range saxophone from Japan two years ago would have cost about £1,300,' he says.

'Today, it would cost £1,900. A clarinet from France costing £1,200 in 2007 would now cost £1,800.'

Specialist insurer Musicguard says the average claim on its policies has risen from £629 in 2007 to £967.

Musical instruments are covered under most standard home insurance policies, typically for values up to £1,500.

But if householders have not updated their insurance for a few years they may be underinsured if they possess a valuable instrument.

Niki Bolton, spokeswoman for esure home insurance, says: 'Any instrument worth more than £1,500 must be specified on an insurance policy.

It is the replacement value that counts when it comes to insurance so instrument owners should get regular valuations done, or they should keep an eye on ''buy new'' prices, particularly if they are rising, so that they're not left underinsured.'

If you use your musical instrument to play in a band or orchestra, you may also want cover away from the home in case of damage, loss or theft.

This is not usually included as standard on typical home contents policies and people usually have to pay an extra premium for the cover.

Aviva charges £15 a year for cover away from the home - the single-item limit is £1,500, though this can go up to £20,000 for an extra charge. For example, a £3,000 saxophone would cost a further £10 a year.

Bolton says: 'If you're a professional musician or just do the occasional gig, tell your insurer. Some will cover your instrument only if it is used for leisure purposes. If this is not adequate, you may need specialist cover.'

Richard Wilson, 34, from Halifax, West Yorkshire, has specialist cover because he runs Raw Studios, a private music school that holds workshops and masterclasses for people learning to play instruments such as drums and guitar.

Last May, Richard, a keen drummer, was burgled and two drum kits, an electronic piano, amplifiers, guitars and two computers were stolen. Thankfully, Musicguard covered the claim, which came to more than £9,000.

'All the instruments were itemised under the policy,' says Richard. 'Everything was replaced within a month.

Although the replacement cost was higher than what I had paid for the instruments, I only got cover for the original valuation so I was out of pocket. Once I had replaced everything I made sure I did a new itemised valuation for the policy.'

Richard pays about £400 a year to cover the contents of his studio, worth more than £10,000.

Musicguard, which is underwritten by Jardine Lloyd Thompson, insures professional and amateur musicians as well as orchestras and DJs.

It will cover instruments worth up to £10,000 each and more than one instrument can be covered on the policy up to a total value of £250,000.

Instruments are covered at home or in a studio and away from the home worldwide, including while performing. Rare and vintage instruments and equipment can also be covered.

Basic cover for an amateur musician playing at home, college or school would cost from about £5 a month for an instrument worth up to £2,000.

Cover for a semi-pro player would start from about £15 a month with equipment worth up to £5,000 covered at home and away, including in vehicles. There is also accidental damage cover.

Allianz Insurance also offers specialist cover and will insure musical instruments up to a value of £5,000 as standard. Its Power Play policy covers electronic and digital music equipment.

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