MUSICAL INSTRUMENT INSURANCE
Whether you have an upright piano, grand or other type of musical instrument get in touch with Galea Insurance Brokers for specialist cover for musical instruments. We cover all types of instruments including wind, string, keyboard, percussion and others
Cover can be extended for trips abroad. We can also cover the cost of renting an alternative instrument.
A valuation of the instrument or a receipt will be requested before cover can be incepted.
The policyholder has the option of keeping any undamaged instrument parts that have sustained damage. For example if a bow breaks, the insured can keep the Frog and we will deduct the value of that Frog and pay the balance of the insured value. The right to keep undamaged parts is strictly At Your Option. There is no requirement to purchase undamaged parts. This is strictly recognizing that musicians’ get attached to their instruments and may wish to re-use parts. Most insurance policies do not allow the policyholder the option to keep undamaged parts.
In the event an instrument is lost, misplaced, or stolen, and the insurers have paid a claim settlement, if that instrument is recovered the insured will have the option to repurchase the instrument for the same amount that the named insured received in the claim settlement. The insured will not have to reimburse the insurer for any claim expenses that have been incurred such as investigation or reward expenses.
What will be the sum insured?
The insurer will insure your instrument on an agreed value basis. The value is shown on the schedule which is attached to the policy. The amount that the instrument is insured for is the amount that you will collect in the event of a total loss. Such a policy is better than replacement cost in the sense that it is predetermined exactly how much the insurance company will pay in the event of a loss and therefore there is no need for negotiations as to what the replacement cost of an instrument is..