It is difficult and at the same time necessary to take care of instrument insurance. To shed some light on this, we have asked several insurance companies* the same questions.
Die Mobiliar 
, AXA Winterthur 
, Helvetia 
und Zürich Insurance Group
offer instrument insurance as part of the valuables insurance and have answered our questions:
1. Is a confirmation of value from a specialist or a purchase receipt required to take out the insurance?
- No. However, in the event of a claim, the policyholder must provide proof of the amount of the loss. The sum insured does not constitute proof of the existence and value of the insured instruments.
- Yes. For first-time inclusion, a detailed estimation/invoice (not older than 1 year) with date, stamp and signature of an expert in Switzerland (music store) as well as a detailed description must be enclosed.
- Yes
- Yes
2. What is the annual premium per CHF 1000 instrument value?
- The annual premium (excluding federal stamp duty) for a non-electrical/electronic instrument with a value of CHF 10’000 is CHF 186.20
- Minimum CHF 100.00 per policy, CHF 10.00 per object. Premium rate musical instruments 8,5‰ with deductible or 10‰ without deductible. Premium rate wind instruments 15% with deductible or 18‰ without deductible.
- Different. For example, a violin would be CHF 8.50 per CHF 1000.
- The premium for private individuals is CHF 8.50 per CHF 1000 instrument value.
3. Is the insurance valid worldwide?
- Yes, for temporary stays and travels […] insured worldwide for 24 months
- Yes, for temporary (not longer than 1 year) trips or stays […].
- Yes
- Yes, for temporary stays and trips during one year all over the world.
The trip does not have to be pre-registered with any of these insurance companies.
4. How high is the deductible in case of damage?
- The policyholder can choose between several variants (10% of the compensation, minimum CHF 200 to CHF 50’000).
- In the event of theft (burglary and simple theft), robbery, loss and misappropriation, the beneficiary must pay 10% of the compensation, at least CHF 200 per event.
- The deductible is selectable. Insurance without deductible is also possible.
- In the event of events such as theft, robbery, destruction or damage, the deductible is 10% of the amount of damage, but at least 200 Swiss francs. In the event of events such as loss, misplacement or theft of locked motor vehicles, the deductible is 20% of the damage amount, but at least 300 Swiss francs. On customer request, a deductible of zero francs can also be selected for an additional premium.
5. I leave my instrument lying around and it cannot be found again. Is my damage covered?
- On the train?
- With additional insurance possible.
- Yes.
- Yes, theft on the train limited to CHF 10’000.
- Yes.
- On the plane as hand luggage?
- With additional insurance possible.
- Yes
- Yes, theft on the plane is limited to CHF 10’000.
- Yes
- In a closed room/box?
- With additional insurance possible.
Yes - Yes
- Yes
- In an NOT locked room/box?
- With additional insurance possible
- Yes
- Yes
- Yes
The duty of care applies to all insurance:
Both the Insured and the user of the insured instruments are obliged to exercise due care and must take all measures required by the circumstances to protect the insured object. In the event of culpable breach of statutory or contractual safety regulations or obligations, the indemnity may be reduced to the extent that the occurrence or extent of the loss was affected.
6. My instrument is stolen. Is my damage covered?
- In public space?
- Yes
- Yes
- Yes
- Yes
- Out of the car
- Yes, maximum compensation 30’000 CHF.
- Yes, as long as the duty of care is not violated, e.g. in the case of theft from a vehicle, the instrument may be shortened; this is the case if the instrument has been placed in it openly and visibly.
- Yes, theft from car limited to CHF 10’000
- Yes, the car must be locked. The maximum compensation is CHF 20’000.
- On the plane as hand luggage?
- Yes
- Yes
- Yes, theft from aircraft limited to CHF 10’000.
- Yes
- From the hotel room (not in the safe)?
- Yes
- Yes, but it can be problematic to simply keep a high-quality instrument in the hotel room (duty of care).
- Yes
- Yes
The duty of care applies to all insurance policies: Both the Insured and the user of the insured instruments are obliged to exercise due care and must take all measures required by the circumstances to protect the insured object. In the event of culpable breach of statutory or contractual safety regulations or obligations, the indemnity may be reduced to the extent that the occurrence or extent of the loss was affected.
7. Airplane: My instrument was checked in as luggage and has disappeared. Is my damage covered?
- It is not possible to make general statements, but in the event of a claim we will investigate the exact circumstances that contributed to the disappearance.
- Yes
- The transport company is liable for the luggage. Any differences would be assumed by Helvetia.
- Yes
8. How is the sum insured calculated in the event of loss (depreciation / insurance at replacement value)?
- We calculate the compensation on the basis of the replacement value of the insured items immediately prior to the occurrence of the loss event, less the value of the remainder. The replacement value is the replacement value, i.e. the amount which the new acquisition requires at the time of the damage event. […]
- The claimant has to prove the amount of the damage (invoices, receipts, estimates). The sum insured does not constitute proof of the existence and value of the insured objects at the time of the damage. The insured sum is the upper limit of indemnification. Compensation is based on the replacement price of the instrument (example: the instrument became cheaper over time).
- It is a new value insurance, i.e. the costs of the new acquisition of a qualitatively and technically as identical as possible thing are replaced (in case of a total loss) at most the sum agreed upon for the thing concerned. In case of partial damage, the costs for partial replacement or repair as well as the remaining reduced value will be reimbursed.
- The insurance covers the replacement value at the time of the loss or damage up to a maximum of the agreed sum insured for the instrument.
The costs for a general overhaul or revision are not covered by any of these insurances. For all the above mentioned insurances, the insurance contract is subject to Swiss law.