If your homeowners wont cover it, you could look into Squaretrade.
You just missed a 35% off sale, but still 20% aint bad:
Today only, SquareTrade.com takes 35% off warranties sitewide via coupon code "TAX2010". (A maximum discount of $40 applies.) That's tied with an expired mention from last week as the best offer we've seen this year from SquareTrade. It offers extended warranties on many new and refurbished items, including Apple iPhones and iPods, Sony VAIO laptops, HD televisions, video game consoles, cell phones, and more purchased via most retailers and on eBay.
Of note, the same coupon will yield a 20% off discount between tomorrow and April 19.
You might also look into a "speck" type case. Its a plastic snap on housing that protects the laptop from daily wear and tear. The satin model is kinda "grippy" as well, maybe less prone to dropping.
And he could slap stickers all over it of his favorite whatever and not ruin the MBP, but at the same time making it unique and easier to spot -- and maybe less of a target for thieves since it looks like some crap laptop...
http://www.speckproducts.com/products/by_device
maybe not better than a "sleeve" but theres never a "I forgot" with the Speck case, its always on.