As the world watched the beautiful cathedral of Notre Dame in flames, we were reminded of how unpredictable life can be. It was incredibly lucky so many artifacts were saved or untouched – but you can’t rely on luck, and if you have valuables with a high worth you will need bespoke insurance to make sure your treasured items are adequately protected.
In this blog we will concentrate on Fine Art and Art collections – things that may not be covered correctly under your home contents insurance which would be disastrous to neglect. This type of cover is found in High Net Worth Household Insurance, although we will explain in depth what specifics art collections need.
High Net Worth Household Insurance is specifically designed cover for individuals or families with high-value possessions such as fine art, extensive jewellery collections, yachts, holiday homes and more. Our panel of High Net Worth insurers gives us access to the broadest cover available in the private client insurance market, ensuring the things people hold most dear to them are properly protected.
If you own property or items that are of a high value, your belongings are more attractive to criminals and ultimately more expensive to replace. With a High Net Worth Household Insurance policy that is tailored to your needs, you can rest assured that you’re adequately covered should the worst happen.
The term Fine Art Insurance applies to any work of art you own. This includes paintings, sketches, drawings, prints, lithographs, printed posters, sculptures, clocks, precious metals, stamps, coins and memorabilia. One of the most common issues when it comes to Art collections is that the collectors make the simple mistake of undervaluing them for insurance purposes. And all too often, people rely on their standard household insurance policy to protect them. Such policies often make exceptions of higher value items, are normally not as sophisticated as a specific fine art insurance policy and contain restrictive conditions.
If you don’t have a separate Fine Art Insurance policy or a High Net Worth Insurance Policy, and think your Art is covered under your home contents insurance, you need to check the exclusions. There is huge benefit in insuring with a specialist provider who will handle claims in a sensitive manner, assist in the restoration process if a partial loss is suffered, and settle claims on an agreed value basis.
One of the many advantages of working with us when insuring your art and collections is that we work on your behalf, and not for a specific insurance company. Eggar Forrester can provide expertise, experience and personalised attention. We are experienced in creating policies to protect your art collection and knowing how to help in claim situations.
The first step to insuring your art collection is putting together a list detailing all items, descriptions of the items and valuation for insurance purposes. It is also prudent to pull together all of the documentation to prove that the work of art is yours and what it’s currently worth. These documents include proof of ownership, bill of sale, provenance, a replacement estimate, photographs and the most recent appraisal. The frequency that you should update your appraisal documents is something we can advise you on.
The most common claims are theft and art getting damaged in transit. If you are moving or loaning part of your collection out to museums or different venues, make sure your insurance broker is aware and a part of this process. If the loan is international, be aware that insurance policies vary from country to country.
The best way to be sure that your insurance policy covers everything you need is to contact us. Your art collection is irreplaceable, and Fine Art insurance protects your assets and your investment. It also ensures that, even in the event of a catastrophic claim, you can continue collecting.
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