Five tips for insuring art
An art collection is a prime example of why off-the-peg, one-size-fits-all insurance policies aren’t always the most suitable.
If nothing else, every art collection is different and the value of individual pieces can vary widely. An independent broker can offer a bespoke solution based on the items owned, the circumstances under which they are kept and so on.
Getting a personal one-to-one service with an insurance broker who knows something about the subject means that accurate valuations are more likely, and you can feel reassured that the value of your collection is appreciated and understood.
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Choose the most suitable cover
Some insurers might consider “an art collection” to be a homogenous thing covered by a standard policy, but art needn’t always be paintings hanging on a wall. Your collection might include antiques, sculptures or even comic books. Finding someone who understands what you’re talking about is the first step in arranging the right cover for your collection.
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Re-value regularly
It’s important to have regular valuations of your collection and to be aware of what the most valuable pieces within it are. Ideally this should be done ahead of each year’s policy renewal, to give the insurer and you plenty of time to agree on the levels of cover is required.
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Automatically cover new acquisitions
Some insurance policies will automatically cover you for up to 25% more when you buy new pieces, which is a good idea if you are actively buying. Of course, you should still keep your insurer informed of new additions and have them individually valued as soon as possible.
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Increase on death
Another standard clause for art insurance is that the value of a piece should automatically increase by 200% if the artist dies. Make sure that this is included in your insurance. Of course, you should also have the piece independently re-valued in the wake of the death as well, as it may turn out to increase in value by more than that.
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Defective title cover
As well as having your collection protected against theft or damage, you should also make sure you are insured against the risk of being sold a stolen piece of art, which is known as defective title cover. This will cover you if you are legally obliged to return this item to its rightful owner and will reimburse you up to the value of that item.
If you need insurance for a work of art or a high-value item, get in touch today.
