Image via Wikipedia
Insurance companies have various policy options available for the insurance of valuable articles such as fine arts and jewellery.
Each policy varies, depending on the insurer and type of policy you select. The most important questions you want to ask to help you understand what you need when insuring your fine arts or collectibles are:
1. Is there a limit in the policy for fine arts/jewellery/collectibles?
2. What is the deductible?
3. What type of coverage is available within the policy? Is it all risk? Does it include breakage? Does it include mysterious disappearance? Does it include coverage for newly acquired items? What is excluded?
4. Can I purchase additional coverage?
If your valuable articles, fine arts or other collectibles are important to you then take a few moments to find out if you are insured properly and how your insurance will protect you in the event that there is a claim.
Insurance companies have special limits in the small print of the policy wording (contract) that limit the amount payable for certain items such as jewellery, furs, fine arts, collectibles. Depending on the insurer, the limit for jewellery for example could range anywhere from $1,000 to $25,000. More often than not, a standard policy will include coverage from $1,000 to $6,000.
Similarly, your policy may limit fine arts and other valuable articles. In fact more frequently now, we are seeing insurers adding limits for wine collections and video/audio supports, including DVD's .
At Ogilvy we have policies that generally start with special limits of $5,000 on jewellery, however each policy varies. One of the things we do, is have the discussion with our clients tailoring their insurance package to suit their needs. Whether you deal with a broker or a direct insurer, take control of your insurance and make sure to ask these questions before you purchase or renew your policy.
If you do not know the answers to the questions above, take a few moments and email or call your insurance representative . You will be glad you took the time now, instead of later. The last thing you want to do when you suffer a loss (theft, mysterious disappearance, etc.) is to add to the devastation by finding out you did not have the right coverage.
Upcoming posts on Valuable Articles will highlight:
- Evaluations of Fine Arts, Antiques, Collectibles, Heirloom Pieces. If you do not have a value, how can you expect to be paid? What is taken into consideration in a fine arts appraisal?
- Types of coverage & Basis of settlement . This becomes very important with Fine Arts, Antiques, Collectibles, Heirloom Pieces, etc. because often they are not replaceable. There are a few options to learn about - some insurance policies will not pay out on value if the item is not replaceable.
- Wine Collections - Yes, some policies do insure wine! Many options are available to protect your collection.Definitely somethign to think about!
Have you recently purchased something special, or do you already have a collection at home of art or even Jewelry - how do you protect it? A lot of people don't do anythign about insuring these items, and just take their chances ~ what is your take?