The Art of Insurance Protection
May 19, 2015 2 minute read
The right painting or sculpture can add some je ne sais quoi to any room in your home. However, there is a fine art to finding the right policy for your artwork and sculptures to ensure adequate protection.
Generally speaking, we recommend purchasing additional coverage above and beyond your contents or home insurance to cover the increased value of fine art in the event of an incident. This additional coverage can provide a broader form of protection in the event the art is accidentally damaged when it is moved or relocated as well as providing protection from theft.
The first step is to contact your BrokerLink broker to find an insurance provider that meets your needs. Some providers have an expert on staff that is well versed in art and insurance requirements.
Your broker and insurance provider will then recommend you have a professional come to your home and complete a thorough appraisal of all pieces in your collection. This is a great opportunity for you to also update your home inventory checklist and take photos to document all paintings, artwork or sculptures you wish to include in your policy.
Once you have identified an appraised value of your collection you can begin to identify a policy that meets your needs. Here are some key points to consider when selecting your policy.
• Location, Location Location. Where you will be storing or displaying the art will identify any potential risks and how likely damage is to occur. Hanging a painting over a fireplace puts it at risk for smoke damage or hanging it on a wall in direct sunlight can cause fading over time. The geographic location of your home will also be considered. Is your property in an area that has a high risk of wildfire or hurricanes? If so your collection may cost more to insure.
• Save your receipts. If you are constantly adding to your collection, save your receipts and any other appraisal documents in a secure place. Knowing the value of your collecting will be helpful in the event you need to make a claim. Keeping these in a safe place in the event of a fire is also recommended.
• Regularly have your collection appraised. Just like a fine wine, art gets better with age, and can become more valuable too. Make a point to have your collection re-appraised every couple years to be aware of current market value and trends.
• Understanding your policy. It’s important to understand that your policy is as unique as your art. Always read the fine print to know what limit your policy provides coverage up to. Not all policies cover the full value of your collection. Talk to your BrokerLink broker about a policy that works for you.
• Storage and transportation. Always be aware of the safest way to store and transport your artwork. If you plan on storing any pieces, identify a safe, secure area that is not prone to any water damage and is preferably relatively climate controlled.
Contact your BrokerLink broker today to discuss your coverage options. They can work with you to explain the fine art of art insurance.