How to Properly Insure Your High End Art Collection

Posted on 27 February, 2019

How to Properly Insure Your High End Art Collection If you’ve taken the time and made the investment in a well-curated collection of high-end artwork, you’re going to want to ensure that your collection will be protected no matter what happens. This is where High End Art Insurance comes into play. Insuring high end art is specific to the individual and their collection, but your choice of insurance will depend on the amount and value of your art collection and also the kind of coverage you are looking for.

Types of Coverage

There are two main types of insurance coverage to consider when it comes to insuring your art collection.

Title insurance insures against a defective title. One example is if the artwork was stolen or looted before you bought it rendering your title defective. This coverage is beneficial for high-value artworks that have passed through several owners or whose history is unclear.
Property insurance insures against theft or damage. Valuable art typically requires its own separate coverage.

If you have a significant piece or collection of art, however, you would likely be better served by a policy underwritten by a insurance company that specializes in high end art. You can be covered for a wide range of art, from artworks to antiques, personal art collections, and jewelry. Utilizing specialists who understand fine art and how to protect it can make all the difference.

What to Insure Against

It is crucial to have a policy that covers replacement, to protect your high end art if it is stolen or completely destroyed. Most experts recommend insuring art for its replacement value, not for the original cost. This involves getting your art appraised on a fairly regular basis, from once a year to every few years, depending on the nature of the work, because the value of art can appreciate over time.Make sure the appraiser knows that the appraisal is for insurance purposes.

What to Look For in your Policy

There are certain key component you should seek in your high end art insurance coverage. Proper full protection should offer:

Itemized coverage for each item as well as pairs, sets, and collections
Protection against breakage of especially fragile items
Coverage for newly purchased items
Replacement at full value
Worldwide protection

High end art requires top notch protection. Your precious assets need to be insured by specialists who know exactly how to handle high value items.

Required Documentation

You must present documentation of your ownership of the high end art, an appraisal, receipt of your purchase, and photographs of the work to your insurer. You also should provide a record of ownership if the piece has passed through several owners, which is known as provenance. The more official documentation you have, the better when it comes time to file a claim.

About Byrnes Agency

At Byrnes Agency, we offer auto insurance solutions that can be tailored to meet your specific needs. Whether you have an old classic car or a brand-new model, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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