If you own paintings or works of art, whether it’s at your private residence or as part of an art gallery, it’s important to get specialist insurance advice and coverage. Standard insurance is based on historical statistics.  If your home and contents don’t fit with “national average” profiles, you could find yourself:

1. Paying too much

Specialist insurers usually offer lower rates for higher value assets. Despite the headlines, art theft is rare, and rates reflect this. Most claims are for accidental damage.

2. Seriously under-insured

With a specialist insurance policy comes an invaluable appraisal – to ensure your ‘sums insured’ are right. How can you be expected to follow fast-moving trends in fine art values? Contemporary art has skyrocketed, but it could bomb tomorrow. Specialist insurance policies will honor changes if you have a current valuation.

3. Glass half empty

A standard policy may not include “pairs” and “sets” coverage – if you lose/damage one of a pair, the claim covers replacement of both.

4. Facing limited options on replacement

After a theft, it’s not easy to “replace” art. Specialist policies offer a full cash settlement so that you can choose not to replace your art, or source it through your own dealer (you receive full replacement cost rather than just Fair Market Value).

5. Out of pocket

Even after repairs, damaged art may lose value: specialist policies will reimburse the difference.

Protecting your art needn’t be complex or confusing – nor should it break the bank. But many homeowners’ policies include onerous security conditions and small-print exclusions that could cause you real problems.

We’ll support you with expert advice and specialist coverage so that when crunch time comes, your claim is paid. For more information on our specialist insurance packages, contact us today.