Insurance - Even if you own only a few valuable paintings, you know that protecting and preserving them is paramount. While your art may be covered under your general homeowner's insurance policy, it's also advisable to investigate specialist paintings insurance or art collection insurance designed for UK collectors like you.
Determine Your Specific Needs
Paintings insurances have a variety of dimensions, so it's best to ask yourself a few questions about the type of art insurance coverage you need. For example, does your collection reside in a single location or in multiple locations? Do you have other items such as antiques and/or jewellery for which you might want to secure specialized cover? If you live in a historic or listed building, that adds another level of complexity to art and antiques insurance. And although the company that insures your home and contents may offer additional coverage for art paintings, most experts recommend using a specialist insurer with broad experience in the fine art field.
What is Insurance Excess and Should I Consider It?
In the UK, an insurance excess is an amount of money you are required to pay out-of-pocket before your coverage kicks in. For example, if your policy has a £250 excess and your loss is £2000, you pay £250 and the insurance company pays the remaining £1750. Another essential point is to determine is whether the insurance company will consider a broad definition of a loss rather than a narrow one, meaning that in the event of the loss of one member of an integrated set of oil paintings, for example, the value of the set is diminished significantly as well.
Are There Any Other Factors to Consider?
It's important to find an insurer that understands that the value of fine art is highly variable. It's also essential to establish a close working relationship with the company that insures your art. Many insurers employ specialists who evaluate the site where the art is located. Such a specialist may offer advice on how to protect the art from gradual deterioration like cracking or fading, since this is not ordinarily covered by insurance for a painting.
Paintings insurance with adequate coverage, a low excess and an affordable premium is the best way for UK collectors to protect their fine art.
Leonard Luppris is successful Life Insurance Officer. He is one of the high ranking officer in the insurance sector. Dovetail deals with Insurance policies like:
Insurance - High value buildings insurance - High value contents insurance - Home contents insurance - Collection insurance - Listed buildings insurance - Antiques insurance -Paintings insurance - Art Insurance - Specialist home insurance.
By Leonard Luppris
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