Protecting High Value Artworks Like it’s Your Life
There are countless of insurance companies that are insuring artwork. Thing is, your choice of policy depends on the amount as well as value of art collection and at the same time, type of coverage you seek.
After all, there are many types of coverage that are offered in the market. Though they are different, all of which have one goal, it’s to provide protection for your artwork collections. Same with uitvaartverzekering, there may be many companies offering products for funeral insurance but the goal is to insure your family is safe from any financial burden after your passing.
As for art insurance, there are actually 2 main types of insurance policies and these are Title and Property.
This insurance is insuring against defective title.
Example: If the artwork was looted or stolen before buying it, this renders the title defective.
Oftentimes, insurance companies specialize in title insurance only. This kind of insurance is of utmost importance especially on high-valued artwork which has been passed through multiple owners or has unclear history.
This is much like homeowner’s insurance for it is insuring the artwork against damage or theft. If you have renter’s insurance or homeowner’s policy, then you may be covered up to your policy’s limit per items minus your plan’s deductible.
For valuable art, you definitely need to have an individual add-on floater to cover the artwork. Most insurance companies are offering floaters as a supplement to the policy.
What’s Your Job?
While you are in the talks with your insurance broker regarding your policy, it is your responsibility to make sure that the insurance covers you on wide variety of conditions. Think of any probable condition that may affect your art collection like theft, damage from accidents, natural disasters and even during its transportation to its designated address. Apart from that, you want to see coverage if you agreed to loan your art like displaying it on exhibitions.
Fortunately, established and reputable fine art insurance companies are covering a broad range of art including but not limited to:
- Personal art collections
- Businesses and;
Brokers act as representatives of these companies and they are knowledgeable of the product or insurance being offered. They are therefore called as “specialists” who have thorough understanding of the fine art itself and on what measures needed to protect it.
But still for your own protection, don’t think twice to ask questions until you feel comfortable working with them.