Insurance

As shown, valuations of antiques and works of art will help you to know the true value of your possessions as well as give you a full description of each item. By adapting simple security measures and common sense discretion, you will help reduce the incidence of theft, and by marking your more valuable items there will be a further deterrent to a thief and an improved chance of recovery.

No matter how much security one has, there is always the chance of a burglary or perhaps some other form of damage, perhaps from a fire, or storm or flood. This is where insurance can help to provide financial compensation in the event of some loss or damage. Insurance should not be regarded as a substitute for security, but rather a back-up, so that, if all reasonable security precautions fail, then you have peace of mind that you will be compensated.

How does a valuation help with my insurance?

In the event of some loss or damage, a detailed description and photographs will not only help you substantiate the value of your claim but will also aid the repair of a damaged item, or as discussed above help it to be recovered. Insurers often allow discounts in premiums to encourage valuations, and they will also agree to pay whatever the amount is stated on a valuation. This means there is no disagreement over the amount insurers pay, a common dispute with general contents claims.

What type of insurance is available?

Standard house & contents insurance will typically only provide limited cover for antiques and works of art. For those owning contents with an overall value of £100,000 and upwards, it is possible to be insured on a policy that caters for higher values, and provides wider cover. At this level insurers also try to better understand the situation of the clients and will agree to tailor the cover to suit individual needs. Such insurers may usually only be accessed via an insurance broker who acts on behalf of the client to obtain the most appropriate insurance terms and best claims settlement.

Additional benefits

Some additional benefits of a policy designed specifically for those with antiques and works of art can include:

  • Security of information - there is no need for insurers to keep your valuation.
  • Clients are handled with discretion - names and addresses would never be given to others.
  • Clients often have a long-term relationship with their broker.
  • A much more flexible approach to underwriting.
  • No onerous security requirements.
  • Worldwide cover for contents.
  • Automatic cover for new acquisitions.
  • Agreed values for art, antiques and jewellery.
  • Cover for loss in value of damaged antiques and works of art.
  • Quick and fair settlement of claims.
  • Specialist advice about security and marking.
  • Help with the recovery of stolen items.
  • Lower premiums which are achieved because the specialist insurers who service the market will offer policies based on the actual risks, providing the most appropriate cover.
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