Insuring antiques and fine art 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.
Benefits of valuation
A detailed description and photographs will not only help you substantiate the value of your claim but will also help the police with recovery.
Insurers often allow discounts in premiums to encourage valuations, and will 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.
Types of insurance
Standard house and 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, a policy can be tailored to cater for higher values, and provides wider cover to suit individual needs.
You may require the services of an insurance broker to obtain the most appropriate insurance terms and best claims settlement.
Additional benefits of a policy specifically designed to cover 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 based on actual risks, providing the most appropriate cover.