10th May 2010
Art Insurance Is Crucial If You Plan To Exhibit Your Artwork
If you own some art, and especially if you are going to exhibit it, it would be wise to get art insurance.
If you own some art, and especially if you are going to exhibit it,
it would be wise to get art insurance. No matter how safely your pieces
of art are kept, there is also an element of unpredictable in our life,
that is why it is highly recommended to get protected. A lot of people
who have a collection of art prefer to cover it under the general
policy of their homeowners property. And this is a nice solution: it is
always easier to deal with one company rather than establish a contact
with another one. That is why simply ask your insurers about the types
of other insurances they provide: most probably they will have exactly
what you need.
However, if your collection is especially valuable, it is better to
take separate art insurance. For such collection you will need the
advantages that homeowners insurances just cannot provide. It is
advisable to find a good insurance specialist and to ask about all the
possible options. Usually a client is offered additional coverage for
recent purchases and the benefits of rare exclusions. A professional
specialty insurer will specialise in both collectibles and art. Do not
buy the first insurance you come upon: it is recommended to check at
least several companies to be able to make a general conclusion and
choose the most appropriate variant. The rates and conditions for the
same insurance in various companies can differ a lot.
Before getting art insurance it is also very important to find out the
exact cost of your collection. If you know how much it is worth, it
will be easier to determine the amount of coverage. That is why you
collection should be apprised in advance. It has an additional
advantage: most companies will offer you a relatively large discount if
your collection of art was apprised in the last twenty four months. It
is not a secret that prices are not always stable, and the cost can
shift according to the situation on market. That is why it would be
great to get your art apprised every three to five years. It should be
done even after you bought this insurance.
While getting art insurance you should keep on mind that it is not
always needed to have a coverage for one hundred percent of your
collection's value. Of course, in most companies they will tell you
that it is absolutely necessary, and you will have to pay a bigger
premium. However, the decision is yours, and in some cases it is enough
to insure for less. If you keep the parts of your collection in
different places, the probability of an accident or disaster in all of
them at the same time is not very high. Also, if you do not move your
collection and it is exhibited only in one location, they are out of
reach of moving damage.
Art insurance will help you to recover your finances in case of an
accident, though of course you should be extremely careful with
masterpieces which are dear to your heart.