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“art And Collectibles Insurance In Europe: Protecting Priceless Assets” – People who buy art do so because they appreciate its beauty or see it as an investment. Considering that art lovers want to pay big money for the work, we believe that the next logical question is: adequate insurance coverage.
You must insure your collection for replacement costs. Talk to a professional appraiser and request an appraisal for insurance purposes. Aston Lark works closely with a number of appraisers including Doerr Valuations and Chester Valuation Company.
“art And Collectibles Insurance In Europe: Protecting Priceless Assets”
The answer depends on your policy. Some home insurance policies cover a certain amount or percentage of your property. Other approaches exclude all art and antiques from the definition of content.
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Your content policy may have a one-article limit. If you have three items worth £5,000 each and the limit per item is £1,500, you may only receive £4,500 of your £15,000 loss in the event of a claim.
You may also get a higher level of coverage from the art and antiques section of your policy.
If nothing in my collection is above the individual product limit, do I still need to tell my insurer?
This is a common misconception. If the product is below the individual product limit, it does not need to be listed, but the insurance company still needs to know the total value. More tips can be found here.
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Aston Lark specializes in finding the right insurance solution for art collections. We understand the value of a good policy and will help you protect your investment. It is explained here. We use cookies to optimize our website for you. By continuing to use our website, you accept our cookie policy. More information: Switzerland | In Europe.
We deal exclusively in insuring beautiful things. All of our passions are related to art and other collections.
Whether painting, drawing, watercolor, lithography, engraving or screen printing. Video art, installation, photography or sculpture. Your musical instrument, wine collection, watch or jewelry.
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Our goal is to provide you with sustainable and customized insurance solutions. With heart and mind. Simple and understandable. Comprehensive, secure and professional.
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Sharing with you is what makes us creative. Those who diligently do their best succeed. This applies to you. This is about us.
Insurance costs are the costs specified in your insurance contract, which the insurance company reimburses in addition to the actual compensation. In the event that an insured loss has occurred or is threatening to occur.
Consider the cost of removing debris after a fire, securing doors or windows, and changing locks after a theft. Considering the costs of experts or transportation and storage when your apartment is unusable. Excluding travel expenses related to damage, finder’s fees, packaging costs and customs or import tax requirements.
It is important that you do not have to pay these costs. Your insurance contract should adequately cover additional insurance costs. Even more than the sum insured. This is where AccurART helps you.
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Works do not have a bound list price. Prices also vary greatly between artists who are often traded. Depending on the form, technique and last but not least the quality of comparable works, the price often varies considerably.
After a total loss, classic insurance obliges you to prove the value of the insured item at the time of loss. This is called the declared value. Proving is not always easy.
Where did you get the art? With an auctioneer or an individual? At a gallery or art store? The sales channel also affects the price.
To avoid disputes over the value of stolen or damaged art, our insurance is based on agreed values. These are already documented when purchasing art insurance and can of course be modified as the value of your art collection develops. Therefore, no damage is required.
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If it is not possible or meaningful to agree on individual values in advance in insuring large museum collections, stores or art groups, it is essential that your insurance company recognizes the mechanisms of the art market as a risk provider.
AccurART, your professional art insurance broker, has the right connections. Because the insurance company has to fulfill its payment obligations in case of loss.
Total risk insurance is also called total risk insurance or total risk insurance. It’s much cheaper for you than home or business insurance, which usually only covers listed perils. Often limited to perils of fire, (pop) water, theft and destruction related to theft, robbery or natural disasters.
Since art and collectibles are expensive and valuable, your choice of all risk insurance should be very comprehensive.
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Hence the insurance cover is usually covered for physical damage and loss caused due to any reasons that your collection is exposed during the insurance period. Except as expressly agreed exceptions.
Comprehensive risk insurance also covers, for example, ordinary theft, not just theft. It is also worth stealing and not just stealing.
In addition, almost all damages and even accidents, such as falls or falls, are insured. Jewelry insurance even covers lost or abandoned valuables, the so-called risk of wear and tear.
A look at AccurART’s general insurance terms shows that not all risk insurance is nearly equally comprehensive. Some exceptions are clearly stated. The insurance coverage is still valid, even if the usual risk insurance has already been purchased.
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Political risks are heavily involved. Outdoor art covers are also much wider than the market standard. Arrangements that add to existing or repairable damage also exceed the normal standard.
When most insurance brokers are satisfied with the standard insurance conditions, AccurART creates its own insurance conditions. You don’t have to settle for less.
A deductible is a piece of clothing that you must carry with you. Also called additional, personal contribution or cost sharing. The insurance company will only pay the amount that exceeds your deductible.
As an art insurance broker, AccurART helps you find the option that best suits your needs.
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If the artwork is damaged, it should be evaluated to see if its value has decreased after restoration.
How extensive was the restorer’s intervention in the original material? How important are the affected areas in the total work? Was the recovery successful?
In the case of theft or total loss insurance, the issue is clear. Accepted value is given.
Arguing the number of removals of damaged artworks can prove difficult. There are no tables that provide clear values, and even the estimates of recognized art experts often vary widely.
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To ensure the application of objective standards, it is important that you know that AccurART, your art insurance broker, represents your interests with skill and dedication. Thanks to the careful selection of art insurance companies, a professional and objective compensation solution is guaranteed.
Full value insurance is the sum of the individual values of the insured items. Basically, it provides maximum security as possible.
Whenever you have a worst-case scenario, don’t expect total loss because the artwork has spread to multiple locations or you have clearly separated fire zones.
The sum insured for the first risk shall be based on the expected loss of each indemnified event. Determining this so-called PML (Probable Maximum Loss) requires knowledge and experience. Because first risk insurance is the agreed maximum loss you can expect in addition to additional insurance costs.
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Expert advice and potential damage analysis are essential to avoid losing insurance coverage in the event of an accident. This is what AccurART offers you.
In addition to full-kill or city-to-city insurance coverage, details are important when insuring your credit circles.
What happens if a sentence is accidentally omitted? What happens if the borrower makes a mistake or does not agree to the agreement? What if the packaging of the artwork does not match your order or if the museum’s alarm system fails?
Mere oversight cannot equate to conscious negligence. The improper actions of third parties shall not be to your detriment. Circumstances beyond your control should not hurt you.
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If your artwork is being transported or transported, for example, loaned to exhibitions, it is important to clearly state the start and end dates of the insurance coverage.
Your insurance coverage must be valid when the artwork is first transported. This is actually the situation
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