Insuring your artwork, collection of jewellery or antiques can be a daunting, not to mention expensive, task as the broad range of bespoke covers out there are often loaded with jargon, I break down the most common terms:
Death of an artistMost artists’ popularity and therefore value of their works increase exponentially upon death. A policy that includes this cover is good as it will allow the item to be insured at its full value even if you are between valuations. However you should still be aware that you should get any works re-valued if the artist dies.
Defective title coverIn the event of an ownership dispute involving an item of fine art such as finding out that a painting is a fake you will be covered for the amount you paid. Unfortunately the law states that in this instance you would have to relinquish the painting as any fake works must be destroyed.
Agreed valueThis cover allows you to set the value of your favourite items for the length of your policy. If you need to replace them, you are guaranteed to receive 100% of the agreed value with no depreciation. Having agreed values will assist claims to be settled quickly and efficiently.
Partial loss and depreciationPartial damage can reduce the value of fine art and antiques. If this happens, you will receive payment for restoration work and the loss in value caused by the damage, up to the sum insured.
Matching pairs and setsThis is a great level of cover to have, if you lose an earring and the insurer cannot find a like-for-like replacement then the pair will be replaced. Equally if there is damage to a dinner service set for example the entire set will be replaced or compensated if a replacement is not found.
Fine art and antiquesBeing able to specify individual items of fine art or antiques under the valuables section of your policy is worthwhile as you can set agreed values right from the start.
Jewellery and collectionsCollections can be specified on your policy as a net worth or as individual items if they are worth a lot.
It is important that any fine art you own is valued every few years to ensure that the valuation is reflective of the ever changing trends in the market. It is important to note that you are responsible for notifying the insurer of any changes in value.