Art enthusiasts take great pride in their personal art collection. They also understand the benefits of a beautiful collection can be a smart financial investment as well.
Most homeowners' policies do not adequately cover fine art collections. Therefore, whether it's for personal viewing enjoyment or an investment, you may consider purchasing a fine art insurance policy to preserve your collection.
Collections can be insured in several ways. Coverage is typically offered by scheduling individual pieces if the collection contains higher-valued items or under a blanket amount, such as $100,000 to covering a bundle of lower-valued pieces. Often, it's a combination of both.
POLICY INCLUSIONS
Art insurance policies may include the following:
- Worldwide coverage, including while in transit or on loan
- Agreed Values
- Market appreciation up to an additional 50% of scheduled value
- No Deductibles
- Protection for loss in original value if damaged
- Cash-out or Replacement options
- Coverage for pairs and sets
- Protection immediately upon purchase and up to 60-90 days following.
- Coverage for works-in-progress
- Before purchasing, items are covered while on loan to take home.
The professionals at Oak Hill Risk Advisors can also help with best practices on storing and protecting a collection, connect you to 3rd party professional appraisers, and recommend the best inventory solutions.
