Five Things You Should Know About Insuring Art Collections

By: Linda maker

Just like any other valuable thing or investment, art collections should be protected at all times. This not only means having good storage or some specialized storage, but should also be insured so that they are kept safe and protected. Again, it is proper to ensure that the value of your collections is maintained. Art collection includes items such as: sculptures, antiques, paintings, drawings, coins, stamps, prints and posters, among others.

An individual should get the real value of their valuable collection in paper to help in the process of insurance. You can take photographs, documents, receipts and current appraisals to help you determine the value of the art. You can work closely with a reputable art collection company to help you in identifying the value as well as the insurance process.

These documents should show the title, size, condition of the artwork, artist, and date made. The information helps in determining the real value of the art work and would be of benefit to both a collection owner and the insurance firms.

Art collections do not suffer from wear and tear and their value should be maintained and protected from loss or damage to ensure that their unique nature is maintained. The following are tips of getting art collection insurance:

Getting experts

When insuring your collections, ensure that you get an insurance firm that specializes in art collections and has experience in this work. This is important as they do understand the value of the art and they know how to handle claims in this area. They should be legitimate and licensed to practice in the region. You can run a simple online search to get a company you are looking for.

Do not settle on the first insurance firm that you come across instead, compare a few more because you might land on better rates for quality service. You can also visit some of the local bureaus to gather information about the firm. Friends and family members can be helpful especially if they recommend a company they have previously worked with.

Understanding the policy

When getting an insurance cover for the art collections, it is important to understand the policy. This enables you to determine and know the scope of the coverage in cases of theft or damage. Understanding the policy will ensure that you know eventualities that call for compensation and those that do not. For instance, you may want to know what happens if only a portion of your creations is damaged. A good insurance firm should be more than willing to make you understand their policy to detail.

Extra services

A reputable insurer will advise you on how the collections should be displayed and stored to ensure that they do not suffer physical deterioration, and are safe from dangers such as theft and breakages. You should always source for an insurance company which can offer some advice that will help in protecting your art collections. The bottom line of the service is to protect your creations and that is why you cannot wait until they get damaged for you to learn how to store them in secure places.

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