Most home policies will insure your precious objects like art or antiques under the contents section of the policy. But if you possess a valuable painting, item or collection, it’s worth checking to see whether this cover really meets your needs fully. You may get a better deal by switching to an insurance provider who understands art and antiques insurance better.
Most home policies are designed to offer Art and Antiques Insurance in a very general manner. After all, they have been created to cater to the needs of an average family and accord very little consideration to the specific needs of the individual customer, especially one who owns precious art and antiques.
Typically, the insurance cover will be limited to a percentage of the overall contents. Besides this, the insurance sum insured will have a single article limit that’s too low and rarely provides cover away from the home unless a specific extension to cover is opted, and paid, for. This may not be the ideal situation for precious objects like art, antiques and other high value items.
Dovetail Insurance Services only recommends insurers who recognize that this type of general cover is too restrictive for individuals needing more art and antiques insurance than the average home. These providers are often referred to as “High Net Worth” insurers.
These are some of the art and antiques insurance benefits you could get with a High Net Worth policy:
• Worldwide All Risks cover so that your art and antiques are covered wherever you may take them.
• A high value single article limit (i.e. no individual specification required) of up to £25,000
• Depreciation in value of the piece of art or antique, following restoration, if it is only partially damaged rather than completely lost or destroyed
• Assistance in getting your art and antique collections professionally valued
• If you have a valuation, which is less than 3 years old, your art or antique could be covered for up to 150% of the specified figure to give protection against market value appreciations
• New acquisitions of art or antiques covered automatically upon purchase with a set time period to notify the insurers.
The insurance cover varies between each provider so we need to know which items are particularly valuable to you so that we can get the best possible art and antiques insurance. Please use the ‘Your Specific Needs’ section of the quotation request form to tell us or contact us directly.
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