INSURE FINE ART TO PROTECT FROM DEVASTATING LOSS LIKE THEFT, FIRE
During the season of gift giving, homes are filled with new items — some of largely sentimental value, others expensive. A few are worth enough to cause the owner to think unsentimentally about adjusting their insurance coverage to protect against theft and other events.
Especially for high net worth individuals who have purchased jewelry, antiques, works of art and the like, a portion of the holidays should be devoted to assessing risk for loss, and ensuring that your insurance coverage is adequate. Don’t assume that you are not at risk; art is a high-value crime, with up to 100,000 pieces stolen each year at a value of up to $6 billion.[i] According to the FBI, more than half of the reported thefts in art, antiques and collectibles are from homes. The Art Theft Detail of the Los Angeles Police Department alone has recovered $121 million in stolen art since 1993.
For items like jewelry, antiques and artwork, there are many factors to consider. Here are some questions to ask when you contact your insurance broker.
What does my basic policy cover?
Specifically, are my high-value possessions covered for more than a minimal total?
What kind of information should I provide to ensure these items are covered at their maximum value?
Most standard homeowner policies limit the amount covered for theft, no matter how valuable the item. Jewelry, furs and collectibles are often limited to a maximum claim of $2,000.[ii]
“Valuable Items” policies to cover your more expensive collectibles are available but again you should be aware of specific ceilings that may apply for individual pieces and blanket coverage. Such policies also provide for losing a stone from a piece of jewelry or other a similar loss. When you acquire a high-value […]