If you live in the UK and have a collection of fine art or antiques, you might wonder how an insurance company would determine the best level of coverage for your particular needs. Antiques insurance is particularly tricky, since valuation of an antiques collection can be highly variable. Some insurance companies offer access to an intermediary entity that works with both the collector and the insurer to be sure that the insurance programme takes into account as many of the unique factors associated with a particular collection as possible. It’s advisable to find an insurance company that uses this type of intermediary.
What to Look for in Insurance for Antiques:
If you’re an active collector, chances are that you travel outside the UK to make acquisitions or have acquisitions shipped to you from outside the UK. Therefore, it is essential that your collection insurance offers worldwide coverage that includes a wide range of risks. This coverage should include transit to your location for items bought both inside and outside the UK.
If your collection is large, you may have it stored or displayed in multiple locations, so your insurance should make provision for that. New acquisitions should be covered automatically. In the event of a loss, you should have access to insurance adjusters who are specially trained in the area of fine arts and antiques valuation.
What to Look or in an Insurance Company:
The coverage and services offered by insurance companies is highly variable, so if can be tricky to find a reputable company. The best source of referrals is friends and family. Alternatively, an antiques dealer you know and trust might be able make a suggestion. Regardless, be sure to obtain insurance quotes from several companies. The company you choose should offer affordable and comprehensive coverage combined with a flexible approach that will allow the insurance to be tailored to your specific needs. The company should also have a proven track record of fair and equitable claims settlement and high levels of customer service. Finally, the company must have the strictest financial integrity combined with a first-class reputation.
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Obtaining antiques insurance for a valuable collection is a process that no UK collector should take lightly. A fair insurance settlement, though by no means a replacement for the items lost, should be a top priority for any collector.
Leonard Luppris works in the Insurance Industry and is currently employed with Dovetail Insurance Services Ltd. He writes regularly about topics related to High value buildings insurance – High value contents insurance – Home contents insurance – Collection insurance – Listed buildings insurance – Antiques Insurance -Paintings insurance – Art Insurance – Specialist home insurance and other Insurance services.
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