It can be unnerving when a collection of paintings, artifacts,
sculptures, paintings or jewelry that one has painstakingly collected over the
years gets stolen or damaged. It can be further detrimental if one cannot
recover one’s loss considering the investment made to acquire the collection.
This is where a fine arts policy offered by insurance companies can come to
one’s rescue.
Fine arts insurance is a specialized cover offered by
insurance companies that offer insurance cover for paintings, artifacts, antiques,
sculptures or jewelry and items of historical importance. Many believe that
such items are covered under a home insurance policy or a traditional fire
insurance policy. But this is not the case; they are either not covered or
partly covered under such traditional policies. So it is necessary to have a
specialized policy to protect such items.
A fine arts policy should ideally be on an all risk basis
with agreed values. The policy is
basically of two types:
Collectors of fine arts
Gallery owners of fine arts
The difference in the coverage is on factors like itemized
listing, value of the coverage, transit limits etc. Often individual owners of collections are
not aware of the value of their collection to get the appropriate coverage for
it. In such a situation it would be wiser to get the items appraised by a
professional appraiser. Many insurance companies offer the facility of an
appraiser to assess the value of the works of art every few years. This ensures that adequate insurance coverage
is provided to the collection and will also provide the insured with
documentary evidence for any future claims.
Fine arts insurance is offered by
many insurance companies but it is important to know the general coverage and
exclusions in such policies before opting for one. Some policies cover the home collection of
fine arts under the homeowner’s insurance policy.
Comparing prices of premiums of
policies of different insurance companies is important before taking a final
decision. A comparative analysis of the coverage and exclusions in the policies
of different companies will help to make a wise choice. One should also be
aware of the valuation method used by the company while settling a claim.
We will help you choose the right policy to
protect your valuable works of art. To know more about getting the right
insurance policy based on your needs and an unbiased opinion on the best
options please visit www.zeninsure.com or call us on +91
9848884363
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