Who insures art?

Question

I need to insure some of my art in different mediums.
Also what is needed to acquire their insurance?

Answer 1

It all depends on what you need to insure and how it's owned.

If you are a private collector, you can probably schedule the property on your homeowners policy. You'll need appraisals for anything above a certain amount (varies by company.) And there may be rules about what types you can cover and how they should be secured. The rates are going to be fairly low this way unless you live in a high-risk area. And you'll probably need to make sure that you have separate flood coverage as well, if you live in flood-prone areas. (No homeowners policy covers floods, as many people have discovered the hard way in recent years. But most people also don't realize that flood insurance not only covers rising waters, but also mudslides and watershed from mountainsides. This is why you may need flood coverage even if you're perched on a hillside.)

If you're running a business venture, you will have to write an entirely different type of policy. The coverage will be more expensive and there will DEFINITELY be rules about security.

Contact your current homeowners agent for more info.

Answer 2

Get your appraisals together.. talk to your insurance agent.

If you have an extensive collection your agent may feel it would be best to write a stand alone Inland Marine policy for just your art. If you have some nice pieces, and are worried about theft, damage, etc..... you can schedule them on your homeowner's policy. High dollar items, your company may have a problm with... then you are back to a separate policy.

In the case of Glass (I have a lot of original glass pieces - chahuli - long before he was famous, that are worth a lot now.) He did the ceiling of the Bellagio in vegas in glass flowers........ my HO company would not insure them unless I excluded breakage. I got a separate policy.

Answer 3

If you have a homeowners policy then you can have your agent schedule the art work on a personal articles (fine arts floater). Normally the homeowners policy covers a set amount (lets say up to $500 oper item) unless you schedule it.

The schedule rate is determined on a couple factors. Security in the home and appraisel. Most companies require appraisels.

If you have art work outside your home ...let's say in an exibition...museum or gallery then you can purchase a Fine arts floater policy from an agent . this covers the piece against theft or fire.

Answer 4

You'll need to contact a local, independent agent to get a collector's policy. You can ALSO add scheduled art to a homeowners or business owners policy, if it's not too high value per item (they WON'T do a Picasso on a homeowners, you'll need a special policy for that).

THEY will tell you what you need, but it will be an alarm system, proof that it's monitored, original receipts or appraisals to substantiate values, etc.

Answer 5

The Homeowners Policy cover the Fine Arts. With about 900 insurance companies writing property/casualty policies in the United States, individual homeowners policies vary. However, 80 percent of homeowners policies are based on a standard form, and all homeowners policies cover two important areas: property and liability. Moreover, your policy may cover you for additional living expenses should your home not be livable for a period of time due to a covered peril.

At a minimum, homeowners insurance usually covers damage caused by:

Fire or lightning
Windstorm or hail
Explosions
Aircraft
Vehicles
Smoke
Theft or vandalism
Falling objects
Weight of ice, snow or sleet
Freezing of a plumbing, heating, air conditioning or other such household system.

The Homeowners policy cover this: (Automatic Coverage)

$200 for money, bank notes, gold and silver (other than gold ware and silverware), platinum, coins and medals.

$1,000 on securities, accounts, deeds, evidences of debt, letters of credit, notes (other than bank notes), manuscripts, passports, tickets and stamps.

$1,000 on watercraft, including their trailers, furnishings, equipment and outboard motors.

$ 1,000 on trailers not used for watercraft.

$1,000 for loss by theft of jewelry, watches, furs, precious and semiprecious stones.

$2,000 for loss by theft of firearms.

$2,500 for loss by theft of silverware, silver plated ware, gold ware, gold-plated ware and pewter ware.

$2,500 on property on the resident premises used for business and $250 on this property damaged or lost away from the premises.

Under HO Policy, the scheduled personal property endorsement is used to provide coverage for risk of direct loss for such items as jewelry, furs, cameras, musical instruments, silverware, golfer's equipment, fine arts, postage stamps and rare coins. Scheduled property can be insured for any amount the insured requires.

Answer 6

Try Lords of London...they insure body parts (serously) and art...things Allstate and State Farm don't.

Answer 7

if you have it appraised and take the appraisal paperwork to a state farm insurance agent they will insure valuables i have jewelry and some other collectables insured through them