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If you’re into art and collectibles, you likely have a great passion for the hunt and for the aesthetic or historical quality of the pieces. But in the fervor, you shouldn’t forget that these are also valuable investments and should be protected.

Most people understand the need to purchase home insurance to protect their valuables. What’s lesser known is that although most home insurance policies offer great coverage, there are limitations that might have an effect on high net worth individuals and art collectors. There are certain terms, exclusions and limits in your home insurance policy that isn’t suited for collectors of fine art or memorabilia; especially if you have a collection worth more than $200,000 HKD (the common limit set by home insurance policies for specified items).

Art Insurance – Coverage Highlights

Artworks are very much unlike your typical personal property and so they require specialized coverage. Probably the most important feature of specialized art insurance policies is the different options you have for the valuation of your artworks. In general, there are 2 valuation options:

  • Agreed Value: if you choose this option, the insurer will cover you for the appraisal value of your artwork
  • Current Market Value: this is similar to “replacement cost” coverage where the insurer will pay for the current market value of the artwork at the time of loss

Coverage can be scheduled to insure only specific pieces of artwork or blanket insurance for all of your artwork.

Usually, your art insurance policy will offer global coverage on an ‘all-risks’ basis. This ensures that you have protection anywhere in the world – including while it is in transit or away getting framed or restored by a specialist. As a bonus, any newly acquired art pieces will automatically be covered for a certain period of time.

How can I get High Value Art Insurance?

High Value Art insurance can be purchased separately as a standalone policy or most commonly added onto your home insurance policy.

To learn more about how to protect your art and collectibles, contact us. We work with many of the world’s leading insurers to offer you competitive coverage and risk management services.