Things every businessman should know about art insurance
For many people having a robust collection of works of art is a both a dream come true and a business. If you find yourself in this position, then you know that these works value more than what you have in your bank account and you cannot afford losing one of them. In this case, insurance is the best defence you have against the unexpected. For art collectors insuring their works is similar to insuring their properties, because they never know what the future may hold. If you consult specialists, they will tell you that working with a company as http://www.highvaluehomeinsuranceuk.com/ is the best option, because there are horror stories you want to remain just stories. There are cases when a friend comes in visit, and you shows them the last work you have purchased, but they spill the water from their glasses on the canvas, and you lose a fortune in a second. Here are some aspects you should pay attention to, if you want to insure your works of art.
You should understand the process
When you want to get insurance for your works of art, you have to work with a broker who has to come and assess your collection. They will determine what policy you will need. Also, the broker has the role to find a suitable insurance company. Many people think that the broker and the insurance company are the one and the same entity, but you have to understand that they are two different specialists. It is important to know the role of the broker and the one of the insurance company.
Documentation is important
Insuring your art is a simple process, because you only have to decide which one of the items you have is going to be insured, and what their value is. But documentation is crucial in the process, because you have to have the papers before you get in touch with the broker. The broker needs to have a complete understanding of the value of your collection. When approaching the broker you need to have the descriptions, works and invoices of the sale.
Check your options and needs
You have to be informed when you get insurance for your art, because the majority of policies apply to the items you have stored in a single place, but in case you have the collection divided on different properties, then the insurance may not extend to all of them. So you have to check with the provider if the insurance you opt for covers the works in transit or the ones from your other houses. When the art is in transit, it may get damaged, so the insurance company may not be willing to insure it for the transport. Therefore, you have to work with a professional company, and to make sure that they understand your needs. In case you have a large collection then you should collaborate with an insurance company specialised in art insurance, because they will offer you the best solutions. It does not matter the price of the work of art, even the low-priced ones can get insurance.