Tips for insuring your fine art & antiques

If you own, or are legally responsible for art, antiques and collectibles of a particular value due to their age, style, artistic merit or collectability, these should be covered on a specialist insurance policy.

Many insurers don’t provide cover for items like antique furniture, pieces of art or statues under standard home contents policies. Some contents insurance policies have a ‘Single Article Limit’ that assumes that no single item covered by the policy is worth more than the amount stated.

These items can include:

  • Furniture
  • Paintings, drawings, etchings, prints and photographs
  • Tapestries and rugs
  • Manuscripts
  • Porcelain and sculpture
  • Stamps or coins forming part of a collection
  • Gold, silver, and gold-plated and silver-plated items
  • Clocks and barometers

Below are some useful tips on what to look out for when insuring fine art and antiques, from our specialist private clients insurance team:

Wide territorial limits

Your insurance should provide cover whilst art is removed from its normal location, including transit. Examples of this include cover for when art work is loaned out to a museum or exhibition, and whilst it is displayed at a different home (or office).

Depreciation cover

If art is damaged and then repaired, the insurance should not only pay for the repair cost but also the decrease in the value of the painting after it has been repaired.

Cover whilst damaged by a professional restorer

If art is being restored and the professional restorer damages it, this should be covered by your insurance policy. This is because some restorers may not have the right insurance to cover this on your behalf, or may lack the financial means to compensate you in the event that they damage the art work.

Automatic cover for new acquisitions

New acquisitions of art should be automatically covered to some extent. This would give you the flexibility to add to your collection and have it covered immediately as it comes into your possession and ownership, without the inconvenience of having to notify insurers before it becomes covered.

Find out more

Adler Insurance Brokers are Chartered Insurance Brokers based in Birmingham, with a private clients division dedicated to providing advice and insurance solutions to high net worth individuals. Our areas of expertise include high value homes, fine art and antiques, valuables, second homes and high value cars. Insuring fine art and antiques is a niche many insurance brokers don’t cover but at Adler Insurance Brokers we specialise in arranging cover for individual collectors, dealers and exhibitors, as well as museums and galleries. We can also design bespoke policies for fine art professionals such as auctioneers and valuers. If you would like more details of Fine Art & Antiques Insurance, please contact our private clients team on 0121 764 7567 or privateclients@adlerinsurance.co.uk.

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