Fine Arts
Insurance
Fine Arts insurance
provides protection against sources of direct physical loss or damage, except
for the sources of loss that are specifically excluded. Items that are eligible
for coverage include the following:
|
antique furniture |
etchings |
art glass windows |
|
pictures |
tapestries |
marbles |
|
ornamental rugs |
statuary |
rare books |
|
paintings |
bronzes |
antique silver |
|
manuscripts |
porcelains |
rare glass |
Fine Arts insurance protects
privately owned articles, private collections belong to individuals, firms,
corporations, and associations, auction rooms, museums, art galleries, or art
institutions ordinarily open to the public. Universities, colleges, schools,
and hotels are considered to be private collection risks.
Insurance covers property while
it is located in the
·
Fine
Arts policies usually include a schedule (area for describing property)
containing the following information:
·
property
class,
·
detailed
property description,
·
insurance
limit,
·
list
of property locations, and
·
appraised
value.
Fine Arts insurance does
not cover:
·
Wear
and tear, gradual deterioration, insects, vermin, or inherent vice
·
Damage
caused by exposure to harmful levels of light, humidity or temperatures.
·
Damage
caused by any repairing, restoration, or retouching process,
·
Damage
caused by an electronic or mechanical fault or breakdown.
·
Breakage
of art glass windows, glassware, statuary, marble, bric-a-brac, porcelains, and
similar fragile articles
·
loss
or damage to property while it is either in or on an unattended vehicle.
Because of the nature of
fine art and the special exposure to loss they represent, there are a number of
conditions that must be met such as:
·
The
insured agreeing to use professionals to pack and/or move their property
·
The
insurance will not be extended to protect other parties (such as professional
movers) who should have their own source of insurance
·
The
insured agreeing to special claims handling for articles that belong to a pair
or set.
Documenting property value
is important. It is the only way to secure the right amount of coverage.
Documents such as bills of sale, receipts, or appraisals are often required. If
an appraisal isn’t provided, an insurance company may reject the request for
coverage, or offer limited protection (such as a flat dollar amount or taking a
discount for appreciation).
If you are not sure about
how adequately your prized possessions are protected, discuss the matter with
an insurance professional.
COPYRIGHT: Insurance Publishing Plus, Inc. 2011
All rights
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