Collecting Art is fun, but maintaining values fluctuate a lot on an insurance policy. All homeowners policies where fine art is a part of the policy are written on a scheduled basis.
To add these artworks to your schedule, the company requires a current bill of sale or a current appraisal. The value is locked based on the schedule, good if the value goes down, bad if the values goes up.
Here is an endorsement which I feel the collector should consider when they are insuring an art collection.
It’s the Current Market Value 150. With this endorsement, the company will pay the amount shown on the Schedule for which the item is insured. However, if the market value of the itemized article immediately before the loss or damage exceeds the amount of itemized coverage for that article, we will pay its “current market value” immediately before the loss or damage up to 150% of the amount of the itemized coverage for that article. Of course, if the item market value decrease you will get less.
American Collectors Insurance is the nation’s leading provider of specialty insurance for collectors. We offer affordable, agreed value coverage for all years, makes, and models of collector vehicles as well as a variety of valued collectibles.
A wide range of collector vehicles qualify for American Collectors’ program, from “brass and wood” antiques to street rods, exotics, modern classics and more. American Collectors also offers all-risk coverage for a wide range of collections from stamps, coins and comic books to vintage wine, sports memorabilia and beyond.
Since our inception in 1976, we have catered to what is most important to our collecting clients – superior service and broad, flexible coverage. As time has passed we have continued to evolve our programs to match the unique needs of enthusiasts.
American Collectors is as passionate about insurance as our clients are about their collections. Between our quick and pain-free quoting and application process to our “Real Person” Guarantee every time you call, we make it easy to obtain collector coverage. Let our reputation speak for itself: last year, 99% of our customer feedback rated our claims process from very good to excellent.
Thank you for making American Collectors your go-to provider for all of your collector insurance needs.
Collector Vehicle Insurance, Collectibles Insurance, Agreed Value Insurance