Insurance Myth: My Art collection or Collectible collection is covered by my homeowners’ insurance. The FACTS: In most cases, your homeowners’ is designed to cover personal property and is not nearly enough to protect your collection. There is no coverage for Breakage and sub-limits for theft. Many Homeowners Policy, will not cover your collection off premises, not even if lent to a Museum or Art Gallery.
Insurance Myth: No insurance policy would cover my unique collection. May it be Ceramic Art, Glass Art, Sculptures, Fine China or Unique objects if it has value, it can be Insured. The FACTS: There are many Insurance companies like AXA, Travelers, Markel, Chubb or Chartis that will cover most types of collections, for a wide range of losses, Each company has a unique policy, coverage forms, exclusions, and limitations. This is why, you need to speak with us, to help you review the differences.
Insurance Myth: I’ll have to itemize every item in my collection and get it appraised to get insurance. The FACTS: No appraisals are necessary depending on if the Art or collectible has a reasonable high Values. You estimate the value of your collection and determine the amount of insurance. Although an inventory is not always required at the time of application to purchase insurance. Bernard Fleischer & Sons, Inc, strongly recommends its customers maintain an inventory to streamline, provide proof, and expedite claims in the event of a loss.
Insurance Myth: Insuring my collection will cost me a fortune. The FACTS: A Fine Art/collectibles policy is typically less costly than scheduling items on your homeowner’s insurance. Call us today to get a quote for your prized collection.
