Art Insurance Plans The Best Way To Keep Fine Art Investment Safe And Covered

Posted by blacaz on November 1st, 2019

Owning fine art collections or even a single expensive painting is a long-lasting journey and we all are the short-term custodians of the artwork so that our next generation can enjoy it. Therefore, it becomes imperative to protect and safeguard the artwork by investing in the right art insurance policy. Remain hooked to this article to know the benefits of splurging in art insurance plans.

Many people pride themselves on purchasing valuable and exquisite pieces of art. But, they sometimes forget that real artistic work does not come cheap these days. Artwork including paintings, antique pieces, tailored-made photos, crafts, canvas frames, statues, coin and stamp collection, wine, jewelry collection, decorative art, vintage classic motor cars, musical instruments, and more; can cost quite a hefty sum of money. No doubt, such treasured pieces of artwork need to be financially protected and covered by art insurance so that in case of occurrences of theft or fire or any kind of damage, the best Fine art insurance company has got the artwork covered.

 In the art world, the collectors who are engaged in buying the highly valuable art pieces from the exhibition, trade fairs, physical store, and online art galleries need a fine art policy if they have the following:

  • Exclusive artwork that is impossible to revamp
  • Collectables whose value would drop if even a single stone is lost or misplaced
  • Unique artwork that they lend to the exhibition and museum
  • The artwork is very delicate and fragile and its repair cost can burn a huge hole into the collector’s pocket.

What Does The Fine Insurance Policy Cover?

It is prompted wrongfully that fine art policies will provide desirable compensation for all kinds of risk. The policy will cover the losses that occurred due to fire, theft, compensate for the value loss and accidental damage. The policy will exclude the artwork perils like nuclear, war, vermin & moths, and inherent vice.

Modern Art Insurance In Trend

According to the William Fleischer CIC, president of Bernard Fleischer & Sons Inc., it is difficult to envisage the hot vogue in the art insurance sector, why? https://www.insurancebusinessmag.com/asia/guides/fine-art-insurance--a-guide-for-brokers-167718.aspx  This is because an artist creates a new art every day which leads to the growth of the art insurance company. The artist uses the fragile material, which leads to exposure and damage risks. Nowadays, a plethora of artwork has been done on the moving parts and electronics, so there is a cyber responsibility to consider. Craftwork with Wi-Fi connection and electronic parts can be used as a gateway to a museum cyber attack in potential times. The best example of a new art trend is AI-generated art. Therefore, Insuring art and technology requires out of the box and divergent thinking.

A well-stated statement by David Scully on art insurance – peace of mind is a prerequisite when it comes to art collections. The adept expert who has been in fine-art insurance suggests all the collectors cover every facet into the policy to avoid any kind of money loss in potential time.

Here Are The 5 Important Things You Need To Know Before Investing In Art Insurance Plan

  • Risks associated: The art piece is tangible, and with that comes the risk of breakage and accidental damage. However, the damage like theft and fire can never be replaced because of its uniqueness and the top insurance company Singapore will compensate the artwork with financial value to some degree.
  • Insurance is much more than monetary pay-outs: Insurance has become an essential part of any art investment. The role played by the insurance company is to resolve risk and increase awareness about repair and maintenance work.
  • Art insurance Vs other insurance: The basic art insurance policy cover damage caused by fire, water, and theft but fine art insurance policy apart from covering them all can also cover appreciation of market values, international transit, newly acquired items, defective titles, etc.
  • Art insurance policy compensates more than basic home insurance: The collectors investing in the artwork they need to understand the common difference between the home insurance (covering - remuneration for rebuilding or repairing a damaged) and art insurance (the policy design to provide financial value for the damaged artwork or pay the repair amount)
  • Choose the trusted partner: There is no dubiety to it that fine art insurance is the sophisticated sector of the insurance market. Choose an insurer that holds a wealth of experience and skills in collectibles, insuring art, antiques. Looking for the one? Choose BLACAZ. Insurance that is selling Fine Art Insurance at a competitive price.

For further advice and information on insurance for your memorabilia and collections visit our website www.blacaz.com, we will help you to buy the best and affordable art insurance policy.

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