Contrary to what most people may believe, there are a large number of individuals who own, to a greater or lesser extent, some object of special value in their homes. This is not surprising if we consider that ever since mankind has existed, people have felt the temptation to accumulate things simply for the pleasure of doing so and contemplating them. Insuring works of art and other valuable objects becomes essential in these cases.
The truth is that it is not necessary to possess great wealth, nor to be an art expert, to become a collector. In addition, we tend to think that only works of art (paintings, sculptures, tapestries, porcelain…) can be collected, when in reality there are collections of the most diverse kinds, and all of them deserve to be properly cared for and protected.
It should be noted that conventional home insurance policies do not cover damage to these objects, or do so inadequately. Therefore, to insure works of art and other “treasures,” it is necessary to hire a different service. Fortunately, and for the peace of mind of owners of works of art, collections, and other special objects, there are insurance companies specialized in this field.
These companies offer collectors a wide range of coverage options, as well as having experts who will advise them at all times regarding the valuation and preservation of their pieces. A proper valuation is essential considering that the value of collected pieces may vary over time due to factors such as trends and fashion.
Insuring works of art: the most important aspects
The most relevant characteristics of insurance with these specialist companies are:
- Worldwide All-Risk coverage, including protection against damage during transportation of the pieces, in case of theft, and even acts of vandalism.
- Agreed value coverage: the value agreed upon between the owner and the company is the amount that will be paid in the event of damage.
- Option to choose between restoration or compensation for the loss of the object in the event of partial damage.
- Automatic coverage for new acquisitions.
- Option to repurchase recovered works of art after receiving the insured amount.
For every collector, their collection is something irreplaceable. Each piece represents effort, enthusiasm, and time invested in acquiring it. In addition, it should not be forgotten that, beyond being a pleasure, art is a long-term investment. In any case, insuring works of art and other valuable objects is undoubtedly a wise decision.
Trust the team at Oller Brokers to protect what you value most.