Insurance Benefits For Art And Collectibles: European Perspective – Once upon a time, the goal of the bag thieves was to recover the contents of the bags. Today, thieves are likely to want the accessory itself, especially if it’s a designer bag. And if thieves think you might have more where it came from, they might be willing to follow you home to steal your entire collection.
The wave of “home run” robberies that has hit Los Angeles in recent months, with many celebrity victims, is a reminder that it is important to protect your property with special insurance for valuables and collectibles. And with recent Christmas gifts increasing personal storage, now is a good time to stock up on valuables and collectibles to cover one of your seasonal purchases.
Insurance Benefits For Art And Collectibles: European Perspective
From watches to wine, sports memorabilia to classic cars, original art to rare coins, wallets to guns, collectors have all kinds of valuables to protect, not only from thieves and burglars, but also from accidents and natural phenomena.
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While home and renters insurance policies provide basic home contents coverage, policies typically have limits on home contents and lower limits for certain types of items, and some policies do not include pick-up entirely. For example, the minimum coverage for jewelry and watches is usually $1,500. Your agent or broker may be able to expand the limits by adding a passenger or floater to the policy that covers a specific category or collection of items. , a float to cover a single piece, but it still won’t be enough to cover, say, a Tiffany engagement ring or a Rolex Submariner.
Special value and collections insurance allows you to cover their full value, with some policies paying losses of up to 150% of the item’s intended value to factor in appraisal. Other insurance companies offer an automatic 1 percent monthly increase in coverage to account for any increase in value due to appreciation or increased collection.
Another feature available when insuring valuables: pricing that rewards risk management and things like up-to-date valuations and home safes can significantly reduce costs.
Many airlines offer coverage for valuables and collectibles. Some offer very special values such as jewelry and wine.
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Wine Spectator recently published a helpful article on insuring wine collections, noting that if the collection contains several valuable bottles, it’s best to arrange them separately rather than cover your entire collection.
The displays of wealth seen on fashionable Melrose Avenue in Los Angeles and the surrounding nightclubs and fine restaurants are just unacceptable. They include high-end fixtures, designer clothes and bags, $75,000 sunglasses, Rolex watches and all kinds of bling: these are the status symbols of luxury on the West Coast. Increasingly, they are unintended invitations to thieves, predators who stalk homeowners of valuables and steal valuable possessions.
The Los Angeles Police Department (LAPD) said in a statement on Twitter on November 12, 2021 that its Robbery and Homicide Division (RHD) has identified more than 110 such cases.
“During this trend, detectives discovered that victims were being followed from Melrose Avenue, Los Angeles’ jewelry district, to high-end restaurants and nightclubs throughout Hollywood and Wilshire. Victims were targeted for the jewelry they were wearing and/or the car they were driving.”
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Among the victims of the trend is “Real Housewives of Beverly Hills” star Dorit Kemsley, who suffered a home invasion and robbery in October hours after airing a “Real Housewives” reunion show where she talked about her extensive designer closet. An LAPD press release following the crime stated, “The victim became alarmed and approached the suspects by directing them to valuables. The suspects took wallets, jewelry and watches with a large loss of money and fled in a black pickup truck.
Extremely hot bags, often in many senses of the word. In November, high-end stores in California and greater Chicago were the main targets for robberies. In mid-December, thieves stole unique Hermès and Chanel handbags worth $1 million from a luxury store in Palm Beach, Florida. According to the store owner, some of the bags were worth more than $100,000.
Theft is by no means the only cause of losses, which often occur in everyday situations. There have been cases of a diamond disappearing from a ring during routine activities such as swinging a golf club, changing a tire and running on a treadmill. One of the most common reports of loss: a misplaced earring, resulting in not only lost jewelry, but also the devaluation of one’s partner.
Wine comes with its own risks, especially spoilage, as PropertyCasualty360 explains in an article by Melissa L. Smith, certified sommelier and founder of a wine collection inventory company.
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“While floods, hurricanes, power outages and earthquakes can be devastating to a collection, Smith says the biggest thing in recent years, at least on the West Coast, has been wildfires,” PropertyCasualty360 reports, noting that there are other risks to a valuable collection. Torn labels and fakes.
As for step 4, an insurance agent or independent insurance broker (such as an Elra Group personal insurance specialist) can work with multiple providers to provide the most appropriate coverage to protect your belongings and collection.
If you have valuable items that qualify for special security, it is likely safe for those you need to protect, among assets, people, and many other interests. Alara Group’s Accident and Casualty Market Forecast Report 2022 is primarily for business insurance, but includes a section on personal insurance and guidance on navigating the general market. It’s a valuable and easy-to-use guide that will help you stay informed and better protected, whatever your needs. How to work With private collectors and museums to protect art Muys Snijders and Kyle McGrath talk about protecting art for future generations.
Art is a medium for storytelling, expression, capturing historical moments, depicting cultural landmarks and documenting family roots. Proper protection and preservation of a work of art for future generations requires careful planning, maintenance, assessment, recording and risk mitigation.
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Muys Snijders, head of art collection management at PCG (Private Client Group) and his art management team draw on decades of experience in the art world to understand and support the unique needs of private collectors.
“The core of our mission is to help brokers and clients understand what they own and how to protect it,” says Moyes, a career art expert. After studying art history and archeology at Leiden University in the Netherlands, he spent 20 years at Christie’s auction house as head of sales and client strategy before joining in 2021.
He recalls a time when a client had to send a rare Old Master painting to a European museum for maintenance, including condition assessment and conservation treatment. Because the painting was rare and valuable, shipping the delicate item required careful handling and planning to help reduce the risk of damage or loss. As a result, Moyes and his team evaluated the museum’s access plans and protocols, as well as the museum’s security measures and the conservation studio.
The PCG team analyzes and analyzes the risk against three different criteria: tracking the market value of the artwork; exposure to multiple potential vulnerabilities; and the factor in which art is presented and preserved.
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Because the value of a work of art can change quickly, it is important for collectors to know the value of their collections so that the items are insured. New items purchased at a sale price can be valued, but long-term collections require a more accurate understanding of value. For example, if an artist’s work gains popularity and starts to sell for a higher price, the team can encourage collectors who already own the artist’s works to appraise more frequently than the typical 3-5 year timeline to document potential appreciation.
“It’s a partnership between us and our clients,” says Kyle McGrath, director of art and collections at PCG, who combines his studies in art history at Vanderbilt University in Nashville with his insurance expertise to help guide and advise clients on their potential risks. holding
“We have a wonderful team that works with the insured’s insurance agent to correctly arrange the art in the insured’s contract.”
In addition to determining value, the physical aspects of the work must be assessed in terms of risk. Exposure to light, heat and humidity are all aspects of preserving works of art, especially old and delicate works and tools that require special care. For example, works on paper are very delicate, so they must be rotated regularly to protect them from excessive light.
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“It is not always clear to the naked eye what the piece is made of,” Moise warns. “Today’s market uses all types of media, so we encourage collectors to value works of art and recommend their preservation.”
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