Whether it’s a limited-edition Cubist creation, a one-of-a-kind Warhol or a fabulous flea market purchase, finding that special piece of artwork is a fabulous feeling. But, knowing how to properly protect it is crucial to ensuring it withstands the test of time and continues to appreciate in value. Here, Expat Insurance shares how you can safeguard your art collection with fine art insurance, plus some helpful tips when choosing a policy.
Is artwork covered under my home insurance policy?
If you currently own artwork or want to start collecting, it’s a good idea to check whether or not your home contents insurance policy already covers artwork, or if you’ll need to purchase additional coverage.
Home, contents and valuables insurance is an ideal type of coverage for expats renting a home in Singapore. It offers protection for accidental damage or loss and theft for your valuables. However, while some home contents policies do offer comprehensive protection for artworks, many insure only a limited sum for valuables like artwork.
Many art collectors insure their valuables under a standard home and contents insurance plan. Little do they realise that such policies seldom cover the full value of the artworks. This means that if damage or loss were to occur, the collector would receive less for the damaged item than what it was worth.
Therefore, it’s important to review the terms and conditions of the policy you’ve already purchased or plan on purchasing.
If your home contents policy doesn’t cover the full value of the artwork, you’ll want to secure art insurance coverage for fine art, antiques and other collectibles.
The coverage provided by an art insurance policy includes replacement value, repair costs and loss of value due to damage or other types of losses. Art insurance can also provide coverage for the cost of transporting and installing works of art, as well as the cost of appraisals and valuations.
Tips for choosing fine art insurance
If you’re looking to insure your art collection, it’s a good idea to choose art insurance that provides Agreed Value Cover for limited-edition and high-value pieces. In some cases, it even insures the loss in market value if damaged.
It’s also important to understand when artwork is covered and when it’s not. For example, accidental damage by a family member versus damage from a flood. Or, damage while moving house within Singapore versus damage in transit to the UK.
It’s also wise to work with an insurance specialist who has a good understanding of the value of art. They should be experienced in creating policies for artwork specifically. An insurance broker will know what to look out for and how to handle artwork to prevent future losses.
Another benefit of working with an insurer who specialises in art? They may have professional contacts to assist with artwork appraisals, display methods and professional repairs.
How Expat Insurance can help protect your art collection
Expat Insurance offers policies specifically designed to protect your art collection both in Singapore and abroad. They can facilitate the process of adding art insurance on to your home and contents policy and customise it to your own collection.
What’s more, Expat Insurance works with dedicated teams who can value your pieces, advise you on how to transport, store and display the artworks, and provide professional guidance on how to best to maintain and protect your valuable pieces.
So, whether it’s your new oil painting purchase, an awesome antique or your partner’s prized Hendrix-signed guitar, you can rest easy knowing your collectibles are covered.
Some of the other benefits Expat Insurance offers include:
- coverage for 100 percent of the agreed value right from the start (with no depreciation), when artworks are itemised;
- guaranteed full replacement cost for a pair or set of artwork when one piece from the set is lost or damaged beyond repair;
- arrangement for immediate cover up to 25 percent of the total itemised coverage for a newly purchased art piece within 90 days of notification;
- the option to receive a cash settlement in the event of irreparable damage or loss to the art piece; and
- paid claims within 48 hours of agreeing to the settlement for every covered loss.
What’s more, Expat Insurance gives you the option of using any restorer of your choice to repair a damaged piece of art.
Don’t forget about your jewellery, too
In addition to safeguarding your art, Expat Insurance can help you arrange policies to protect your jewellery and watch collection.
While that Rolex or engagement ring can be included as part of your general home contents insurance policy, such policies usually have limits, which means you wouldn’t receive the appropriate coverage in the event that these high-value items get stolen or damaged. That said, you’ll want to make sure you’ve got sufficient jewellery and watch insurance for those extra special items.
For more information, get in touch with Expat Insurance. They can walk you through the process and answer any questions.
#B1-52 The Riverwalk, 20 Upper Circular Road
3110 3220 | expatinsurance.com.sg
Read more on living in Singapore!