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 insurance 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 without realising that such policies seldom cover the full value of the artworks. So, 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 does not cover the full value of the artwork, it’s a good idea to choose an art insurance coverage 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.
Choosing an experienced insurance broker
If you’re looking to insure your art collection, it’s wise to work with an insurance specialist who is experienced in creating policies for artwork and has a good understanding of the value of art. 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 is that they may have professional contacts to assist with artwork appraisals, display methods and professional repairs.
How Expat Insurance can help protect your art collection
Whether you collect art for fun or as an investment, 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, while customising it to your own collection.
Additionally, 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 to best to maintain and protect your valuable pieces.
For more information, get in touch with Expat Insurance. They can walk you through the process and answer any questions.
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