4 Pillars of Good Stewardship for Art & Instruments

4 Pillars of Good Stewardship for Art & Instruments

4 Pillars of Good Stewardship for Art & Instruments
Those of us privileged with owning fine art and instruments have a responsibility to protect them for future generations.

These good practices will help protect your art and instruments, your bank balance, and – to some extent – your legacy… 

1. Valuation: changing trends in the art, antiques and jewellery markets mean that the replacement value is constantly shifting - and premiums may need adjustment (up or down).  If you’re not aware of the value of your assets (or if it’s not documented), you could find yourself significantly under-insured.  After the trauma of a theft, the last thing you need is the worry of a difficult negotiation over the value of each piece.   Regular valuation, inventory appraisal and photographic records will all help.

2. Security: better protection can mean lower premiums; insurers recognise the extra care taken.  If your jewellery collection is valued over £15,000, consider installing a home-safe (and for collections over £30,000, a second safe connected to the alarm system).  We can advise on security marking, and anti-intruder installations that won’t compromise the integrity of your home. 

3. Insurance: make sure you have a personalised policy fine-tuned for your specific needs and lifestyle. These need not be prohibitively expensive; indeed fine art and instruments normally cost less to insure than standard contents - especially if you have evidence of taking extra steps to protect your belongings. If you’re still buying ‘standard’ homeowners’ policies, you might be in for some surprises when you make a claim - read our 5 good reasons art & instrument collectors need specialist insurance.

4. Documentation: it’s important to keep safely:

  • Appraisals/valuations
  • Historical records
  • Insurance paperwork
  • Repair paperwork

This can really help with claim resolutions and the repair or replacement process. 

Talk to one of the La Playa team for guidance and a no-obligation review of your insurance needs.

T: 020 7002 1544

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About La Playa Private Client

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Specialist & Independent

La Playa Private Client creates a safe space for you to live life to the full, enjoying your family, friends, and assets wherever you are in the world - without worry or hassle.

We can make sense of all your insurance needs - property, yachts and superyachts, high-performance and classic cars, private jets, art, wine and jewellery collections – and your liabilities too. We can pull multiple assets together on a single “portfolio” policy – or if you prefer, take care of each item separately. 

Amid the impersonal and automated world of large insurance corporations, La Playa provides a refreshingly boutique-style service, with individual advice, and cover based on in-depth understanding of your specific situation. After a detailed and confidential review of your needs and priorities, we’ll structure your insurance arrangements so you know you and your family are protected, come what may.  

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Mike Taylor-West ACII

DIRECTOR GLOBAL MARKETS
PRIVATE CLIENT, MARINE & AVIATION

Direct Dial: +44 (0) 203 290 1774

Mobile: +44 (0) 7500 109737

Email: mike.taylorwest@laplayainsurance.com

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