5 Reasons art and instrument collectors need specialist insurance

5 Reasons art and instrument collectors need specialist insurance

Standard insurance is based on historical statistics. If your home and contents don't fit with “national average” profiles, you could find yourself:
 
  1. Paying too much: many specialist insurers offer lower rates for higher value assets. Despite the headlines, art theft is rare – and rates reflect this; most claims are for accidental damage.
  2. Seriously under-insured: with a specialist policy comes an invaluable appraisal – to help avoid the danger of your sums insured being wrong. How can you be expected to follow fast-moving trends in fine art values – contemporary art has skyrocketed; but it could bomb tomorrow... Specialist policies will honour changes if you have a current valuation. 
  3. Glass half empty:  a standard policy may not include “pairs and sets” coverage – especially important for fine jewellery, so if you lose/damage one earring, the claim covers replacement of both.
  4. Facing limited options on replacement after a theft: it’s not easy to “replace” art. Specialist policies offer a full cash settlement so that you can choose not to replace, or source through your own supplier.  Though art is rarely stolen, these policies provide cover for full replacement cost so you can buy from a gallery dealer rather than being stuck with Fair Market Value (what you would pay at auction).
  5. Out of pocket: even after repairs, damaged art and antiques may lose value: specialist policies will reimburse the difference.
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About La Playa Private Client

Specialist & Independent

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.

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Mike Taylor-West ACII

DIRECTOR, PRIVATE CLIENT AND MARINE

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