Understanding Fine Art and other Private Client Insurance Solutions

October 25^th of every calendar year marks National Fine Art Appreciation Day. While many enjoy experiencing fine art at galleries or at their own home, it is important to have the proper protection for whatever high value assets you have. What are some of the key things to know when it comes to securing your valuable articles?

For your home:

·        Coverage for breakage is generally excluded.

·        Items that are misplaced or lost may not be covered.

·        A deductible will most likely apply to your loss.

·        The loss settlement for items of rarity or antiquity may be limited.

·        Typically, coverage for many types of valuables, is limited from $1,000 to $5,000.

The Benefits of Listing Jewelry and Valuables on a Schedule

While not everyone necessarily needs valuable article insurance, if you own jewelry or other high worth items, you should consider extra coverage. By scheduling your valuable articles, you can avoid coverage limitations. You may also receive:

·        100% of the insured value in a cash settlement for a covered total loss, and if you chose not to, you won’t be required to repair or replace scheduled items.

·        A market value settlement clause, whereby you may also receive up to 150% of the insured amount of an item designated on the policy if it costs more to replace it at the time of loss.

·        Worldwide coverage.

·        Coverage of breakage of fragile items.

·        Coverage for newly acquired items.

Our solutions for high worth items will leave nothing to chance, so you can continue adding to your collection, or admiring items with confidence. To learn more about all of the high-value solutions that AssuredPartners offers please visit www.assuredpartners.com/High-Net-Worth-Insurance.

Author: Linda Young, Private Client Group Manager