Collecting art and antiques, as well as dealing in them, requires a special interest and an eye for the unique qualities that make the collection – or the individual piece – valuable. This ability is inextricably linked to the appreciation of fine art. Your knowledge and experience shapes what you value, and in turn what creates value in art. As a collector, you know and understand this.
Now, does your insurer consider a 105 year-old Kashan rug to be similar in kind and quality as an “oriental” rug found in a modern home goods store? Does your insurer value an early American painted chest the same way an auction bidder would? Does your insurer understand that the value of an 18th century painting is considerably more that the cost of buying a framed print at a discount department store?
More important than these rhetorical questions is the contract behind the protection you purchase from your insurer. The contract will determine how the insurer must value the item or collection at the time of loss. Most homeowners and business owners policies do not adequately value art and antiques. To be sure that you will not be surprised at a time of loss, ask your insurer about the valuation method that will be used when settling any potential claims. Or, request a quote from us.