Fine Art Insurance For High Value Works Of Art & Collectables
McLeod Insurance works closely and only recomends a fine art insurance policy from specialist Insurers who have a broad understanding of the Fine Art and Collectibles market. The Underwriters and Appraisers at these Insurers often come from a Fine Art background. This helps reassure clients that their Insurer fully understands the risk involved with Fine Art and the sometimes volatile-markets that Fine Art is traded in.
Fine Art Covers A Range Of Assets including Works Of Art, but not limited to:
- Pictures, paintings, etchings
- Antique Furniture
- Tapestries and antique rugs
- Statues
- Rare books and manuscripts
- Porcelain and glass
- Objects d’art
- Wine
- Collections
McLeod Insurance recommends a valuation of your Fine Art and collectables is carried out every 3-5 years to ensure the sum insured is kept up to date. Certain Artists, or areas of Fine Art, may need to be valued more regularly dependent on the market volatility. McLeod Insurance works closely with reputable Fine Art Valuers to ensure that your pieces of Fine Art are adequately covered in today’s market. Please contact us for more information about bespoke fine art insurance cover.
Art is cost-effective to insure.
Fine Art is generally the cheapest area of personal assets to insure. This makes listing them under your policy not only sensible but financially viable. In addition, Insurers generally apply no excess to a Fine Art loss due to the relatively low percentage of losses under this category.
For many Fine Art owners, these items are heirlooms and the collectors merely consider themselves custodians of the Fine Art. This makes ensuring a suitable replacement, or market value payment is all the more important in the event of a total loss.
High Net Worth clients see investing in paintings, wine or classic cars as an attractive return on investment compared to the more orthodox route such as bank accounts, shares etc…
Water damage the main area of concern for Insurers.
Many Insurers see the main risk to Fine Art, and in particular pictures and paintings, as water damage that can cascade through ceilings and down walls. Insurers can help by recommending water leak detection systems that can mitigate any water damage losses and ultimately save a valuable and/or a sentimentally valuable item. Whilst these systems are relatively new to the market, they offer excellent value when compared to the potential loss of a burst water pipe or water tank.
Richard McLeod
Director at McLeod Risk Services LLP
Keeping photographs of your Fine Art can help you keep a log of items that may be lost in a burglary or fire. This helps Insurers value items that may not be logged in a valuation. Also, keeping these photographs away from your property (i.e. on a cloud) safeguards them from fire.