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Some of the most common questions advisors hear from clients about their fineart and collectibles are, “Does my homeowner’s insurance provide coverage for my artwork? A typical homeowner’s insurancepolicy affords you a little bit of coverage. Do I need a special rider?”
You should check with your insurance provider to see what is and is not covered by your homeowners or rental insurancepolicy. You do not need a formal written appraisal to sell most fineart. The IRS Requires a formal written appraisal by a Qualified Art Appraiser for any fineart donated with a value over $5000.
Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuringFineArt. It’s also important to use a professional appraiser, like the staff at Art Peritus.
A professional appraiser is one who has received training and area certified in the accurate assessment of value, authenticity, condition, and other important aspects of antiques, fineart, and other personal property. And most have networks of other appraisers, dealers, and other professionals they can consult. Specialization.
Three Insurance Experts Explain the Intricacies of Insuring Your Art Collection I am often asked by clients if they should cover their art under their homeowner’s insurance (HO) or if they should investigate insuring their art with a separate fineart collectors’ policy.
The seminar opened with Casey Wigglesworth , Vice President of FineArtInsurance with Huntington T Block, who presented insights into fineartinsurance for conservators. Caseys presentation broke down insurance essentials alongside various types of insurance T Block offers.
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