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I’ve included a short excerpt below and the entire article can be read online here ( [link] ) “Many people are familiar with the concept of insurancecoverage in the context of car insurance or travel insurance, but knowledge about insurancecoverage of personal property such as fine art or antiques is much less widespread.
Examples of retail replacement value are the price an art gallery asks for a painting in their inventory, the asking price of a table by a furniture designer, or the manufacturer listed price of a sterling silver serving item. It can sometimes be present in insurancepolicies, although in my experience it is much less frequently encountered.
Understand Your Homeowner’s InsurancePolicy The biggest problem I see after a devastating loss is underinsurance, meaning that homeowners suffer a loss yet fail to recover tens of thousands of dollars just at the time when they have lost everything they hold dear. How do you prevent this? The purpose of an inventory is two-fold.
Part Three: An Interview with a Fine Art Insurance Provider Most insurance is underwritten by an insurance provider. A provider evaluates the risk, provides a quote, issues coverage, and, in the event of a covered loss, pays the coverage set forth in the policy.
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