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Fine Art Insurance 101

Fine Art Estates

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 fine art collectors’ policy.

Fine Art 130
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Insurance: Protecting Your Collection

Art Peritus

Desantis Should You Consider Insurance? Surprisingly, many collectors of “passion assets” don’t think to protect these valuables with insurance. However, in truth there is no “minimum value” to mandate insuring one’s treasured valuables and virtually ALL collections can benefit substantially from being insured.

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How To Find An Art Appraiser

Art Appraisal Resources

Art appraisals are a crucial step in determining the value of your art, whether for insurance, donation, resale, or estate planning. Different appraisers may have expertise in specific types of art, such as paintings, sculptures, or antiques. It is essential to have an accurate valuation of your fine art.

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How To Determine If You Need An Art Appraisal

Art Appraisal Resources

Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitable distribution. Insurance Purposes: Artwork can be a valuable asset, and it is essential to ensure that it is adequately insured.

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Art vs. The Elements

Art Peritus

Create a disaster response checklist that includes: A list of priority artworks Instructions for emergency packing and transport Contact information for art conservators, insurers, and professional art handlers Safe evacuation routes and storage locations 2. Fine Art Policy Even with the best precautions, disasters can still happen.

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Understanding the Different Levels of Value: It’s Worth What Where and When?

Artifactual History Appraisal

An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market.

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Understanding Your Appraisal: Fair Market vs. Insurance Value vs. Suggested Asking Price

What Is It Worth?

You’ll need a fair market valuation and a suggested asking price. Do you want to include your item on your homeowner’s insurance policy, or do you want to donate it and/or write it off your taxes? Then you’ll need an insurance or replacement valuation. Do you want to sell it? Changed your mind?