What is Art & Jewellery Insurance?
Art & Jewellery insurance is a special type of coverage designed to safeguard your valuable possessions, including jewellery, watches, fine wine, musical instruments, and art pieces. This insurance is tailored to provide protection for risks that could result in financial loss for collectors and enthusiasts.
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What is covered in Art & Jewellery Insurance?
Does cover
Physical loss or accidental damage:
Covers loss or damage to your valuables due to fire, theft, water damage, vandalism, or natural disasters.
Theft:
Provides coverage for theft, including stolen valuables that may be later recovered or replaced.
Restoration costs:
In cases where your artwork or other valuables are damaged, the policy may extend to cover the cost of restoring them to their original condition. In extreme cases, it may also cover replacements.
Worldwide Cover:
Provides protection for your valuables against physical loss or damage. It keeps your valuables protected even when you are travelling.
Pairs & Sets and Parts cover:
If you own items that come in pairs or sets, such as earrings, and you happen to lose one piece, Art & Jewellery insurance may indemnify you for the entire set when you choose to hand in the remaining piece(s)
Does not cover
Cosmetic damage:
Insurers are unlikely to pay out for claims relating to cosmetic damage like scratches and dents.
Wear and tear:
Damage resulting from general wear and tear of your items are unlikely to be covered.
Fungi and mould:
Insurers do not provide coverage for presence of mould or any loss caused by mould.
Failure to protect:
You must take all reasonable steps to protect property before, at or after the time of a loss.
How to calculate the value of your Art & Jewellery?
Determining the value of your Art & Jewellery is essential to ensure you have the right amount of coverage in your insurance policy. The total value of your Art & Jewellery is known as your 'sum insured', representing the maximum amount you would receive if you needed to replace everything. To calculate your sum insured, consider:
- Getting a professional valuation: A valuer who specialises in art and jewellery will be able to assess the value of your items accurately.
- Using the full replacement value (new items): This amount represents what it would cost to purchase identical new items in today's market.
- Using the amount it would cost to replace the item with something similar (second-hand items): The value should be able to replace the item with something similar in condition and quality, reflecting the current market value of the item, taking into account its age and condition.
Having original purchase receipts, photographs of the item, and keeping a record of the serial numbers help in the valuation. This also helps greatly in the event of a claim. Remember to keep your valuations up to date, so that you are not under or over insured.
Does Home Insurance cover Art & Jewellery?
The contents insurance part of your home insurance policy will normally cover personal possessions, including jewellery and art, against theft, loss or damage. This coverage extends to events such as natural disasters, fire and floods. However, home insurance is unlikely to cover lost items due to misplacement or damages caused by accidents. You may need to add accidental damage to your policy if you want protection for such incidents.
Most home insurance policies also specify a maximum amount your insurer will pay out for individual items, which could be as low as $1,000 for items that not specifically listed on your policy. For items you've informed your insurer about, the maximum payout may be slightly higher.
A dedicated jewellery insurance policy may come in handy if you own items of jewellery or other valuables worth more than the single-item limit on your contents cover. Such a specialised policy offers higher coverage limits per item and may include additional features not typically covered by standard home insurance. This ensures that your valuable possessions are adequately protected.
Contact us for policy quotation,
comparison and unbiased advice now!