Collections and Fine Art
Collections
We work hard to inform and educate our clients. Because the more you know about policy details, and how to best insure items of value, the better protected you, your family, and your heirs will be.
Commonly, items of value include jewelry, furs, silver, guns, stamps, and coins. Coverage is limited by your homeowner policy, yet may be scheduled on a “personal-articles” floater. Typical policy floaters offer broad coverage, often with no deductibles. In a sense, you’re agreeing to value, prior to loss. Floaters are also written all-risk, meaning the policy covers against everything except what’s excluded. We advise clients about the many advantages to scheduling and protecting possessions:
- Comprehensive global coverage for damage due to fire, theft, earthquake, flood, and breakage.
- 150% replacement for any scheduled item.
- Newly acquired collections coverage.
- Items covered in transit.
If you have Inflation-Guard Coverage, review your policy yearly to find any fluctuations in value.
Scheduled Coverage
This lets collectors receive full value for a scheduled item at the time of a covered loss. The right paperwork, such as a bill of sale, help ensure a seamless resolution.
Blanket Coverage
High-blanket, per-item limits help you efficiently manage lower-valued items, under one coverage limit, that are part of a larger collection. This takes less admin time than a scheduled option. Yet you must prove ownership and value at time of loss. Blanket coverage may be practical as a supplement to scheduled coverage.
Fine Art
When it comes to insurance, the devil is in the details. So we delve deep with you from the start. We’re committed to a strategic process—finding exposures, managing risk, closing gaps in current policies that can hurt you in the future. We know your fine art has great financial and sentimental value. As such, it deserves responsive solutions that put you at ease.
In general, homeowner policies are designed to protect a home and its contents. Yet, typical coverage may not be enough to replace fine art. More to the point, you may not be clear about the exact coverage you have and should you make a claim, the results are often disappointing. If you ask MSGPLA to assess potential threats or risk, consider the advantages of fine-art coverage:
- We can insure private collections up to $1 billion in value.
- We can insure collections in the name of a trust or not-for-profit organization.
- We can insure a fine-art collection while on loan, or on exhibition, or in transit, or when used as collateral.
- You’ll receive up to 150% of coverage for the insured amount, if the value appreciates during the policy term.
Life happens.
Give us a call to learn about coverage terms and limits, competitive premiums, and more.