Collections and Fine Arts
Does your Chippendale sofa deserve better coverage than your typical couch? Does your collection of vintage toys need special coverage? Absolutely!
You don't treat your art, antiques, or vintage collectibles like ordinary items, so why would you insure them like ordinary items? Business Personal Property Coverage is great for your basic business furnishings, but items that are of a unique or rare quality, or that hold special meaning or value, should be insured as such. A Fine Arts policy is a separate policy that is specifically designed to insure Art, Antiques, Collections, and other items of uniquety, rarity, or other specified value. Fine Arts coverage can include collections on loan to you, but owned by another person or organization, while they are on your premises. This coverage form can also provide coverage for items that you loan to other institutions, while they are in transit, as well as at a location other than your own.
With more flexibility than a standard property form, and coverage that is meant to provide replacement or market value for your unique items, a Fine Arts policy is a must for any museum or preservation organization that owns or borrows its collections.
Collection insurance coverage is one of the best ways to help protect your fine arts in the event of a loss, but there are several preventative and maintenance steps you can take to properly care for your collection:
- Keep art collections out of direct sunlight.
- Never hang artwork or a valuable object over a fireplace.
- Install smoke detectors, not heat detectors, in rooms with precious objects.
- Do not store fine art or carpets in basements or attics.
- Hire a professional and recommended art hanger.
- Keep your building at a constant temperature and humidity.
- Frame all art, especially paper, textiles and photographs using "museum quality" materials.
- Install water alert sensors in areas of your building susceptible to water damage.
Not all fine art and collection insurance polices are created equally. Based upon the individual collection of your organization, the collection's total value, where located and how often individual pieces may be loaned or borrowed, one company may offer better coverage than another. We at the National Trust Insurance Services can review your collection information and find the most appropriate coverage for your needs of your organization and collection, to provide the most comprehensive coverage at the most cost effective price.