We protect the things that we value in life like your health, home or car. Similarly art is an investment that should be insured from the risk of loss or damage. For art enthusiasts art insurance is quite necessary as collections can be very expensive. Insurance providers send art appraisers when determining the appropriate policy. Their main aim is to evaluate the piece and determine the replacement value.
Importance of Art Insurance
The following are some of the reasons why an art policy is important:
- It also informs the owner of the retail value of the collection. It is important for an artist to know the worth of the collection. Before taking an insurance cover, the collection is evaluated. This important to determine the replacement value of the collection. To ensure adequate coverage the purchase value of the collection is not considered. This helps in keeping track of investment growth and marking purchase prices.
- It provides compensation for gallery mistakes. Pieces of art increase their value when displayed in a gallery. It is important to take precautionary measure before handing over your work. The pieces can be damaged in transit, when stored in an inappropriate way, stolen and sold without the owner’s consent. Having an insurance policy is important to protect yourself from fraud and potential damage.
- Protects pieces from perils at home. Heat and humidity reduce the value of art. Fire breakouts, floods and other natural calamities can destroy the pieces of art at home. Heat and humidity devalue art quickly. It may be hard to protect pieces from unforeseen accidents at home. The risk of damage to pieces that haven’t been moved over many years is also high. The right insurance policy protects you from damage of the art by these factors. It also helps in creating reassurance when displaying your collection.
- Protection from art trafficking. Art trafficking is a rampant criminal enterprise worldwide. Art insurance helps in keeping inventory of all pieces in a gallery. According to Interpol, when this is done, it is easier to track down pieces in the event of theft. Having the art insurance policy will also increase preparedness for the possibility of theft of art pieces.
- Recoup the value of art that may be damaged or lost. The value of lost and damaged art is recouped entirely if the risk occurs. It is therefore important to insure your art due to the high value attached. Art is an emotional language. Emotional loss consequently cannot be compensated the value of your art will.
Art is a way of expressing emotions, feelings and thoughts. Most the pieces are important to us such as souvenirs, portraits and paintings. If you are an artist you can reach out to us to get your insurance policy today. It will guarantee the safety of your collection. Every single piece is of value. Art lovers who have pieces and collections in their homes can also contact as for the art insurance policy.