It is true that in Britain we are a nation that loves to collect things from fine art to stamps to medals, coins, even comic books or toy cars. In fact, the things we choose to collect are as diverse as those who do the collecting.
Some may be older collectors who have built up extensive collections over many years while others are younger collectors who are just starting out.
There are many different types of collections hidden away in people’s homes, some of which are high in monetary value, and some of which are high in personal value.
Either way, as your collection becomes more important, so does your choice of insurer. It is therefore vital to have the correct cover in place to cover against the unexpected such as fire, flood or theft. Do not assume that your general home contents policy will cover the true value of your collections, as some will only cover a portion of this. It is imperative to know what is and what isn’t covered.
Standard covers are generally aimed at the mass market so you need a specialist insurer and policy that understands the individual characteristics of your items in greater depth to ensure that the underwriting is accurate.
So, whether it’s a Botticelli or a Banksy, diamond bracelets or doll’s houses, at Riskworks our insurance covers all areas. Some of the special features of collection insurance are detailed below:
- ‘All Risks’ cover anywhere in the world
- Risk management advice and assistance
- High single article limits
- Agreed values on the collection, making claims settlements much quicker
- Payment for depreciation following insured damage
- Defective title insurance
- Automatic cover for new acquisitions
- Cost of emergency evacuation of the collection
- Specialist loss adjusters used with access to top restorers.
Collections can increase in value
As a collector, it is worth bearing in mind that some items in your collections can increase in value quickly and can take you well over a standard content insurance limit. If you have your collection well catalogued with a full inventory and valuation it will make it easier to identify single items and collective limits.
If you need help or guidance on how to protect your collections or indeed just want to know a little bit more about the special features detailed above and how they work for you then, please talk to Emma Patrick, Private Clients Manager on 01625 547754 or email email@example.com