Why Should I Insure My Art? Whether you own one piece of fine art, a number of outdoor sculptures, or a whole collection of artwork, insurance for your collection can provide you with peace of mind, knowing that you’ll be able to repair or replace it after a covered event. Assigning values to those items is a critical step to ensuring proper coverage in the event of a loss.
Once appraised and insured, Chubb will pay up to 150 percent of the amount itemized on your policy if the market value of the item exceeds the amount of coverage.
Have questions about protecting your collection?
As an Acacia client who selects Chubb insurance, you can call for a free referral to a qualified art professional. Acacia Insurance and Chubb both maintain relationships with local fine art packers, transporters, conservators, advisors, and appraisers, and can connect you with best-in-class vendors.
A qualified appraiser has a formal education in appraisal theory, methodology, principles, and ethics. He or she should also have specialized expertise in the material being appraised. For example, an appraiser who specializes in contemporary art may not be the best choice to appraise an Impressionist painting.
There is no government regulation of appraisers. Therefore, the best way to find a qualified appraiser is through one of the major accredited appraisal organizations—the Appraisers Association of America, the American Society of Appraisers, and the International Society of Appraisers. To obtain and maintain membership in these organizations, appraisers must complete courses and exams, and demonstrate years of experience.
Ready to learn more?
Acacia Insurance has been helping to make the unexpected uneventful since 1988, and we look forward to working with you. Please contact us with questions and for additional information.
Comments