peted
New Member
Posts โข 818
Likes โข 660
April 2014
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Insurance - Valuations , by peted on May 2, 2020 17:46:21 GMT 1, Good evening all,
I am currently in the process of renewing my home contents insurance. In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. I have discussed this with my insurers but they have refused to provide me with a quote until I have obtained valuations from a reputable source.
Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service?
Many thanks
Good evening all,
I am currently in the process of renewing my home contents insurance. In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. I have discussed this with my insurers but they have refused to provide me with a quote until I have obtained valuations from a reputable source.
Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service?
Many thanks
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Bram
Artist
Junior Member
Posts โข 2,815
Likes โข 286
November 2007
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Insurance - Valuations , by Bram on May 2, 2020 17:54:09 GMT 1, Hiscox have some umbrella products that may cover your collection without separate valuations.
Hiscox have some umbrella products that may cover your collection without separate valuations.
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Insurance - Valuations , by John The Badgers on May 2, 2020 18:52:56 GMT 1, I find Aviva quite competitive Peted?
Apologies, I cant remember the figure, but they have a pretty generous figure where you don't have to stipulate individual items. I think its about 10K off the top of my head?
Anything you have over this, you name, and the additional premium not unreasonable.
Obviously depends on what you have, and the value, but it may help you not having to get values on everything you have?
Not art related, but had to make a claim a couple of years ago when some toe rag pinched my bike, and couldn't fault them.
I find Aviva quite competitive Peted?
Apologies, I cant remember the figure, but they have a pretty generous figure where you don't have to stipulate individual items. I think its about 10K off the top of my head?
Anything you have over this, you name, and the additional premium not unreasonable.
Obviously depends on what you have, and the value, but it may help you not having to get values on everything you have?
Not art related, but had to make a claim a couple of years ago when some toe rag pinched my bike, and couldn't fault them.
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Matt
Junior Member
Posts โข 2,348
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September 2014
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Insurance - Valuations , by Matt on May 2, 2020 18:59:17 GMT 1, An insurer can refuse to cover a claim if you have undervalued your contents, (whether intentionally or not), so you should definitely keep this up to date.
I have had good experiences with AXA (they made a relatively hassle free pay out on quite a big claim). they are not art specialists but provide a very affordable blanket cover for contents including specified art / jewels etc...throwing in additional legal support, travel insurance etc. However you need to pay for your own appraisal.
Worth checking I would say
An insurer can refuse to cover a claim if you have undervalued your contents, (whether intentionally or not), so you should definitely keep this up to date.
I have had good experiences with AXA (they made a relatively hassle free pay out on quite a big claim). they are not art specialists but provide a very affordable blanket cover for contents including specified art / jewels etc...throwing in additional legal support, travel insurance etc. However you need to pay for your own appraisal.
Worth checking I would say
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Insurance - Valuations , by John The Badgers on May 2, 2020 19:26:04 GMT 1, Good point from Mat above.
I recently wanted to document everything I had - urbanartassociation.com/thread/162387/documenting-artwork
Quite useful so that there is at least some reference as to what you have, whether for insurance, or if anything happens to you and dependents are wondering what's what.
Although values will no doubt change, at least you can build up a 'library' of what you have, and reference auction/private sales as reference points for value.
Good point from Mat above. I recently wanted to document everything I had - urbanartassociation.com/thread/162387/documenting-artworkQuite useful so that there is at least some reference as to what you have, whether for insurance, or if anything happens to you and dependents are wondering what's what. Although values will no doubt change, at least you can build up a 'library' of what you have, and reference auction/private sales as reference points for value. |
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daniel3886
Junior Member
Posts โข 1,241
Likes โข 989
October 2006
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Insurance - Valuations , by daniel3886 on May 2, 2020 21:43:41 GMT 1, Good evening all, I am currently in the process of renewing my home contents insurance. ย In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. ย However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. ย I have discussed this with my insurers but they have refused to provide me with a quote until I have obtainedย valuations from a reputable source. Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service? Many thanks ย
Believe it or not we do provide this service for free to clients. You just have to have bought or sold something with us. Mail harry@tateward.com with any valuation requests. Weโve had no trouble being accepted by any insurance companies so far.
Good evening all, I am currently in the process of renewing my home contents insurance. ย In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. ย However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. ย I have discussed this with my insurers but they have refused to provide me with a quote until I have obtainedย valuations from a reputable source. Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service? Many thanks ย Believe it or not we do provide this service for free to clients. You just have to have bought or sold something with us. Mail harry@tateward.com with any valuation requests. Weโve had no trouble being accepted by any insurance companies so far. |
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LJCal
Junior Member
Posts โข 2,825
Likes โข 4,240
December 2019
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Insurance - Valuations , by LJCal on May 3, 2020 6:11:09 GMT 1, Most insurers have a fairly broad policy of who they will accept valuations from and will accept from most established galleries and auction houses, although some do require the vauer to be accredited in some form as a registered valuer or surveyor. Worth contacting your insurer with the name of the company you intend to engage before incurring costs.
Most insurers have a fairly broad policy of who they will accept valuations from and will accept from most established galleries and auction houses, although some do require the vauer to be accredited in some form as a registered valuer or surveyor. Worth contacting your insurer with the name of the company you intend to engage before incurring costs.
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peted
New Member
Posts โข 818
Likes โข 660
April 2014
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Insurance - Valuations , by peted on May 3, 2020 9:03:37 GMT 1, Good evening all, I am currently in the process of renewing my home contents insurance. In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. I have discussed this with my insurers but they have refused to provide me with a quote until I have obtained valuations from a reputable source. Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service? Many thanks Believe it or not we do provide this service for free to clients. You just have to have bought or sold something with us. Mail harry@tateward.com with any valuation requests. Weโve had no trouble being accepted by any insurance companies so far.
Good evening all, I am currently in the process of renewing my home contents insurance. In previous years I have not really paid a great deal of attention to the market value of the art I own so my insurers have been able to insure to the value I have provided which has not raised any eyebrows. However, some recent auctions have highlighted that I am undervaluing many of the pieces that I own by a substantial amount. I have discussed this with my insurers but they have refused to provide me with a quote until I have obtained valuations from a reputable source. Has any one had a similar conversation with their insurers and if you have who did you go to for your valuations? I appreciate that no one would provide such a service for free so does anyone have any idea as to a ballpark figure for such a service? Many thanks Believe it or not we do provide this service for free to clients. You just have to have bought or sold something with us. Mail harry@tateward.com with any valuation requests. Weโve had no trouble being accepted by any insurance companies so far. Excellent D - I'll be in touch! |
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