Urban Art Association

PM Funster - he's the man apparently

The minimum you would need for insurance purposes is photographic evidence in your own home and authenticity certificates, obviously receipts would be handy although the replacement value would be the value of the item of the date of the loss.

I would also ensure your insurance policy has a specified item value that you are happy with otherwise you may need to list each item separately on the policy.

can anyone that currently has insurance on their collection throw out any information as to the cost and hassle this was/is ?

thank you..

It's one of the cheapest assets to insure because art is relatively safe and there is a much greater risk of loss due to fire than there is to theft. It's very difficult to sell stolen art so its value is a mere fraction of what it would be worth given a legal sale.

In my case, we are insured through Chubb and pay our housing insurance and then specifically schedule each piece of art or jewelry. You do not need an appraisal for anything under $100k US and do need an appraisal for any piece over that amount. The policy also provides coverage up to 150% of the scheduled value in the event that it was stolen or destroyed and there has been an obvious increase in value since the last appraisal. The cost to schedule art as an add onto my Chubb policy is $0.21 per $1,000 of value (21 cents per thousand.) So, if one owned a million dollars worth of art you are paying an additional $210 on top of your homeowners or renter's policy which can vary but for most is probably between a few hundred and a couple thousand dollars per year.

thank you guys... great information.

You should tell your mate with the Audi to get one of these fitted. £30 a month! My warehouse got burgled a few months ago. They stole a vehicle of mine (filled with the loot). Was over in 6 minutes. Result.

www.activetrack.co.uk/

for anyone with a less substantial collection, mine are declared where value is over £2,000, insured for a specified value and i keep the necessary evidence of ownership. no admin fees with aa home insurance, just a one off £10 charge.

I have all my insurance with Hiscox via TAOI, very happy and a peasure to deal with

So wrong! We aleady look after people in Sydney so feel free to pm me ... but who's Banksy

Just changed my insurance to Norwich Union (thanks for the tip off). Really good and went through each piece in my collection worth over £1500 up to approx £30k. Cost £38 a month and includes additional home contents up to £15k

And relax.......

When you look at the statistics art is considered a relatively 'safe' risk. The major fears for art insurers are water and fire. Theft means it's still out there somewhere and often recovered fairly quickly. Also trying to trade crack for a Neate print isn't too easy comapred to a nice juicy laptop or mobile phone. Also 99.9% of the population would have gone for the laptop over the Neate if asked to guess which was worth more.

This obviously isn't true of specially targetted attacks.