jaimesl
New Member
Posts โข 582
Likes โข 22
October 2007
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art insurance, by jaimesl on Jan 12, 2008 12:59:29 GMT 1, Great timing Bigman... I was just thinking about the same thing!
I called Nationwide this morning and after 45 mins on the phone, I've been referred to their technical evaluation team.
Without going into the detail the yearly premium they quoted (for the art alone) was about 1% of the total value of the art
i.e. ยฃ10k worth of art... would cost around ยฃ100 a year to ensure (... actually a little less)... that is obviously on top of the cost of standard content insurance.
My initial reaction was that it's pretty expensive but I have nothing to benchmark it against.
How do others insure their work... are there specialist art insurers?
Thanks lots
Great timing Bigman... I was just thinking about the same thing!
I called Nationwide this morning and after 45 mins on the phone, I've been referred to their technical evaluation team.
Without going into the detail the yearly premium they quoted (for the art alone) was about 1% of the total value of the art
i.e. ยฃ10k worth of art... would cost around ยฃ100 a year to ensure (... actually a little less)... that is obviously on top of the cost of standard content insurance.
My initial reaction was that it's pretty expensive but I have nothing to benchmark it against.
How do others insure their work... are there specialist art insurers?
Thanks lots
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jaimesl
New Member
Posts โข 582
Likes โข 22
October 2007
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art insurance, by jaimesl on Jan 12, 2008 13:18:43 GMT 1, Thanks mate.
I think I might do a bit of research this weekend... will post something on Monday.
In the meantime... Anyone else have their work insured?
Any direction would be much appreciated.
Thanks mate.
I think I might do a bit of research this weekend... will post something on Monday.
In the meantime... Anyone else have their work insured?
Any direction would be much appreciated.
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art insurance, by onemandown72 on Jan 12, 2008 13:54:32 GMT 1, Funny as this is something that I've had to look at this week, and has irritated me with endless ways the insurance industry make yet more money. I got a fantastic Jamie Reid canvas to add to others, so phoned insurer to add onto existing policy. This is where I came across some areas of the insurance market I was unaware of. Firstly it took me over my limit for single items valued over ยฃ1,500. The standard way insurance companies work is that they take off an allowance for general items (stereo, bike, tv etc) worth under a set value, and then give you around 33% of your total contents insurance for single items worth over a minimum value. So if your contents value is ยฃ40K, the insurance company will take off an amount of ยฃ7,500 for low value items, and then allow you to ensure high value named items for 33% of ยฃ32,500, which being just under ยฃ11,000. If you go over this limit then the insurer will re-quote you for cover. I believed that I could get around this problem by not declaring the canvas on my existing policy and getting this insured seperately. This, however, can invalidate your existing insurance. I was told that as you place items of increasing value in your home, this changes the risk assessment on your home, and irrespective of whether you want to insure on the existing policy or a new one you must make the existing insurer aware of the presence of the new items - which not surprisingly increases your premium. My suggestion would be to contact either an insurance broker (used generally by business) if you want to bundle up buildings, contents, car etc as they will get you the best deals, get a home policy with high limits, or take a risk and don't insure at all.
Hope this helps
Funny as this is something that I've had to look at this week, and has irritated me with endless ways the insurance industry make yet more money. I got a fantastic Jamie Reid canvas to add to others, so phoned insurer to add onto existing policy. This is where I came across some areas of the insurance market I was unaware of. Firstly it took me over my limit for single items valued over ยฃ1,500. The standard way insurance companies work is that they take off an allowance for general items (stereo, bike, tv etc) worth under a set value, and then give you around 33% of your total contents insurance for single items worth over a minimum value. So if your contents value is ยฃ40K, the insurance company will take off an amount of ยฃ7,500 for low value items, and then allow you to ensure high value named items for 33% of ยฃ32,500, which being just under ยฃ11,000. If you go over this limit then the insurer will re-quote you for cover. I believed that I could get around this problem by not declaring the canvas on my existing policy and getting this insured seperately. This, however, can invalidate your existing insurance. I was told that as you place items of increasing value in your home, this changes the risk assessment on your home, and irrespective of whether you want to insure on the existing policy or a new one you must make the existing insurer aware of the presence of the new items - which not surprisingly increases your premium. My suggestion would be to contact either an insurance broker (used generally by business) if you want to bundle up buildings, contents, car etc as they will get you the best deals, get a home policy with high limits, or take a risk and don't insure at all.
Hope this helps
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CR
Artist
New Member
Posts โข 918
Likes โข 0
October 2006
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dealersam
New Member
Posts โข 172
Likes โข 0
July 2007
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art insurance, by dealersam on Jan 12, 2008 16:25:04 GMT 1, HISCOX, you can't go wrong with them. Professional art insurers
HISCOX, you can't go wrong with them. Professional art insurers
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art insurance, by manchestermike on Jan 12, 2008 16:31:01 GMT 1, cheers cr but they dont go high enough
I know... just tried too
HISCOX it may well be
cheers cr but they dont go high enough I know... just tried too HISCOX it may well be
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dealersam
New Member
Posts โข 172
Likes โข 0
July 2007
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art insurance, by dealersam on Jan 12, 2008 17:14:53 GMT 1, it has been a royal pleasure
it has been a royal pleasure
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dealersam
New Member
Posts โข 172
Likes โข 0
July 2007
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art insurance, by dealersam on Jan 12, 2008 17:15:10 GMT 1, ;D
;D
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CR
Artist
New Member
Posts โข 918
Likes โข 0
October 2006
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art insurance, by CR on Jan 12, 2008 17:29:31 GMT 1, perhaps it will do for jaimesl, he was talking about ยฃ10k and I know they cover for that.
Whats their maximum then?
CR
perhaps it will do for jaimesl, he was talking about ยฃ10k and I know they cover for that.
Whats their maximum then?
CR
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art insurance, by manchestermike on Jan 12, 2008 17:38:25 GMT 1, perhaps it will do for jaimesl, he was talking about ยฃ10k and I know they cover for that. Whats their maximum then? CR
ยฃ50,000 maximum cover
perhaps it will do for jaimesl, he was talking about ยฃ10k and I know they cover for that. Whats their maximum then? CR ยฃ50,000 maximum cover
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