I have mine through Travelers (moved rental insurance also) Price was reasonable. Need appraisal for items > $25k, below just itemized was fine.

I started using collect insure last year.. no appraisal required, affordable. I haven’t made any claims so can’t vouch for how well that’s handled, but service has been good so far.

collectinsure.com/

I’m sure it’s been posted before, but does anyone have a recommendation for an appraiser in the Los Angeles area? Any recommendations on an insurance company? Looking to get insurance on a few pieces.

Thanks, I was looking to ask the same question!

At 8K I didn't feel that us wsm was worth insuring...

I have State Farm Insurance, does anybody use them (or another big name) and add some sort of rider to their home owners? or should I got a house that specializes on insuring art?

Finally, without an auction proving the value of wsm, how do I get the insurace co to match a valuation to what I think it is (around 30k usd)?

Thanks!

Is hangup charging 75 quid *per print* for an appraisal?

I don’t have any pieces worth insuring myself, but I’ve helped client with art insurance on numerous occasions. AIG, Chubb, Ace, and more recently, Cincinnati Insurance Company have all done policies for us. On large collections it reliably works out to 0.1% of the work’s value annually. The insurers do ask for updated appraisals periodically, but in a fast-moving market like Banksy currently, I’d suggest appraisals more often than required or you’ll be quickly under-insured.

If you work regularly with a gallery you might ask them for a letter with market values for your pieces. Some will do this as a favor for valued repeat clients and it can work in lieu of an appraisal. I haven’t had to deal with any losses, however, so I’m not sure how such a value would stand up then.

bump.

Hi All –


Need art insurance advice for a friend.  Guidelines would be art that is worth more to ship than the piece itself to art in the mid to high six figures, but not 7+.

They are U.S. based, as am I, so some questions are U.S. specific, but other questions are more general.


Any advice would be much appreciated.


1. How should they think about what should/should not be insured (is there an analytical approach to this)?


2. Is there a general guideline for what to insure vs. what the art is worth?


3. Are there outcomes for which insurance can not be bought / does not cover that should be highlighted?


4. Is art always insured on a piece by piece basis or can you bundle?


5. What challenges have members faced when going through this process?


6. Knowing what you know now, what would you change about the process or how you approached the process?

7.  Are there those who 'do not believe in art insurance'? Is there a sound argument for this?

8.  Is there a 'minimum' level of insurance vs. none at all that makes sense?

9.  How specifically is the value of a piece determined?  Do some policies just go by what was paid initially for the piece?  Does insurance cover replacement value?

9.  Does art insurance vary state by state?


10. What U.S. based companies have people used? Friend has USAA for other insurance products.


11.  Is there any further reading you would recommend?

Thanks in advance.

I have Chubb. Make sure the insurance coverage is for  Replacement or FMV and not repair at their option as State Farm Insurance and others offer.