londonfx
Junior Member
๐จ๏ธ 1,163
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December 2013
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Art Insurance in the UK, by londonfx on Jun 11, 2016 10:04:26 GMT 1, I'm with direct line for my contents insurance. And I think the limit for a single item was ยฃ3000. So I called them I told them I had a print off around ยฃ8,000 and they simply said to get a value from a gallery and forward it onto them. And it only increased my policy by ยฃ6 per year!! And I tripled checked to make sure as I thought it sounded too cheap. But was correct
I'm with direct line for my contents insurance. And I think the limit for a single item was ยฃ3000. So I called them I told them I had a print off around ยฃ8,000 and they simply said to get a value from a gallery and forward it onto them. And it only increased my policy by ยฃ6 per year!! And I tripled checked to make sure as I thought it sounded too cheap. But was correct
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Larry David
New Member
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April 2014
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Art Insurance in the UK, by Larry David on Jun 11, 2016 10:23:06 GMT 1, I am with Dr White, Hiscox all the way.
I am with Dr White, Hiscox all the way.
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Deleted
๐จ๏ธ 0
๐๐ป
January 1970
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Art Insurance in the UK, by Deleted on Jun 11, 2016 10:31:13 GMT 1, I'm with Nationwide.
Items covered up to ยฃ4000
Anything over needs to be delcared.
One question, and apologies for highjacking the thread, they mention they would need to see paperwork for any item being claimed. Obviously if I bought a Banksy on release the receipt would be for cost price but, as we know, the value of the print now would be much higher.
Would an independent valuer be needed to confirm it's value?
I'm with Nationwide.
Items covered up to ยฃ4000
Anything over needs to be delcared.
One question, and apologies for highjacking the thread, they mention they would need to see paperwork for any item being claimed. Obviously if I bought a Banksy on release the receipt would be for cost price but, as we know, the value of the print now would be much higher.
Would an independent valuer be needed to confirm it's value?
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londonfx
Junior Member
๐จ๏ธ 1,163
๐๐ป 707
December 2013
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Art Insurance in the UK, by londonfx on Jun 11, 2016 10:50:26 GMT 1, I'm with Nationwide. Items covered up to ยฃ4000 Anything over needs to be delcared. One question, and apologies for highjacking the thread, they mention they would need to see paperwork for any item being claimed. Obviously if I bought a Banksy on release the receipt would be for cost price but, as we know, the value of the print now would be much higher. Would an independent valuer be needed to confirm it's value?
Yes you would need an up to date value from a recognised gallery.
There are several on this forum, and I believe a couple of them offer discounts to forum members. Every time you renew your insurance cover you'll need to update the valuation
I'm with Nationwide. Items covered up to ยฃ4000 Anything over needs to be delcared. One question, and apologies for highjacking the thread, they mention they would need to see paperwork for any item being claimed. Obviously if I bought a Banksy on release the receipt would be for cost price but, as we know, the value of the print now would be much higher. Would an independent valuer be needed to confirm it's value? Yes you would need an up to date value from a recognised gallery. There are several on this forum, and I believe a couple of them offer discounts to forum members. Every time you renew your insurance cover you'll need to update the valuation |
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Art Insurance in the UK, by stillborncrisps on Jun 20, 2016 17:02:43 GMT 1, Thanks for all the info. Am on the case now.
Just out of interest, when I'm totting up the values to give to the insurer, should I use eBay sort of prices, or Gallery prices, or Auction prices?
I mean, has anybody actually managed to get full gallery price from an insurer for a stolen or damaged print that in some cases cost a tenth of such price at source/on one's receipt?
Also, what happens if a piece has gone down in value but I've still got the receipt for a higher value. Would the insurer pay out for the original cost, even if it was on sale on the secondary market for half the price now?
Thanks for all the info. Am on the case now.
Just out of interest, when I'm totting up the values to give to the insurer, should I use eBay sort of prices, or Gallery prices, or Auction prices?
I mean, has anybody actually managed to get full gallery price from an insurer for a stolen or damaged print that in some cases cost a tenth of such price at source/on one's receipt?
Also, what happens if a piece has gone down in value but I've still got the receipt for a higher value. Would the insurer pay out for the original cost, even if it was on sale on the secondary market for half the price now?
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Art Insurance in the UK, by stillborncrisps on Jun 20, 2016 17:15:20 GMT 1, Thanks Silky but apart from 3 posts over a year ago, the info in that whole sub-section hasn't been touched since 2013!
Thanks Silky but apart from 3 posts over a year ago, the info in that whole sub-section hasn't been touched since 2013!
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Pootle
New Member
๐จ๏ธ 130
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September 2007
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Art Insurance in the UK, by Pootle on Jun 20, 2016 17:26:15 GMT 1, brownhill also decent to get a quote from. For larger collections - they can suggest bands of insurance so you don't have to itemise every piece and can add to your collection without notifying them.
brownhill also decent to get a quote from. For larger collections - they can suggest bands of insurance so you don't have to itemise every piece and can add to your collection without notifying them.
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Art Insurance in the UK, by stillborncrisps on Jun 20, 2016 17:52:30 GMT 1, Tried them already, thanks Mcbhu, they're the same outfit as LoveArtInsurance. They wanted more than twice what Hiscox did though!
Tried them already, thanks Mcbhu, they're the same outfit as LoveArtInsurance. They wanted more than twice what Hiscox did though!
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bigp
New Member
๐จ๏ธ 530
๐๐ป 435
January 2012
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Art Insurance in the UK, by bigp on Mar 28, 2017 12:51:17 GMT 1, Due to the price surge in Banksy ,Invader art I've tried upping the high risk insurance cover with the Legal & general .Even though I have never made a claim they came back and said that they are unable to give me cover and that I should look elsewhere..
First of all they said that I need to get valuations on anything with a value over ยฃ5k of which I am in the process of doing.Then they said I should look else where.
Does anyone know of any insurance companies that offer quality high risk cover within home insurance.I'm UK based and would appreciate any help.
Thanks in advance.
Due to the price surge in Banksy ,Invader art I've tried upping the high risk insurance cover with the Legal & general .Even though I have never made a claim they came back and said that they are unable to give me cover and that I should look elsewhere..
First of all they said that I need to get valuations on anything with a value over ยฃ5k of which I am in the process of doing.Then they said I should look else where.
Does anyone know of any insurance companies that offer quality high risk cover within home insurance.I'm UK based and would appreciate any help.
Thanks in advance.
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Deleted
๐จ๏ธ 0
๐๐ป
January 1970
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Art Insurance in the UK, by Deleted on Mar 28, 2017 12:53:27 GMT 1, Hiscox are pretty good I believe
www.hiscox.co.uk
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Hubble Bubble
Junior Member
๐จ๏ธ 4,116
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December 2010
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Art Insurance in the UK, by Hubble Bubble on Mar 28, 2017 13:01:32 GMT 1, There is a full thread on this somewhere. Several specialist art policies around (though not, as I found out, if you live in a thatched house).
There is a full thread on this somewhere. Several specialist art policies around (though not, as I found out, if you live in a thatched house).
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bigp
New Member
๐จ๏ธ 530
๐๐ป 435
January 2012
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Art Insurance in the UK, by bigp on Mar 28, 2017 13:01:59 GMT 1, Thanks ,I'll give them a call.
Thanks ,I'll give them a call.
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.dappy
Full Member
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December 2010
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bagpuss
New Member
๐จ๏ธ 212
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December 2014
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Art Insurance in the UK, by bagpuss on Mar 28, 2017 13:15:25 GMT 1, Coincidentally, I was phoning around this morning for the same thing. Hiscox seemed good but my own home insurer covered the artwork with a modest increase in my monthly fee.
Coincidentally, I was phoning around this morning for the same thing. Hiscox seemed good but my own home insurer covered the artwork with a modest increase in my monthly fee.
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bigp
New Member
๐จ๏ธ 530
๐๐ป 435
January 2012
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Art Insurance in the UK, by bigp on Mar 28, 2017 13:57:11 GMT 1, Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations..
I'm sorted now,thanks for the help.
Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations..
I'm sorted now,thanks for the help.
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Deleted
๐จ๏ธ 0
๐๐ป
January 1970
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Art Insurance in the UK, by Deleted on Mar 28, 2017 14:08:03 GMT 1, Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations.. I'm sorted now,thanks for the help.
Forgot to mention my finder's fee is 2 Banksy's and an Invader. I look forward to receiving them....
Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations.. I'm sorted now,thanks for the help. Forgot to mention my finder's fee is 2 Banksy's and an Invader. I look forward to receiving them.... |
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bigp
New Member
๐จ๏ธ 530
๐๐ป 435
January 2012
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Art Insurance in the UK, by bigp on Mar 28, 2017 14:12:55 GMT 1, Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations.. I'm sorted now,thanks for the help. Forgot to mention my finder's fee is 2 Banksy's and an Invader. I look forward to receiving them....
Hiscox were more expensive but offer a much higher protection..Without the hassle of induvidual valuations.. I'm sorted now,thanks for the help. Forgot to mention my finder's fee is 2 Banksy's and an Invader. I look forward to receiving them.... Already in the post.. |
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Deleted
๐จ๏ธ 0
๐๐ป
January 1970
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Art Insurance in the UK, by Deleted on Mar 28, 2017 14:13:51 GMT 1, Direct Line Select are expensive but excellent. Art is covered from the minute you purchase it so no need to pay extortionate shipping insurance plus you dont need independent valuations, they take your valuation.
If i recall you need to "name" items above ยฃ10k on the policy.
Direct Line Select are expensive but excellent. Art is covered from the minute you purchase it so no need to pay extortionate shipping insurance plus you dont need independent valuations, they take your valuation.
If i recall you need to "name" items above ยฃ10k on the policy.
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pressman
New Member
๐จ๏ธ 300
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May 2015
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Art Insurance in the UK, by pressman on Mar 28, 2017 14:32:40 GMT 1, Similar to what Kintoreton implies, check the medium print.
My previous home contents policy covered artwork up to a total value of ยฃ30k which sounds great and might be plenty for a lot of people. However, it had a cap of 7k per idividual pieces which would be a problem for some. If you have two ยฃ10k Banksy pieces which get stolen/destroyed you'd only only be getting back 14k. Make sure you check.
Similar to what Kintoreton implies, check the medium print.
My previous home contents policy covered artwork up to a total value of ยฃ30k which sounds great and might be plenty for a lot of people. However, it had a cap of 7k per idividual pieces which would be a problem for some. If you have two ยฃ10k Banksy pieces which get stolen/destroyed you'd only only be getting back 14k. Make sure you check.
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Art Insurance in the UK, by Happy Shopper on Mar 28, 2017 14:43:23 GMT 1, I told my insurance company I had a Banksy print to insure and they said they couldn't insure me at all as it was a high risk item! Alliance and Leicester I think it was.
I told my insurance company I had a Banksy print to insure and they said they couldn't insure me at all as it was a high risk item! Alliance and Leicester I think it was.
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Fะฏ
Full Member
๐จ๏ธ 8,264
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May 2013
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Art Insurance in the UK, by Fะฏ on Mar 28, 2017 14:49:18 GMT 1, Quick call to hiscox art. Done
Quick call to hiscox art. Done
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Art Insurance in the UK, by John The Badgers on Mar 28, 2017 19:13:21 GMT 1, Perhaps a tad late, not sure of the specifics, but the cover I have with Aviva is pretty good with individual items? Perhaps not of the same value, but a few bits here, on renewal I asked, and all covered. Premium pretty good as well?
Perhaps a tad late, not sure of the specifics, but the cover I have with Aviva is pretty good with individual items? Perhaps not of the same value, but a few bits here, on renewal I asked, and all covered. Premium pretty good as well?
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Octopus UK
New Member
๐จ๏ธ 881
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February 2007
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Art Insurance in the UK, by Octopus UK on Jun 1, 2017 17:13:19 GMT 1, Back in the day I was lucky enough to pick up a couple of early nice signed Invader prints and an unsigned Banksy from the secondary market. Up to last month I had them covered as specified items on my home insurance, for ยฃ2k each. I now realise this is unrealistic. I have just got a hiscox quote for an collection worth ยฃ22k (I have some other pieces that come in about ยฃ200 to ยฃ500 each) at ยฃ84pa. All they asked for was my name and email - not even where I lived or what security I had. I'd be interested in others opinions as to whether I should buy this insurance - is it good value? Hiscox appears to enjoy a good reputation here.
Back in the day I was lucky enough to pick up a couple of early nice signed Invader prints and an unsigned Banksy from the secondary market. Up to last month I had them covered as specified items on my home insurance, for ยฃ2k each. I now realise this is unrealistic. I have just got a hiscox quote for an collection worth ยฃ22k (I have some other pieces that come in about ยฃ200 to ยฃ500 each) at ยฃ84pa. All they asked for was my name and email - not even where I lived or what security I had. I'd be interested in others opinions as to whether I should buy this insurance - is it good value? Hiscox appears to enjoy a good reputation here.
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londonfx
Junior Member
๐จ๏ธ 1,163
๐๐ป 707
December 2013
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Art Insurance in the UK, by londonfx on Jun 1, 2017 18:02:40 GMT 1, If you insure your artwork separately through a third party. Do you not still need to inform the insurance company who provides your contents and buildings insurance? Surely they need to know you have expensive artwork in the home?
I changed my insurance yesterday as it happens. I used a broker called A-Plan, who adviced me to go win Axis. Ive itemised a few items of ยฃ10k plus. And they were cool about it. They have an unlimited level of cover as well
If you insure your artwork separately through a third party. Do you not still need to inform the insurance company who provides your contents and buildings insurance? Surely they need to know you have expensive artwork in the home?
I changed my insurance yesterday as it happens. I used a broker called A-Plan, who adviced me to go win Axis. Ive itemised a few items of ยฃ10k plus. And they were cool about it. They have an unlimited level of cover as well
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Octopus UK
New Member
๐จ๏ธ 881
๐๐ป 196
February 2007
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Art Insurance in the UK, by Octopus UK on Jun 1, 2017 19:21:52 GMT 1, I just called my household insurance and upped the value of Albino from ยฃ2k to ยฃ6k, the other invader from ยฃ2k to ยฃ6k and an unsigned Banksy from ยฃ3k to ยฃ5k. Cost an extra ยฃ9 in premium and a ยฃ20 admin fee. Hope the prices stabilise, if I have to pay ยฃ20 every time the value goes up.
I just called my household insurance and upped the value of Albino from ยฃ2k to ยฃ6k, the other invader from ยฃ2k to ยฃ6k and an unsigned Banksy from ยฃ3k to ยฃ5k. Cost an extra ยฃ9 in premium and a ยฃ20 admin fee. Hope the prices stabilise, if I have to pay ยฃ20 every time the value goes up.
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Art Fan 2011
Junior Member
๐จ๏ธ 4,671
๐๐ป 1,952
February 2012
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Art Insurance in the UK, by Art Fan 2011 on Jun 1, 2017 20:08:19 GMT 1, I just called my household insurance and upped the value of Albino from ยฃ2k to ยฃ6k, the other invader from ยฃ2k to ยฃ6k and an unsigned Banksy from ยฃ3k to ยฃ5k. Cost an extra ยฃ9 in premium and a ยฃ20 admin fee. Hope the prices stabilise, if I have to pay ยฃ20 every time the value goes up.
I just called my household insurance and upped the value of Albino from ยฃ2k to ยฃ6k, the other invader from ยฃ2k to ยฃ6k and an unsigned Banksy from ยฃ3k to ยฃ5k. Cost an extra ยฃ9 in premium and a ยฃ20 admin fee. Hope the prices stabilise, if I have to pay ยฃ20 every time the value goes up. How do people decide the "value" when it comes to insurance - they are only worth what someone will pay for them, right? Prices seem to fluctuate by the day now too. |
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Larry David
New Member
๐จ๏ธ 835
๐๐ป 1,142
April 2014
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Art Insurance in the UK, by Larry David on Jun 1, 2017 21:01:30 GMT 1, Back in the day I was lucky enough to pick up a couple of early nice signed Invader prints and an unsigned Banksy from the secondary market. Up to last month I had them covered as specified items on my home insurance, for ยฃ2k each. I now realise this is unrealistic. I have just got a hiscox quote for an collection worth ยฃ22k (I have some other pieces that come in about ยฃ200 to ยฃ500 each) at ยฃ84pa. All they asked for was my name and email - not even where I lived or what security I had. I'd be interested in others opinions as to whether I should buy this insurance - is it good value? Hiscox appears to enjoy a good reputation here.
Back in the day I was lucky enough to pick up a couple of early nice signed Invader prints and an unsigned Banksy from the secondary market. Up to last month I had them covered as specified items on my home insurance, for ยฃ2k each. I now realise this is unrealistic. I have just got a hiscox quote for an collection worth ยฃ22k (I have some other pieces that come in about ยฃ200 to ยฃ500 each) at ยฃ84pa. All they asked for was my name and email - not even where I lived or what security I had. I'd be interested in others opinions as to whether I should buy this insurance - is it good value? Hiscox appears to enjoy a good reputation here. I dont usually go overboard about many companies but Hiscox look after all my contents including art, when I call to raise value of art due to the market there has never been a further charge. Great customer service and value. |
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Art Insurance in the UK, by Global Art Traders on Jun 1, 2017 21:10:19 GMT 1, Brownhills - I love Art Insurance
We work with these guys. a tailormade policy. They insure in chunks, 50k, 100k etc. it is a specific art insurance underwritten by Axa. In my opinion, the best and best value for money in the UK and the service is great.
Brownhills - I love Art InsuranceWe work with these guys. a tailormade policy. They insure in chunks, 50k, 100k etc. it is a specific art insurance underwritten by Axa. In my opinion, the best and best value for money in the UK and the service is great.
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Octopus UK
New Member
๐จ๏ธ 881
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February 2007
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Art Insurance in the UK, by Octopus UK on Jun 1, 2017 21:24:51 GMT 1, On this board I followed through to a Tajan auction that had just sold a copy of one of my Invaders for about 6000 euros' (estimate of 2,000-2,500 euros'). Not sure if this included the buyer premium so I just took a euro=Stirling exchange rate.
On this board I followed through to a Tajan auction that had just sold a copy of one of my Invaders for about 6000 euros' (estimate of 2,000-2,500 euros'). Not sure if this included the buyer premium so I just took a euro=Stirling exchange rate.
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