subject: Know About Keeping Art Investment Safe With Art Insurance [print this page] Owning priceless art pieces is both a prestige and a responsibility. Its a fact that art pieces are fragile in many ways. They can easily be broken, defaced, fade and deteriorate due to inevitable factors such as heat, sun and humidity. It is also a given fact that as the piece ages, its worth rises. Thus, it is the responsibility of the art custodian to take all steps necessary in order to preserve art pieces in its prime state. With the help of art insurance, art investments are secured.
Owning a precious piece of art is tantamount to owning the responsibility of its care, not only to protect ones investment but to save the art for future generations. Masterpieces are meant to be passed on and represent a time long passed and forgotten. Here are some of the key advantages of getting art insurance;
Art insurance protects the art. Accidental damages from water or fire and loss to burglary or thief are always a possibility and to insure additional protection of the piece, the insurance policy can cover for its recovery efforts in case of thief or its restoration in case of damages. The insurer will proactively care for the arts safekeeping by;
Initiative for proper storage. Insuring its safety by making sure that the piece is put in a place not easily accessible by thieves and burglars and is not subject to any unsuitable environment.
Taking care of its condition by advising the owner on the basic care and of ways to keep the art safe from environmental hazards like sunlight, humidity and smoke.
Assistance in the art placement. They would identify and provide the needed safeguards.
Art insurance is usually in a client-insurer agreement basis in setting the insurance amount. Consultation with art experts regarding the value of the art is considered, but the agreed amount is ultimately between the contracting parties.
Insurance companies have trained and skilled appraisers and insured art pieces are usually re-evaluated every three to five years. This is to accommodate the changing value of the art pieces. Art insurance can be specific, as for transfer insurance where it will be subjected to a higher degree of possible damages or thief. And it can also be in the form of the conventional insurance continuously applied.
More than protecting your investment put into your art collection, art insurance is on protecting the art itself. These are after all masterpieces that the world of now and tomorrow has to experience.
by: Marie Mallu
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