Art Insurance - why do you need it?
Insurance is a must have for every collector as it help to protect the investment and ensure financial compensation in the event of loss or damage.
There are several reasons why insurance is particularly important for art collectors:
1. Art is valuable
Many works of art are valuable, whether due to their monetary value, historical significance, or sentimental value. By insuring your art collection, you can ensure that you are financially compensated in the event of loss or damage, which can help to mitigate the financial impact of such an event.
2. Art can be fragile
Many works of art are made of fragile materials, such as paper, canvas, or ceramic, which can be easily damaged by accidents or natural disasters. By insuring your art collection, you can ensure that you are covered in the event of damage, which can help to protect your investment and preserve your collection.
3. Art can be targeted by thieves
While is not extremely common, art can be a target for thieves. There are several registers of stolen art, of which the most extensive one is the Interpol stolen artworks database. By insuring your art collection, you can ensure that you are financially compensated in the event of theft, which can help to mitigate the financial impact of such an event.
4. Art can be difficult to replace
Some works of art are one-of-a-kind or have a limited edition, which can make them difficult to replace. By insuring your art collection, you can ensure that you have the financial resources to replace a lost or damaged work, if necessary.
There are several types of insurance policies that are specifically designed for art collectors, including fine art insurance and collector's insurance. These policies can offer coverage for a wide range of risks, including loss, damage, theft, and more. It's important to choose a policy that meets the specific needs of your collection as well as your budget.
Art insurance is a great option for collectors who want to protect their investments and enjoy collecting with peace of mind. We are partnered with Segurio insurance to offer this important service to our collectors. Get in touch to discover how we can provide financial protection and peace of mind, and tailor the insurance to fit your individual collection needs.