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Protecting Your Investment: Insure Your Art Collection

It is an unfortunate fact that art theft is a common occurrence and has been for some time now. Unfortunately, thieves have realised that art is extremely valuable and can be sold on the black market for millions of dollars with ease. However, what are you to do if your collection is stolen? You cannot replace unique works with another one that is the same. It is just not possible. You can recoup the money and set about building your art collection up again, but it will take time and where are you to get the money from to buy another lot of artwork that moves you as much as your old artwork did? That is where insurance comes in. You must make sure that every work of art that you own is fully insured so that if anything does happen to them then you can recoup your financial loss even if you cannot help to heal the emotional loss of your collections.Art insurance is completely different from regular household insurance. For a start off, the limits are so much higher than household insurance, and most insurers will not insure art collections with your household insurance anyway because of the high value of the work. Valuables insurance will not even cover the higher priced pieces and this is something that you have to consider when you are thinking about owning art, before you even purchase your first piece.There are companies that will insure your artwork and other high value items and can tailor the individual policies to meet your own personal needs. These companies will assess the value of your work and set an initial price, which can then be altered to suit your needs as and when other items of artwork are added to the collection. They will also hold an inventory for you so they will be able to facilitate your claim if any of the pieces are stolen. You just have to let them know when you add another piece to your collection and they will happily alter your policy for you. With these companies, there is no need to take out separate policies for each individual piece.Some insurance companies actually have insurance policies that cover all aspects of your home life. That is to say that they will primarily insure your art but then offer buildings and contents insurance as part of the same policy. Fine art, antiques and classic cars can all be insured via these companies. There are also extras such as art insurance when you are transporting your art pieces elsewhere. Artscope Insurance in the UK is one of the companies that will offer such policies with comprehensive all round cover. AXA is another company that offers this cover globally. AXA is an excellent company because they will insure businesses as well as private collections.There are examples of art thefts everywhere that should provide you with a good reason to get art insurance. All you have to do is log onto the FBI website and take a look at the list of stolen art on there to know that art theft is extremely common. Also, remember the heist at the Isabelle Stewart Gardner Museum in Boston. Over $200 million of art was taken and not insured so the company had no compensation at al for their loss. This is an extreme case because the majority of collectors do not have collections worth that much, but it is most definitely worth bearing in mind!
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