How to insure your art collection?
As specialists in the insurance of precious goods, Hiscox fully understands that every piece of art is unique and irreplaceable. This being the case, they believe that prevention is an indispensable part of proper protection.
Guided above all by their desire to acquire the most beautiful works, many collectors pay little, or in some case no attention to the matter of safeguarding them. When it comes to the very particular business of insuring works of art, which by their very essence are irreplaceable, the key factor lies above all in the contrast between the emotion and passion which a collection generates and the contractual rigidity of most insurance policies.
Which policies offer the best guarantees? How does one agree on the value of an insured item in order to avoid subsequent debates on the size of the indemnity in the event of loss?
The contract of trust entered into by the collector, the broker and the insurer must always be based on the development of a measured solution: a personalised policy, which takes into account the specific nature of the goods insured as the basis for an equitable agreement.
Timothy Broos, Branch Office Manager Hiscox