Protect your Art and Antiques with Fine Art Insurance
“Some may recall the £3m Cezanne painting stolen from Oxford’s Ashmolean Museum on New Year’s Day several years ago.”
Guard against fire and theft with Fine Art Insurance
Some may recall the £3m Cezanne painting stolen from Oxford’s Ashmolean Museum on New Year’s Day several years ago. The “Auvers-sur-Oise” masterpiece was not covered by Fine Art Insurance to guard against theft, leaving the Museum at a loss. In a statement to the BBC, a spokesperson from Oxford University suggested that "In common with other national and university museums, the Ashmolean does not insure work in its own collections against theft," this is the view of museums as they feel that focusing on the protection of the paintings over the insurance costs of replacing them is more important.
Generally speaking, important images such as oils and watercolours, or even fine art, black and white and colour photographs are susceptible to the effects of light. The colours may fade and canvases can become discoloured. This can happen to both old and more modern pieces and can be protected with a good fine art insurance policy.
The insurance policy is there to cover the cost of the art or antiques if the art is stolen or damaged, not necessarily to cover replacement of the item which would not be possible. As it is common for artwork or antiques to be in need of restoration as time progresses the need for cover becomes even more important.
Many homeowners have valuable pieces within their home that may need insurance cover, whether it is an antique that has been handed down through the generations or fine art purchased to add to a private collection. This is where it is important to cover yourself against any risks with a good Fine Art Insurance policy.
Much of the damage suffered to works of art or antiques occurs when owners transport the items. While it’s not possible to stop thieves from handling items poorly if stolen, employing the services of specialist art shippers will ensure your art will remain unharmed. If any damage does occur, depending on the standard of your insurance cover the items can be repaired.
You may also be able to include this as an extra to any High Value Home Insurance policy that you may already have acquired. The chances are that if your home is the victim of a burglary or fire then the painting isn’t the only item to have been effected.
Protect your home with High Value Home Insurance
Specialist high value property insurance providers usually cover your home against events such as storms, floods and fire. These types of providers often offer accidental damage as part of the standard insurance policy which will protect your home if you or another individual were to damage the property.
High value home insurance companies also offer a form of contents insurance separately for people with personal possessions of a high value. Within this policy there is an opportunity to insure a variety of costly items that are not included as part of a standard home insurance policy. When moving abroad it is vital to ensure your policy covers any high value items being transported. When arranging your cover it’s important to check to see whether the policy is valid anywhere in the world, not just the UK.
If you have items that are of a particular value, such as jewellery, then you need to ensure that you have suitable High Value Home Insurance. Or alternatively extra insurance can be taken out to protect art or antiques of a high value through a specialised Fine Art Insurance provider.
Aon Corporation is a leading global provider of fine art insurance
, high value home insurance
and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions.
Author - Lynsey Calver
Tags - fine art insurance, high value home insurance
Disclaimer - The author of the above article is solely responsible for the content of the above article. DailyOjo is not liable for the content of the above article. Report Spam/Abuse