FINE ART & COLLECTIBLES
Art as investment is no longer confined to the exceedingly wealthy as more people are cultivating an interest in and have access to buying quality pieces of art or collectibles. Did you know that in 2017, Asia accounted for 23% of the share of the global art market and that figure has been rising ever since.
Whether it is one piece or a collection carefully curated over a period of time not all “collectors” take the same care in ‘protecting’ that priceless collection.
Many collectors of fine art insure their collection under a basic home & contents policy without realizing that such policies rarely cover the full value of the artworks. If a loss occurs, they may find that they receive less for the damaged item than what it is worth and that there is little scope for flexibility when dealing with a claim.
Let our advisors at Expat Insurance help you select the right insurance to protect that special collection whether it be a fine painting, a beautiful sculpture, an ageless antique or rocking guitar signed by Hendrix.
Some of the benefits we can arrange for you:
- When you itemise each of your artwork, we will cover them for the agreed value from the start. In the event of a total covered damage or loss, you will receive 100% of the agreed value, with no excess or depreciation.
- At the time of a total covered loss, if the market value of your fine art increases and is higher than the agreed value, we will pay up to 125% of the agreed value (subject to maintenance of current valuations and subject to a maximum difference of $100,000 from the amount of the agreed value).
- Option to receive cash settlement in the event of irreparable damage or loss to your art pieces.
- Immediate cover for newly purchased art piece within 90 days notification, up to 25% of the total itemised coverage.
- If you choose to have your damaged piece repaired, we allow you to choose your preferred restorer.
- If one piece of a pair or set is lost or damaged beyond repair, you can simply choose to hand in the remaining piece(s) and we will pay the full replacement cost for the entire pair or set.
- If an itemised piece is damaged, we will not only pay to repair it, but also compensate for any loss in market value as a result of the damage.
- With every covered loss, it is our goal to pay the claim within 48 hours of agreeing the settlement.
FREQUENTLY ASKED QUESTIONS
Art insurance is a type of coverage for fine art, antiques, and other collectibles. It can protect against a variety of risks, such as damage, theft, and loss.
The coverage provided by an art insurance policy includes replacement value, repair costs, and loss of value due to damage or other types of losses. Art insurance can also provide coverage for the cost of transporting and installing works of art, as well as the cost of appraisals and valuations.
Collecting art can be done purely for pleasure or as an active investment, but either way Expat Insurance can offer insurance policies specifically designed to protect your fine art collection both in Singapore and abroad. We have access to products designed by experts in the field of art so that we can provide insurance that is unique to your collection. Along with insuring the art in your office, also consider purchasing business insurance to ensure you protect your organisation from potential risks like cyber attacks. Learn more about insuring your art collection by getting in touch with us.
ARE YOU INTERESTED IN ART AS AN INVESTMENT?
Protecting your art investments is important. If you would like to know more, give us a call on +65 3110 3220 or leave your details below and one of our experts will get in touch.