Fine Arts, Antiques & Specie
Your expert Gateway to the Lloyd's and London Market
What is fine arts and antiques insurance?
An antiques shop insurance policy provides cover for any high value or collectable items that you own and sell, in terms of physical loss, theft, accidental damage and repairs to damaged items. As it is likely that you will have a large collection of antiques that will rotate regularly, it is important to ensure that these items are properly valued, to ensure that you do not suffer a loss in the event of a claim.
Items that can be covered as part of a fine arts and antiques insurance policy can include fine art, antique furniture, rugs, glass, guns and precious metals, and a policy will also help to reflect the true value of your possessions and their storage.
Types of fine arts and antiques insurance policies
A fine arts insurance and antiques insurance policy could provide cover for the following:
- Worldwide ‘all risks’ cover: Provides cover for accidental loss and damage, including occasions when items are shipped abroad or temporarily loaned to a museum or exhibition.
- Loss in value compensation: Provides cover in the event that an item is damaged, and will pay for repair costs and well as compensation for any subsequent reduction in value.
- Automatic cover for new acquisitions: Provides cover as soon as you become the owner of a new item.
- Death of artist adjustment: Following an artist’s death and to reflect the increased market value of their work, your cover will be automatically increased by up to 100% for six months.
- Pair or set replacement: If you lose an item in a pair or set, you will receive the full replacement cost as long as you return the remaining piece.
- Emergency evacuation cover: If your items need to be transported to a new location as a result of a fire or flood, this will cover the costs.
- Defective title: Provides cover in the event that another person makes a claim of ownership against an item that you have invested in.
- Buildings insurance: If you’re responsible for insuring the building where your retail business operates, this will provide cover for your shop in the event of flooding, a fire or theft.
- Business contents insurance: This will provide cover for the interior elements of your shop, such as fixtures and fittings, equipment and any furniture.
- Business equipment insurance: Provides cover for the things that your antiques business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
- Employers’ liability cover: If you employ any member of staff (including permanent, temporary, contractors or freelancers), then this is a legal requirement. The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill while working for you.
- Public liability insurance: Provides protection if your retail activities kill or injure a member of the public or damage their property. For example, if someone slips over in your shop as a result of the floor being wet, this will give you some protection in the event of a claim.
- Products liability cover: Provides cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
- Stock insurance: Provides cover in the event that your stock is damaged through fire or flooding, or if it is stolen.
- Business interruption insurance: Provides cover for financial losses if your antiques or fine art business can’t operate from its normal retail space due to fire, major theft or a flood. This includes things like loss of income and rent.
- Online shop insurance: If you sell products online, online shop insurance covers many of the same elements as insurance for a physical shop and can provide additional peace of mind against cyber security threats and data hacks.
- Theft of takings: If you take payments in cash, then you may want added protection in case of theft from you, anyone working for you or your premises.
- Goods / Cash in transit
- Special Risks
These are just examples of some of the types of fine arts & antiques insurance policies that we look after at HISL Brokers Limited. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
Do I need fine arts and antiques insurance?
If you are a shop owner that sells high value or collectable items, fine arts and antiques insurance could help to provide you with some protection in the event that things go wrong. As some items won’t be able to be replaced like for like in the event that they are damaged or lost, a fine art insurance or antiques insurance policy will enable you to receive the exact amount listed in your policy documents and either replace the item with something similar, or you may prefer to keep the full cash settlement instead.
Without a fine arts and antiques insurance policy in place, would your business be able to foot the bill if a precious item had to be replaced?
The cost of fine arts and antiques insurance
At HISL Brokers Limited we understand that cost is important to your fine arts and antiques business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
What else do I need to know about fine arts and antiques insurance?
In order for a claim to be paid, some fine arts and antiques insurance policies specify that the doors and windows to the premises where the items are located must be locked – which is something important to be aware of.
When considering the amount of cover that you need for your valuable assets, it’s important to think about the total cost to reinstate or replace these on an equal basis in the event of any potential loss. Remember, if the worst were to happen and you have under-insured, you could be left out of pocket.
How can I get fine arts and antiques insurance?
HISL Brokers Limited have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact Paul Kerner by calling: (0)20 7220 9020.
At HISL we can also help with covers for the loss digital assets / cryptocurrency and block chain and the equipment associated with mining.