The insurance of jewelry, art, and antiques in its terms is completely different from the insurance of simply property. For state museums, where the bulk of the cultural heritage is stored, insurance is not yet a necessity. However, private owners of antiques and works of art show a significant interest in insurance. Recently, insurers have also begun to turn to those for whom the purchase of jewelry has become a kind of hobby. One way or another, many insurance companies already have considerable experience in ensuring the listed items. Therefore, it is important to write about this term in detail.
Appraisal of Art
Any overestimation of the sum insured is extremely undesirable to the insurer, This happens even if we are talking about items that their owner would not part with under any circumstances. Therefore, the coordination of the insured amount with the insurance company is a long and nervous process. However, it all depends on the chosen insurance company. For example, www.americaninsurance.com provides good conditions for art insurance.
Only a document can confirm the value of an item. Of course, there are no problems if a thing is bought at an auction. When it comes to insurance of museum property, the insurer may limit itself to the conclusion of experts from the same museum. If items held by private individuals are insured, the basis for determining the insured amount can also be only a written opinion of a competent person.
In addition to the already mentioned museum experts, experts from non-state art galleries, art salons, and thrift stores can give such a conclusion. Alas, the organization of the assessment of insured things is the duty of the client.
Other Valuation Methods
Since sometimes specialists seriously disagree in assessing the value of art objects, the insurer and the client have to use other valuation methods. One of them is determining the value of an item at the price of a similar item indicated in auction catalogs. An analog is a thing made by the same master, in the same period of his work, in the same technique and about the same size. The value of an item determined in this way can be very relative. Especially since some insurance companies take into account only the starting price of an item at an auction.
Jewelry Has a Special Position
It is easier to value jewelry than antiques or a picture of some little-known artist. But it is much more difficult to insure them. It is practically impossible to determine whether the policyholder is the actual owner of the jewelry. Therefore, insurers usually try to find out the financial situation of the client. They look at his apartment and find out what else he owns. It is inconvenient to ask direct questions of this kind, in connection with which insurance companies act differently. In addition to jewelry, they offer the client to insure some other home property. Or, for example, they can offer to ensure a cottage with a car. Having ensured all these things, you are more likely to get a policy on jewelry.
