Billion-dollar insurance losses have been on an upward trajectory for the past several decades in a trend that shows no signs of slowing down. The latest data from The National Oceanic and Atmospheric Administration (NOAA) indicates a dramatic increase in both the total number of billion-dollar events each year as well as the cost of insured losses. As a result, severe weather has become one of the leading concerns in the insurance industry.
In a recent article published by Intelligent Collector, James Appleton, MiniCo’s Director of Sales, Special Risk, outlines the severity of the trend and offers practical tips for collectors to minimize the risk of damage to their valuable investments of fine art, wine, sports memorabilia, and more. Museums and galleries maintain loss-prevention plans for severe weather. As detailed in the article, many of the key components of these plans may be adapted and put into action by private collectors such as:
- Preparing the physical environment
- Climate-control systems
- Power outages
- Off-site storage
- Responding to storm warnings
- Assessing the damage
- Filing insurance claims
Whether your clients maintain a collection of fine art on the Atlantic Coast, a statuary garden in Tornado Alley, or a stamp collection in a wildfire zone, MiniCo’s underwriters will work with you to secure a collectibles insurance policy that addresses their unique exposures. Get a quote through our online portal.