When most collectors think of fine arts insurance, they may imagine disasters brought on by major events like fires, floods, and theft. However, the most common perils that threaten unique art collections are far more subtle: a poorly hung painting that falls to the ground or a simple scratch due to improper handling. Unlike the expectations with car insurance, where replacing losses is the norm, art collectors most often want their treasures fully restored and made whole again. In fact, a key element in the value of a fine art piece may be that it is irreplaceable – a one-of-a-kind treasure. This is where specialized insurance programs, like MiniCo’s Collectibles Insurance, fill the gap between what was lost and restoration solutions.
Agents and brokers can leverage their expertise to provide guidance on risk management, pinpoint appropriate fine art restoration experts in case of a loss, and craft specialty art insurance coverage for rare collections.
Fine Arts Insurance: Risks, Repairs, and Restorations
Some risks can be avoided with damage-prevention strategies like proper handling and storage measures. But, in the event of unforeseen loss, agents can work with collectors to guide them through the restoration process. A recent Risk and Insurance article offers these tips from fine arts insurance professionals:
- Offer risk management strategies. Quality fine arts insurance professionals not only provide insurance solutions in case of damage or loss, but they also work diligently to safeguard it. Support collectors by offering effective risk mitigation strategies to prevent disaster.
- Create “specie” insurance policies. Specie insurance is individualized coverage that protects high-value, rare collections, particularly those with sentimental value that may not fall into the “other” or “collectibles” section of a fine arts insurance policy. Expert collectibles insurance professionals create customized solutions for unique collections.
- Locate appraisers and restoration experts. Even seemingly minor details like brush-stroke style can impact the value of a painting. Brokers and collectors must carefully consider the right professionals throughout the restoration process.
See the full Risk and Insurance article for more insights and details.
MiniCo: Your Trusted Partner in Art Insurance
When it comes to art collection protection, damage does more than make a dent in an insured’s investment value – it can hit close to the heart of a dedicated collector. So whether your clients collect historic playing cards, six-figure handbags, one-of-a-kind paintings, rare moon rocks, or items in hundreds of other categories, MiniCo is your go-to resource for specialized coverage that meets their unique needs. Contact MiniCo today to learn more about our expertise in insuring fine art and collectibles as well as our other exclusive programs.
