ANTIQUES AND INSURANCE Adviser spoke to Natasha Sadler , insurance executive with Scrutton Bland’s Private Client Service about some of the things you need to know.
T he popularity of The Antiques Roadshow and other antiques and auction programmes is evidence of the perennial interest in antiques and collectibles. Auction houses like Reeman Dansie in Colchester report a growing interest in anything with a royal or celebrity association, with areas such as Oriental art regularly attracting high prices in the saleroom. But, once you’ve successfully bid for your item and proudly brought it home, the next step is to ask is ‘am I covered?’ Most standard home insurance policies can be extended to cover antique furniture, paintings, statues and other objet d’art. However polices will often have a ‘single article limit’ which assumes that no single item should be worth more than an amount specified in your policy so you must check that the value of your new purchase does not exceed this. You may wish to consider a specialist service, like that offered by Scrutton Bland’s Private Client team, who find bespoke insurance solutions which are individually tailored to each client’s home and contents. This specialist approach
For jewellery valued above £100,000 then two safes should be used to split the risk. Safes are graded by their ‘cash rating’ which usually guarantees the safety of the contents up to ten times the value of the cash rating. It is often more important for an insurer to have proof of your safe cash rating than it is to know where the safe is located (which in any case you may not wish to disclose). If purchasing a safe, we also advise you to think about its future capacity, as you may well continue to purchase other items which will increase the value of its contents. arranging cover for high value homes and contents. Our teams of experts can find options to suit your individual circumstances and will work to offer the most competitive premiums at the right level of cover for you. For an initial consultation, in complete confidence, contact Natasha at natasha.sadler@ scruttonbland.co.uk or tel 01206 838400 . Scrutton Bland’s Private Client insurance advisers specialise in
ensures that your antiques, art and other valuables will be underwritten accurately and comprehensively and, most importantly, that you will be covered in the event of a claim. If, for example, you have bought a valuable work of art at auction, under specific Private Client policies may be automatically added to your cover from the moment of purchase, giving you immediate cover. Following your purchase you then have 30 days to notify your broker who will permanently add the new item(s) to your policy, and depending on the value of the item your broker will then advise of any additional premium which may be applicable. The good news for fine art collectors is that paintings and other works of art can usually attract a lower rate of risk on your insurance premium than, say, items of jewellery or wearable items might. This is because once inside your house they are static, and are not moved around in the way that other possessions such as mobile phones, laptops or designer handbags may be. We are often asked about safes and certainly recommend that jewellery and original documents should be kept in a safe.
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