Despite being a location of paradise, Hawaiʻi is prone to the same risk of accidents as well as theft and related crimes in other areas. If one of your cherished art pieces – such as an antique painting or sculpture – is stolen or damaged, the cost and process to restore or replace it can be staggering if not properly covered with the right type of insurance.
Often, valuable art and antiques hold deep personal significance or historical importance, making this type of loss even more devastating. If you live in Hawaiʻi, private client insurance can help safeguard your art and antique collections against a range of potential threats and risks, preserving the value and integrity of your treasures.
The Value and Risks of Art and Antiques
Collecting valuable art and antiques can hold immense personal gratification but also poses significant risks. Many clients collect items that reflect their personal tastes, life experiences, or heritage. For those collectors, their items are irreplaceable due to their sentimental value. However, the risk of theft, damage, and deterioration are also a common cause of concern.
Why Standard Insurance Isn’t Enough
While standard insurance policies, such as homeowners and renters insurance, provide a level of protection for personal belongings, they often exclude or provide limited coverage for art and antiques. In addition, standard policies typically do not account for the high market value of art and antiques, which can lead to a significant financial loss.
Benefits of Private Client Insurance
Private client insurance offers clients a reliable way to protect their treasured collections from a range of covered perils, such as fire, theft, and vandalism. Some benefits of private client insurance include:
Customizable Coverage
Private client insurance allows for the customization of policies to address the specific needs and risks associated with art and antique collecting. For example, if you own a rare painting that is prone to damage from light exposure, you could request a provision in your policy that protects against environmental factors.
Accurate Valuation and Appraisal
Accurate valuation through a detailed appraisal gives collectors the assurance their insurance coverage aligns with the current market value of their art and antiques. Having regular appraisals can keep your policy updated and reflective of possible changes in value.
Personalized Risk Protection
Art and antiques are at risk from physical impact, fire and water damage, and theft. Private client insurance provides collectors with broad coverage to protect treasures that are in the home, in transport, or kept in storage areas.
Restoration and Repair Coverage
If a valuable antique or piece of art is damaged by a covered peril, private client insurance helps pay for professional restoration services. Many policies cover the cost of professional restoration and repair services to restore and preserve the condition and value of the piece after a covered incident. Specialized repair services may be needed to effectively address rare or complex items.
Protection During Transport
There may be instances when your treasures are being transported or put into an exhibit where others can enjoy them. If your art or antiques are damaged during transit or exhibitions, private client insurance provides a safeguard against the financial risks associated with moving or displaying valuable pieces.
Higher Coverage Limits
Private client insurance for art and antique collections often provides higher coverage limits than in a standard policy. These raised limits create a more comprehensive safety net against potential losses associated with high-value art and antiques.
Dedicated Support and Services
Those with private client insurance are often provided access to a dedicated team of account managers and specialists who can offer personalized advice and support that reflect the client’s specific coverage needs. Around-the-clock customer support for claims and emergencies can give clients the security they’re looking for in a policy.
Steps to Choose the Right Policy
Choosing the right policy to protect your art and antique collections can make all the difference in how your valuables are appraised and compensated for in the event of a covered peril. When comparing policies, consider the following steps:
Assess Your Collection
Create a complete inventory of each piece in your collection to include detailed descriptions, photographs, and any historical information that help establish its value. If possible, hire certified appraisers who specialize in art and antiques to determine the market value of each item and the collection as a whole.
Select a Specialized Provider
Not all insurance providers offer the level of coverage required for art and antique collections. When considering insurance for high-value items, it’s important to choose a provider that has an established track record of working with valuable art and antiques.
Understand Policy Terms
Take the time to read and understand the terms of your policy. Your private client insurance should provide adequate coverage limits for the total of your collection. Pay attention to potential sub-limits or caps on specific types of coverage, as well as possible exclusions in your policy.
Protect Your Treasured Art and Antiques with Atlas
Atlas Insurance Agency’s specialized art and antique insurance coverage offerings can help protect your treasures. Since 1929, we’ve solidified our reputation in Hawaiʻi for integrity, transparency, and broker expertise based on decades of impeccable customer service.
Our personalized coverage includes options such as homeowners, renters, auto, and private group insurance, customized to safeguard your personal assets. Contact Atlas today at (808) 400-6680 and experience the assurance that comes from working with a trusted partner in your community.