Insuring your Native American art

 

Your Native American art collection may be worth a few hundred dollars, or a few million dollars – in both cases it will have a sentimental value.
Many pieces are unique and in the event of theft, damage or loss would be difficult to replace.
This is why your Native American art collection should be properly protected.

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But how do you go about insuring your pieces? And will mainstream insurers cover them?
We answer these and further questions relating to the insurance of collector’s art in our article for you here.  <>
The first step to insuring your American-Indian art works is to have them professionally valued. Look for an independent, established art appraiser who will give you a definitive value for your piece or pieces.     <>
You will need this appraisal as a guide when looking for insurance. It can be used to determine an agreed value with your insurer. This agreed value will be the maximum amount that your insurer will guarantee to pay in the event of the theft or loss of your piece or pieces.  <>

You should then compile an inventory of your artworks. Include copies of appraisals, any sales receipts and photographs of your pieces along with your insurance details in a file stored away from your artwork. Should you ever need to make a claim, this inventory will help to back that up.

 

Any good art will appreciate in value over time, so it important that you have works reappraised regularly. This reappraisal will cost you some money, but the amount that you pay could pay dividends in the event of something happening to your artwork. If your artwork’s value increases, make sure that you adjust your insurance policy accordingly.

 

When searching for insurance, remember that most home insurance companies will allow certain high-value items to be insured separately from the rest of your contents. However, these insurers may require that certain security measures are in place around your home before you can be covered. Very high-value items may require insurance from a specialist insurance broker.

 

The internet is by far the best place to find insurance. You will be able to search through details of the largest selection of policies online and will be able to do so quickly and efficiently. Many insurers also offer discounts to online customers – a quick search that we did today found discounts ranging from 15% with Kwik Fit Insurance* and Legal and General, to up to 25% with Direct Line.

 

If you have a large collection, it is wise to distribute your pieces over several locations. Housing all of your pieces together means that there is an increased risk of losing the entire collection in the event of theft, damage or loss. Pieces could be kept with friends, relatives, in a second home, or at the office.

 

*Visit their site for more information on home insurance.

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