Fine jewelry, rare art pieces, exotic cars, and other high-value collections are not just a hobby but an investment in both time and money. These extremely valuable collections require complete insurance coverage to prevent significant financial losses in the event of a fire, theft, or other unexpected event.
Private client insurance can give you the coverage you need to protect your high-value collection when the limits on your standard insurance policies fall short.
Find out more about private client insurance and how carrying specialized coverage can help preserve the value of your assets.
Defining High-Value Collections
Many types of items are considered collectible, but those that are exceedingly rare or have a high value should be protected. Examples of high-value collections include:
- Art – Paintings, sculptures, and other art pieces created by renowned artists, such as a one-of-a-kind Picasso or historical sculpture.
- Collectibles – Rare stamps, limited-edition coins, first-edition books, and other collectibles, such as a 1939 Superman No. 1 comic book or 1792 half dime.
- Jewelry – Fine jewelry and precious gemstones, including pieces with rare diamonds, such as a vintage Cartier necklace or royal tiara.
- Antiques – Porcelain, clocks, furniture, and other items, usually over 100 years old, such as a Louis XVI desk or a vase from the Ming Dynasty.
What Is Private Client Insurance?
Standard homeowners insurance generally provides coverage for personal property, which can often extend to private collections. However, this coverage is usually limited, or may be non-existent under some policies.
Private client insurance is a form of specialized insurance designed to cover a large number of assets or collections of significant value. These policies provide personalized coverage for your possessions and generally have much higher liability limits than standard insurance.
Benefits of Private Client Insurance for High-Value Collections
Rather than being a single policy, private client insurance is a combination of insurance policies strategically built into a personalized insurance package that protects high-value collections.
While the combination of policies required for each collection may differ, they all benefit from the private client insurance package.
Accurate Valuation
If the value of your high-value collection is not properly calculated, your property may be underinsured. In the event of a covered peril, your coverage may not be sufficient to cover the damage or disaster.
Maintaining an accurate valuation of your collection can help you avoid gaps in coverage and the financial losses that could result. Private client insurance often includes access to experts who provide professional, detailed valuations.
Personalized Coverage
Private client insurance protects a range of risks to keep high-value collections protected from various threats, such as:
- Damage – Protection for physical damage caused by mishandling, accidents, and other unexpected events, including repair and restoration costs.
- Loss – Compensation for property that is missing or is lost due to mishaps and other causes.
- Theft – Coverage for items stolen from homes, during transport, or while in a storage facility, including protection against burglary and other types of theft.
- Natural Disasters – Coverage against loss or damage caused by natural events, such as fires, floods, and earthquakes.
Global Protection
Many people with high-value collections enjoy sharing their acquisitions with others. This could mean these items are transported to other locations or displayed in places outside the home.
Private client insurance can provide protection for these situations. A custom policy can extend to cover items while they’re in transit, including being transported internationally. Items displayed in museums, galleries, or exhibitions may also be protected against theft or damage while on display.
Specialized Claims Handling
Handling claims involving high-value collections requires the expertise of professionals. Private client insurance generally provides policyholders with access to a dedicated team experienced with high-value items and the intricacies of the related claims.
Selecting the Right Insurance Policies to Protect Your Collection
The right insurance package can provide you with ample coverage for your high-value collection and ongoing peace of mind. When comparing coverage options, there are several factors to consider, starting with the amount of coverage.
An agent can help you assess the total value of your collection and find a policy that matches or exceeds this value.
Next, carefully review any exclusions or limitations the policy may include such as specific types of damage, certain locations, or events such as terrorism or war. Ideally, your policy should be customized to address your specific needs or fill potential gaps in your existing coverage.
Let Atlas Insurance Build a Custom Plan for You
You’ve worked hard to establish and grow your collection and it makes sense that you want to protect it from any incident that may come your way.
At Atlas Insurance Agency, we offer private client insurance to help safeguard your high-value collectible personal assets from potential exposures that could harm your investment. To discuss your coverage needs, contact Atlas today at (808) 400-6680.