Art Insurance
Wondering if you need art insurance? Junzi Fine Art is here to assist you in making that determination. Let our experienced team provide you with an evaluation.
As specialists of fine art at the Hong Kong based firm Junzi Fine Art Consultants, our team has worked with artists, gallerists, auctioneers, art advisers and collectors globally with providing their insurance needs. The business of art insurance is entirely dependent upon each individual’s situation. Components such as appraising art, and importance of risk management should all be taken in to consideration.
At what stage should an artist or collector think about getting art insurance?
If you have a collection that is let’s say, not worth millions – insuring it still has a lot of benefit. Another benefit is partial loss coverage, where if the piece you have gets damaged and your insurance can pay for the conservation. Different art has different insurance needs, it’s situational. As a general rule, some works may fall within a standard policy, while other pieces of higher value may need independent insurance coverage.
Art Insurer Versus General Insurer
Working with an insurer that has experience and specializes in insuring all types of art, collectibles, antiques, etc. is key to maintaining a solid policy you can count on. They tend to be more dependable at addressing potential claims than general insurance companies as there is an understanding of the unique issues related to the art business and to artworks, such as how the artwork value is established, and how the underwriter should reach a reasonable assessment of the situation.
How Much Insurance Do I Need?
We will assist you in determining how much insurance you need as well as how much you can comfortably afford, whether or not you are completely covered. Usually claims affects only part of a collection, not all pieces. It’s best always to think about your insurance policy in terms of maintaining some compensation rather than no compensation.
Understanding Your Policy
Our job is to help you understand your policy. We will help you decipher the fine print, giving you multiple scenarios for many various types of claimant situations. No one should learn after the fact that they did not have insurance for a claim. Often times, certain types of losses can be covered for a nominal additional amount, which most policy holders will gladly pay for piece of mind.
Junzi Fine Art works with art agents, collection accountants, art consulting lawyers, and artists looking insurance on their consignment agreement with galleries to provide the best solution possible. It is our goal to have the long term well-being of your collection at the heart of every policy partnership we establish.
