INSURANCE GUIDE
How to get the right level of cover for your antiques
Insurance may not seem the most exciting or glamorous consideration when it comes to your cherished antiques, but it’s certainly worth thinking about, as establishing the right cover is vital for protecting any high-value pieces. And while you should also ensure that your items are well-stored, cared for and secured, insurance o!ers a reassuring back-up, should the worst occur.
So, is it worth assuming that your ordinary household insurance will cover your antiques? Not necessarily, says Cyrus Wake"eld Dip Cll, Director at insurance brokers Anthony Wake"eld & Co Ltd (anthonywake"eld.com). ‘Many standard household policies will contain limited cover for art, antiques and similar items as these are usually de" ned as ‘valuables’ within the wording and are subject to a limit within the contents sum insured,’ he explains. Therefore, the cover o!ered by a general contents policy may be su #cient protection for smaller collections. ‘However, if the value of the antiques collection exceeds standard limits, specialist cover (arranged through a broker) should be considered to avoid disappointment in the event of a claim.’
A specialist broker is a recommended starting point for insuring high-value antiques, as their access to a range of insurers will help to ensure the correct policy and cover. BADA has several recommended service providers for antiques insurance, and it’s also important you check that your broker is authorised and regulated by the Financial Conduct Authority (FCA).
A $er selecting a suitable company, it’s time to begin the search for the right policy. ‘An insurance broker acts on your behalf and will source suitable quotes from reputable insurers,’ says Cyrus. ‘They will usually make a recommendation to you on the most suitable cover for your needs. Whereas, if you purchase cover directly from an insurer, you must ensure you read the quote documents carefully and check that the cover for antiques as de"ned in the wording is adequate for your needs.’
While it can be useful to have a detailed valuation before taking out a specialist policy, it is not always necessary. ‘Such policies usually contain high limits for any one item, pair or set. If you have a rough idea of the value of your collection, this can be used as a basis for calculating the premium,’ Cyrus asserts. ‘A client can get cover without a formal valuation but this should be considered as a ma%er of priority to ensure that the values on the policy are updated and that any particularly valuable items are speci"ed on the documents.’ It’s worth remembering this can be adjusted if valuations change or new items need adding.
In the hands of an experienced broker, the process of insuring antiques can be remarkably straightforward. Good insurance means peace of mind and that you’ll be suitably compensated should anything happen to your precious items.