Insurance for the arts - how to insure the collection?

The law enforcement agencies predict that the financial crisis will increase the number of burglaries. Preserve their values ​​- whether it be money, jewelry or art collection - can be safe, but steel case and combination lock does not always stop the robbers. But all these things can be insured - and then if something happens to them (after all, can happen not only theft, but also, eg, fire), the insurance company will return you to at least the cost of lost property.
Russia's first case in which the private collector, not only insures his collection, but also openly announced it took place in 2007. The head of the "Alfa Group" Pyotr Aven has insured 222 paintings by Russian artists of the early 20th century in the amount of $ 150 million. On the sum of insurance premium collection owner did not speak, but, according to the insurers, fee typically ranges from 0.2% to 1.5% of the sum insured. In the Urals, the case of insurance of art was, for instance, in Perm. According to API, a subsidiary of the company "Ingosstrakh" insured a unique exhibition of works by modern masters of painting, displayed at the Perm State Art Gallery. All exhibits are owned by the private museum. The total sum insured is more than 2.5 million dollars.
Collection in the shade
Insurance collections of works of art and antiques in the West - a common occurrence. In Europe and the United States is as much a standard procedure, as insurance for a car or apartment. In Russia the situation is quite different. Most private collectors do not want to insure that does not advertise his collection, and not to attract too much attention - as inspection bodies, as well as fraud. According to insurers, the insured is not in Russia for more than 10% of private collections.
However, insurance services works of art and antiques offered by many companies. It should be noted that, according to Russian law, the maximum insured amount, which may pay the insurance company is not more than 10% of its own funds - these are risks that the insurer may leave on their own holding. Therefore, insurance is expensive works of art, usually in need of reinsurance. As the host may act both Russian and foreign reinsurance companies. Foreign reinsurers have experience of such insurance is much higher (over time) and extensive (topics). So, for example, the syndicate is able to take on the Lloyds insurance collection of paintings worth up to $ 100 million.
What is the cost?
The main condition for any insurer, only one - the customer must provide a receipt or a peer review thing, confirming its true value and cost. Appreciation of art should be an independent expert. It should be noted that to give an opinion on the value of works of art or antique items may only professional evaluators with the license state of the sample (in Yekaterinburg, appraisers can be found through the Regional Ministry of Culture). Not to be confused with the art critics of Appraisers - the latter can only draw conclusions about the authenticity of things and its artistic value, and the appraiser will call its market value. Some insurance companies will only work with certain "proven" by experts, which will be given a list of who wants to insure your collection. Services cost appraisers come cheap - prices can reach up to 1% of the cost of the work. For comparison - the average rate of insurance is 0.6-0.8% of the value of the thing in a year.
In addition, the insurance company may put forward certain demands on the conditions of storage items. According to collectors, sometimes the insurer requires that the entire collection was kept in a safe - and that this condition often fails (still a work of art created in order to enjoy them) and refuse collectors insurance. However, it is rather an exception to the rule - usually an insurance company insists on the sole to the room, which houses the collection was an ordinary alarm.
But the rest of the insurance collections and antiques like a normal property insurance. The more security measures made the owner of the collection, the cheaper it will cost him an insurance policy. The lowest fare will be released if the items are stored in a vault, in a guarded room, equipped with fire alarms or fire-extinguishing system. If the collection is stored on the first or the last floor of the building and the windows do not have gratings - rate will be higher.
From what you can to insure the collection?
Typically, insurance companies offer insurance works of art and antiques from the standard set of risks, which includes fire, lightning, gas explosion, mechanical damage due to natural disasters, burglary or robbery, unlawful acts of third persons, damage from water supply, sewage , heating systems and fire, vandalism. The "vandalism" will not be the case if, say, a collection of porcelain elephants accidentally broke your child - according to the rules of insurers, damages are awarded only when "acts committed by third parties that do not have any relationship with the insurer, not leading with the joint economy and not living together. "
If an insured event occurs
In the insurance case - fire, flood, theft, etc. - The owner of the insured property shall first of all to "take measures to save" thing - call the fire department or police, to make works of art from the flooded room. Otherwise, the insurer will reduce the amount of insurance payments for "inaction". After the first steps have been taken, you must immediately call your insurance company.