A standard contents limit may not reflect the collection
The Insurance Bureau of Canada notes that fine art and other valuable property can be subject to special policy limits. Depending on the work and home policy, an endorsement, scheduled coverage or a specialist collection policy may be appropriate.
Begin with an inventory rather than an estimate of the room. Record each work, artist, medium, dimensions, ownership and location.
Valuation needs current evidence
Purchase price, market value, replacement cost and an agreed insured value are not necessarily the same. Ask a qualified appraiser which basis is appropriate and how often the valuation should be updated. Retain invoices, provenance, appraisals and high-quality photographs away from the premises.
The policy should explain how partial damage, restoration, depreciation and any loss in value after repair are treated. These provisions vary.
Display, storage and transit change the risk
Tell the broker about lighting, climate control, alarms, fire protection and whether a work is displayed, stored, loaned or consigned. Moving a piece to a gallery, restorer, seasonal residence or exhibition can introduce transit and property-of-others questions.
Professional packing and condition reports may be required for significant works. Insurer approval can be necessary before international shipment or a major change in location.
Review exclusions and deductibles
Ask how the policy treats accidental breakage, mysterious disappearance, water, flood, earthquake, gradual deterioration, insects, faulty restoration and government seizure. A broad label such as “all risk” does not mean there are no exclusions or conditions.
Prepare for a specialist review
Gather the inventory, appraisals, provenance, security details, storage and display conditions, transit plans and loss history. Related valuables can be reviewed through our collections and jewelry insurance guides.
Contact Westoak before a major acquisition, loan, relocation or exhibition so the insurance information can be updated.