The insurance for art – how to insure a collection?

The insurance for art – how to insure a collection?

In law enforcement bodies predict that because of financial crisis the number of room thefts will grow. To save up the values – whether it be money, jewelry or a collection of works of art – it is possible in the safe, but the steel box and the coded lock not always stop robbers. But all these things can be insured – and then if with them something happens (after all can occur not only theft, but also, for example, a fire), the insurance company will return you at least cost of the lost property.
The case first in Russia when the private collector not only has insured the collection, but also openly declared it, has occurred in 2007. The head of "Alpha groups" Peter Aven has insured 222 pictures of Russian artists of the beginning of 20th century for the sum of 150 million dollars. The owner of a collection didn't begin to speak about the sum of an insurance payment, but, according to insurers, usually the payment makes from 0,2 % to 1,5 % from the insurance sum. In Ural Mountains the case of insurance of subjects of art was, for example, in Perm. As informs АПИ, company "Ingosstrah" branch has insured a unique exhibition of works of masters of the modern painting, exposed in the Perm state art gallery. All exhibits belong to a private museum. The general insurance sum has made more than 2,5 million dollars.

Collection in a shade
Insurance of collections of works of art and antiques subjects in the West - a commonplace. In Europe and the USA it is the same standard procedure, as the insurance on the car or apartment. In Russia a situation absolutely another. The majority of private collectors don't want to be insured not to advertize the meeting and not to involve in itself excessive attention - both checking bodies, and swindlers. According to insurers, in Russia it is insured no more than 10 % of private collections.

Nevertheless, services in insurance of works of art and antiques offer many companies. It is necessary to notice that, under the Russian laws, the maximum insurance sum which the insurance company can pay, makes no more than 10 % from its own means are risks which the insurer can leave on own deduction. Therefore insurance of expensive subjects of art, as a rule, needs reinsurance. As a receiving party can act both Russian, and the foreign resafety companies. At foreign overcautious persons experience of such insurance much more (on time) and is more extensive (on subjects). So, for example, syndicate Lloyds is capable to accept of insurance a collection of pictures in cost to 100 million dollars.

How many costs?
The main condition at any insurer only one – the client should give the check or the expert estimation of a thing confirming it true value and cost. To estimate an art subject the independent expert should. It is necessary to notice what to draw the conclusion about cost of a work of art or an antiquarian thing professional experts-appraisers with the license of the state sample (in Ekaterinburg to find appraisers it is possible through the regional ministry of culture) can only. Don't confuse appraisers to critics – the last can make only the conclusion about authenticity of a thing and its art value, and the appraiser names its market cost. Some insurance companies work only with defined, "checked up", the experts which list will give out wishing to insure the collection. Services of appraisers will manage недешево – tariffs can reach to 1 % from product cost. For comparison – the average tariff of insurance makes 0,6-0,8 % from thing cost a year.
Besides, the insurance company can make certain demands to thing storage conditions. According to collectors, sometimes the insurer demands, that all collection was stored in the safe – and this condition frequently isn't possible to execute (works of art all the same are created that them to admire) and collectors refuse the insurance. However, it is faster an exception to the rules – usually insurance company insists only on that indoors where the collection is stored, there was an ordinary alarm system.

Well and in the rest insurance of collections and antiques similar on usual insurance of property. The more security measures the owner of a collection has undertaken, the the insurance policy will more cheaply manage to it. The lowest tariff leaves in the event that subjects are stored in the safe, in the protected premise equipped with the fire alarm system or system of a firefighting. If the collection is stored on the first or last floor of a building, and at windows there are no lattices – the tariff will be above.

From what it is possible to insure a collection?
Usually insurance companies suggest to insure works of art and antiquarian things from a standard set of risks into which enter a fire, a lightning stroke, gas explosion, mechanical damages to result of acts of nature, burglary or a robbery, illegal actions of the third parties, damage by water from water, sewer, heating systems and firefighting systems, vandalism. Thus that case if, say, the collection of porcelain elephants was unintentionally broken by your child – by rules of insurers won't be considered as "vandalism", the damage is compensated, only if «acts have made the third parties which do not have with the insured any relations, not leaders with it of a joint economy and not living in common».

If there has come insured event
At insured event approach – a fire, a flood, theft etc. – the owner of the insured property first of all is obliged «to take measures for rescue» things – to cause firemen or militia, to take out works of art from the flooded premise. Otherwise the insurer will lower the size of insurance payment for "inactivity". After the first measures are accepted, it is necessary to call at once in the insurance company.

Where to insure a collection in Ekaterinburg?
For example:
- Insurance group "Уралсиб" renders services in insurance «a personal estate, including antiques, collections and jewels». The insurance sum is established in the size which is not exceeding the valid cost of property, confirmed with the check or an expert estimation.

- Company "Alpha insurance" insures painting, to the drawing, icons, author's photos, the subjects having scientific, historical, art value etc. the Insurance sum is established under the check or an expert estimation.

- Company "GUTA-INSURANCE" insures works of art. The insurance sum isn't limited and defined on the basis of the expert judgement of appraisers.

- Company "Progress-guarantor" insures collections and antiques. The insurance sum depends on estimated cost of property.

- Insurance company "Consent" insures works of art, antiques and collection subjects. The insurance sum depends on estimated cost of property.

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