Paintings Insurance in the UK: Important Considerations
Whether you have a single painting or a collection of paintings, you should consider cover associated with specialist high value contents insurance policy. The mass market insurers in the UK are often wary of covering items such as oil paintings or watercolour paintings. In turn, this means that the cover they offer is likely to be inadequate, which all too often results in claims settlements that are less than satisfactory.High value home paintings insurances offer significant benefits to those who own paintings of substantial value, including the collections of paintings that adorn their distinctive homes.
High value contents insurance for a painting generally does not require any painting to be listed for a specified value unless it exceeds £15,000. As well as convenience, this gives additional protection should the value of the painting have increased since either its purchase or last valuation, subject, of course, to having purchased sufficient cover.
If the value of a painting is over £15,000, it can still be covered by art insurance for its full value. This is done by listing art paintings for amounts that are supported by professional valuations not more than five years old.
In the event of damage to the painting which is partial, the paintings insurance cover will not only pay for repair or restoration but also for loss of market value following the damage. Standard home contents insurance for a painting will pay only for the repair and not for any consequential loss in market value.
You may be surprised to learn that contents insurance policies consider paintings to be less of a theft risk than other household contents such as televisions, stereos or other portable goods. Standard home insurance contracts believe the opposite and therefore charge a higher premium rate plus require higher security on your home.
To find out how a high value home contents paintings insurance policy can protect your collection in the UK, please ring Geoff Moss on 01242 699113
