Valuable & Collections Insurance
Safeguard your collection’s legacy.
As a collector of rarities and valuables, you’ve invested time, energy, and resources into building your collection. Each addition is an investment of passion. We’re here to help protect that investment.
Your guide to valuables and collections insurance.
Valuables and collections insurance is specialized coverage for your high-value assets that may not be covered under standard home insurance. With decades of experience and specialized expertise, Acera Insurance partners with the world’s leading insurers to provide comprehensive, customized solutions to protect your valuable collections. We help secure the value of your assets with:
- Flexible worldwide coverage including transit protection
- Automatic coverage for newly acquired items
- Replacement cost coverage
- Coverage extension to natural catastrophe perils including flood and earthquake
Common valuables and collections coverages for you.
Our advisors provide specialty solutions to cover multiple classes of private collections including fine art, jewellery, wine, antiques, musical instruments, comic art, sports memorabilia, rare books, stamps and coins, and artifacts.
Depending on the value of your collection, you may require a standalone policy or a floater or rider added to your home insurance.
Floater or Rider
This is an optional add-on to your home insurance that extends the coverage available to better reflect the value of your collection. A floater or rider is best for smaller-scale collections of moderate value.
Standalone Policy
A standalone insurance policy will provide more personalized and extensive coverage for your collection. This is best if you treat your collection as an investment, actively collect and have pieces that are extremely valuable or difficult to replace.
Fine Art and Collectibles Insurance
Whether you’re a seasoned collector or own a cherished family heirloom, safeguarding your art and collectibles is an essential step to ensure its continued enjoyment. We offer a variety of art insurance policies, each designed to meet the specific needs of your collection.
FAQs
Why should I get an appraisal?
An appraisal of your art is not always required for insurance. It will depend on how much you’d like to insure your piece(s) for and the individual insurance company. However, appraisals are a good idea to ensure the true value of your art is known. Generally, insurers recommend an appraisal to be done every 3-5 years. The frequency depends on the art and if its value is changing in the marketplace.
How do I get an appraisal done?
If you do get an appraisal, it should be done by a qualified appraiser. Generally, these appraisers write to the Uniform Standards of Professional Appraisal Practice (USPAP). They should also belong to the International Society of Appraisers. Your Acera Insurance advisor can provide appraiser recommendations. Your chosen appraiser should charge by the hour or with a flat fee. They should not bill based on the value of the object they’re appraising.
Are challenges to ownership covered under fine art insurance?
Challenges to ownership is usually excluded under art insurance policies. Art title protection is a specialized coverage that will help cover legal expenses relating to ownership challenges. It’s usually available as a one-time purchase which will stay in effect so long as the owner (and their heirs) possesses the artwork. Generally, premiums are between 1-3% of the value of the artwork.
What are the different ways to insure my art collection?
The three types include:
- Scheduled
Individually itemized, where each piece of art has a different value and coverage
- Blanket
The whole collection is protected with a per-item maximum
- Combination
Schedule some pieces and leave the rest under a blanket policy
What is the most important information to keep in a catalogue/inventory of my artwork?
- A unique inventory number assigned to each artwork
- The location of each artwork which refers to where it is currently i.e. gallery, museum, etc.)
- The place of storage for each artwork which refers to where it is kept when not on display (i.e. home, storage facility, etc.)
- Edition number (indicates the size of an edition which determines price and helps identify forgeries)
- Purchase price
- Selling price
- Current market value
- Costs incurred for each artwork (i.e. framing, transportation, restoration, authentication, insurance, etc.)
- Dimensions
- Images (ideally taken by professional photographers)
- Certificates
You should also have digital backups of your catalogue/inventory, as well. Some insurance companies do not require this level of detail for a blanket art insurance policy. However, it is always good practice to have all of this information collected (or as much as possible).
Jewellery Insurance
We understand that insurance can’t always truly replace what was lost – a family heirloom or an antique or your wedding ring will have sentimental value that is irreplaceable. However, jewellery insurance can help repair a damaged piece or allow you to rebuild your collection.
FAQs
Why should I get jewellery insurance instead of just using my home insurance?
You should consider standalone jewellery insurance if you have individual pieces or a collection worth more than a few thousand dollars. Home insurance policies often have limits for jewellery of $5,000 or $10,000.
How much does jewellery insurance cost?
The cost of jewellery insurance is dependant on the following factors:
- The value of the pieces you’re insuring.
- Your coverage, including settlement options and policy limits.
- The crime rates of where you live.
- How the jewellery is stored including any security protocols and features.
- Your insurance and claims history.
How do I get my jewellery appraised?
Find a qualified gemologist through the Canadian Jewellers Association to accurately identify your diamonds and gemstones for authenticity and value.
Wine and Spirit Insurance
Given the expanding market for wine and spirits, safeguarding your valuables is increasingly crucial to ensure they can be replaced in case of theft, breakage, spoilage, or damage.
FAQs
In what ways can I customize my wine and spirit insurance?
- Specific Perils: This is the cause of damage that you are and aren’t protected from, such as accidental breakage, access to light, temperature change, vibration and humidity.
- Blanket vs. Individual or Itemized: Blanket policies have a maximum payout per bottle which eliminates the need for an appraisal while individual or itemized policies insure each bottle separately and requires appraisals for proper valuation.
How factors affect the cost of wine and spirit insurance?
- The value of your collection
- Where and how you store your wine
Commercial Collections Insurance
Art galleries and dealers are frequently buying and selling pieces to clients worldwide, requiring constant installation, de-installation, handling, and shipping of artworks. With commercial risks shifting from day to day, galleries and dealers require immediate feedback and flexible support from a trusted advisor.
Why choose Acera Insurance for valuables and collections insurance?
Our trusted advisors know that your valuables and collections are important to you so we’re here to ensure you’re well taken care of.
Risk Management
Your Acera Insurance advisor will provide ongoing education and advice to help safeguard your valuable and treasured belongings from potential damage or loss.
Expertise
We work with expert appraisers for real estate, fine art, jewellery and wine collections to ensure your valuables are thoroughly protected.
Claims Support
In the event of a loss, you have access to 24/7 worldwide coverage and your Signature advisor to guide you through the entire claims process to resolve it as quickly and efficiently as possible.
Helpful tips from our advisors.
We provide professional advice and guidance on the insurance limits and coverage options to find what’s best for you and your collection, as well as ongoing education and resources.
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