whispy
New Member
Posts • 25
Likes • 62
November 2019
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Gross Domestic Product Insurance, by whispy on Jul 20, 2020 9:55:44 GMT 1, Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!!
Whispy
Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!!
Whispy
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FЯ
Full Member
Posts • 8,248
Likes • 9,236
May 2013
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Gross Domestic Product Insurance, by FЯ on Jul 20, 2020 10:00:17 GMT 1, Hiscox collections is worth a look. They don’t ask for specific items so it’s nice and straight forward. Ballpark speaking, Banksy’s signed prints go for £25,000 plus nowadays
you have to specify the actual value of the item if over 50k
its an extra premium
would argue all signed banksys should be insured for at least that as it is not just the cost, but also if you can obtain one again.
Hiscox collections is worth a look. They don’t ask for specific items so it’s nice and straight forward. Ballpark speaking, Banksy’s signed prints go for £25,000 plus nowadays you have to specify the actual value of the item if over 50k its an extra premium would argue all signed banksys should be insured for at least that as it is not just the cost, but also if you can obtain one again. |
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lv90210
Junior Member
Posts • 2,030
Likes • 1,926
January 2018
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Gross Domestic Product Insurance, by lv90210 on Jul 20, 2020 10:08:26 GMT 1, Hiscox collections is worth a look. They don’t ask for specific items so it’s nice and straight forward. Ballpark speaking, Banksy’s signed prints go for £25,000 plus nowadays you have to specify the actual value of the item if over 50k its an extra premium would argue all signed banksys should be insured for at least that as it is not just the cost, but also if you can obtain one again.
Hiscox collections is worth a look. They don’t ask for specific items so it’s nice and straight forward. Ballpark speaking, Banksy’s signed prints go for £25,000 plus nowadays you have to specify the actual value of the item if over 50k its an extra premium would argue all signed banksys should be insured for at least that as it is not just the cost, but also if you can obtain one again. Anything over £100k you will have to get a gallery valuation. |
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Poster Bob
Junior Member
Posts • 5,800
Likes • 5,417
September 2013
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Gross Domestic Product Insurance, by Poster Bob on Jul 20, 2020 10:13:20 GMT 1, You pay one of the well-known, searchable galleries to write an evaluation for it based on what they've sold it for. Perhaps Guy Hepner.
Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy
You pay one of the well-known, searchable galleries to write an evaluation for it based on what they've sold it for. Perhaps Guy Hepner. Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy |
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Lazarus II
Junior Member
Posts • 1,799
Likes • 2,427
August 2019
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Gross Domestic Product Insurance, by Lazarus II on Jul 20, 2020 10:16:15 GMT 1, You pay one of the well-known, searchable galleries to write an evaluation for it based on what they've sold it for. Perhaps Guy Hepner. Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy
just ask LV, he’ll keep you and any insurance company right although his valuation will put your premium through the roof.
You pay one of the well-known, searchable galleries to write an evaluation for it based on what they've sold it for. Perhaps Guy Hepner. Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy just ask LV, he’ll keep you and any insurance company right although his valuation will put your premium through the roof. |
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Andy 123
New Member
Posts • 209
Likes • 314
January 2015
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Gross Domestic Product Insurance, by Andy 123 on Jul 20, 2020 12:18:48 GMT 1, Maybe you can link it to Artsy's value - one item is available there.
better than nothing.
Maybe you can link it to Artsy's value - one item is available there.
better than nothing.
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Deleted
Posts • 0
Likes •
January 1970
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Gross Domestic Product Insurance, by Deleted on Jul 20, 2020 13:00:38 GMT 1, Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy
Hi all, I was lucky enough to win a Banksquait in the GDP raffle, the problem I have is getting it insured. I have spoken to a number of insurers, but all of them are struggling to insure it as none of them have sold, so they have no price to insurance against. How do you go about insuring something that doesn’t technically have a value!?! Most places say they won’t insure it until one sells at auction, but that won’t be happening anytime soon as auction houses won’t sell without the COA, and they aren’t due out until 2 years after delivery (if not longer now because of Coronavirus) any suggestions welcome!! Whispy For what it's worth, I've insured mine with Hiscox. As someone else mentioned, you can insure with them up to £50k without having to get pieces independently valued. I'll wait for people on here to tell me I've insured it far too low, but as I wanted it insured immediately and there is no consensus on what these are worth currently, this seemed a sensible way to go. Premium was £145 for the year. This seemed an amount of money worth paying, even if just for temporary insurance and peace of mind. Would rather insured but not to full value than not insured at all. |
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whispy
New Member
Posts • 25
Likes • 62
November 2019
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Gross Domestic Product Insurance, by whispy on Jul 21, 2020 16:37:02 GMT 1, Thanks all, I’m going to give Hiscox a try, I’m sure I called them back when I first got the piece but they couldn’t insure it as it didn’t have a value, hopefully now they can work against the price on Artsy. At least that’s something to go on!
Thanks all, I’m going to give Hiscox a try, I’m sure I called them back when I first got the piece but they couldn’t insure it as it didn’t have a value, hopefully now they can work against the price on Artsy. At least that’s something to go on!
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