[ratpack]

Hi there,

Could anyone advise me on insuring my prints? What's the best way to explain their value etc? I have photographic proof of them but it's the value that maybe harder to jusitfy.

My home insurance is through a normal well advertised insurers. Is there someone better to use?

Apologies if there's already a link on this! Just let me know

Cheers

[artforartssake]

Just renewed my contents insurance and the company asked for a list of all the prints along with their value.

I used the last price on ebay to set the value, but 'replacement' cost would probably be much higher in the current market , hmmm may have to get back in touch with them again.....expensive business this Banksy collecting malarky

[ratpack]

Cheers. Anybody else got any good advice?

;D

[Run Pig Run]

dunno, i want to insure mine, i've only got a few but they are now worth more than my car!
with the prices increasing so rapidly it's differcult to value them i.e love rat was worth £75 two months ago, you'd probably get around £300 for it now and who knows what in 6 months.

[ABC]

one went for 550 on ebay last week

[numusic]

and Bar code just went for 1800 !!! time to reinsure those prints people. Insured mine for 700 just 2 months ago.. jeez.

[Jonny Breaks]

Hi,

Does anyone know of any good art insurance companies?

Had a think about replacing my pictures in the event of idiot house mate leaving stove on all night again and came up with a figure of around 9-10k. Now i hadnt really thought about this before so phoned my house insurance company and it was going to put my premium up by about £450 a year

So was thinking of getting them on a seperate policy......any ideas?

many thanks!!!

[CR]

bump,

yea id like to know this too as I am wandering how much you a likely to pay in premiums for insurance. I reckon at the moment my collection would cost around 5k to replace!

[maccamcd]

within a normal contents insurance...
its actually really cheap to insure, i use c.e heath, thats what they were called, not sure if they have merged/taken over...direct a mortgage broker their way..i use archway insurance..in n7 or n19...

[rabbitlegs]

A friend mentioned this topic only a week ago..Most firms have a limited single item cover (within normal household insurance) Usually around £1500
This isnt always enough. Esp with signed Banksy prints and their huge price tags,
Halifax B/S may be worth a look, Will insure any amount of seperate items for any price !
No home visit no serial/issue number checks,he said it was all done in 10mins at his local branch (not sure if you need an account with them or not?)
He has 3 pieces insured at replacement value of 4k each for around £500 a yr plus everything else in the house (inc other prints+all electrical items) upto a value of 1.5k each not exceeding a payout limit of 1Million. Seemed fairly reasonable to me.

[Run Pig Run]

mine are insured under a normal contents insurance policy where (like you said rabbitlegs) the limited single item cover is under £1500. I have no print worth over £1000 but altogether they are currently worth around £8000-10000. there was no extra cost each month.

[tomhills1]

we're insured with payment shield, who let us claim up to £40,000. £300 a year buildings and contents. no limit to a single claim so long as you don't exceed your insured contents. didn't want receipts/proof etc.

[ziggy]

If you need 'proper' art insurance then 'high net worth' insurance polices are the way to go. Hiscox has been the cheapest in my experience. The 'high net worth' policies are much more comprehesive than standard insurance polices as most will insure you against 'art value loss', ie if you have a vase that will cost £2000 to replace, you then drop it, the insurer will pay for repair and also give you the the difference in value between a mint vase and a damaged vase. Most high net worth insurance policies will also insure all the contents away from the home (ie transporting art) and have no single item limits. The policies will cost more than standard policies but you just know that making a claim on the other policies will be difficult.

[bugmenot]

Ok check this for home insurance.

Marks and Spencer.
2 bed flat - above 1st floor + garage.
UNLIMITED TOTAL!!
£4000 limit on any item - includes Art / Bikes etc.
£130

and the best thing for another £50 includes cover wherever any of your stuff is anywhere in the world! I plan on taking my Grannies off on a bike ride round Europe happily in the knowledge no cheeky frenchie thief will leave me out of pocket.

[maccamcd]

just noticed the banner adds on here....tesco and some other home insurance! clever fckers are those cnuts at google! and tesco.....world domination....silky, make sure you get some money off them, should we all click their links?

[Daniel Silk]

maccamcd said:

just noticed the banner adds on here....tesco and some other home insurance! clever fckers are those cnuts at google! and tesco.....world domination....silky, make sure you get some money off them, should we all click their links?

Haaa Yeah, ;D If had realised that this forum was gonna become as popular as this I would have done things a little different ;D

[gordy]

Silky...

You should demand payment in prints from all the galleries and artists that have obviously done well from this forum ;D ;D

You would be the new Damien Hirst ;D ;D

[Michael Jacob]

Im in the United State and have State Farm. I have a separate policy just for fine art. The appraised value is $30,000 USD and its only $135.00 USD a year. This is for complete replacement value. Even if my kids damage them for ANY reason. I think its very cheap for peace of mind.

[Michael Jacob]

Just to add to my previous post. I had appraisals done for each of my artworks. The appraisal along with a photo was send to my insurance company for their records. I kept a copy for myself.

[Aza]

crazyjake said:

Just to add to my previous post. I had appraisals done for each of my artworks. The appraisal along with a photo was send to my insurance company for their records. I kept a copy for myself.

Hi Jake
Who did your appraisals? Did you have to take all your pieces somewhere or were they done by another method?
Cheers

[Michael Jacob]

Most of my artwork are original paintings. Some of them, I got appraisals from galleries who sell the artists artwork. Some did it free, one or two charged a little. For my old paintings, I had a local antique shop do it. They were state certified appraisers. They do a good job, because they really max out the value. That way, youre covered. My policy also adds inflation each year. For Banksys stuff I will supply a few ebay listings that sold to show the benchmark. When you insure artwork, you get to set the price. I think the fees are very reasonable. Thanks

[ThursdayFeeling]

Try CIS telephone number 0845 746 46 46.

Just renewed my policy, the art work is under the contents insurance. If you insure for 40K it's around £400.

So if your house burns down and you have a few unsigned prints, you can claim for your clothes, and electrical stuff up to the value of £40k. However if you have a signed Kate Moss or maybe a Rude Copper, you can claim for the prints, but you'd be walking around naked.

[johnerotten]

how do i get my sepia morons appraised? how much is it worth? how much should i insure it for?

[hlarmy]

Apologies if this has been dealt with before (which I'm sure it has in the past) but I am planning on spending a couple of hours tomorrow calling up the different insurance companies to get a quote for my growing collection.

Before I start I thought I'd try and tap into the experience and knowledge of those who have already done this in the past.

Which is the best company? Do you have insurance as part of your home insurance or a specialist policy??

So ... any advise would be appreciated. Cheers

[saltandiron]

Hiscox is the name that comes up a lot, but best to ring everyone up and just see what they offer you.

[spenie1975]

Try more than, added £ 5000.00 specified art work to my policy at no extra cost. No accidental damage cover but I'm sure you can include this.

[retrome]

I have let insurance threads pass me by before. I am an art insurance broker as well as a collector (as some of you already know).

If you would like any assistance, PM me or check out the site (UK Only).

www.loveartinsurance.co.uk

Thanks

[yapsey]

hiscox are the primary insurers for art.

i took advise from a good friend of mine who is one of the uk's most senior auctioneers. he told that if you can afford to replace your entire collection, or certain aspects of your collection are genuinely irreplaceable - insure them. otherwise, the potential risk of damage is not worth the amount you would pay in premiums that would never get claimed on.

they make their money by suggesting to you how much risk you are at - when actually, if your gear is well and safely hung on a wall, or kept flat in a safe place, there is very little likelihood of potential damage.

although, all that said - my lot is insured.........

[hlarmy]

Cheers for the above comments - if anyone else has anything to add, that would be great

[cakeboy]

I just got mine re insured and i will say these guys are deffo worth contacting .. offered me an amazing service and there well into there art .. even knew all my banksys individually ;D got an amazing deal !

www.anthonywakefield.com/