Experience shows us that Antique Insurance often causes problems for both the serious collector and the person who is just looking to insure the family heirloom. In our experience many antiques, along with other valuables such as silverware, collectables and Porcelain and china are not correctly insured or indeed insured at all.
So, why is antique insurance such a problem?
Many people are unaware that their normal standard Household Policy usually has inner limits on the amount that they will pay for antiques and valuables. This inner limit often is applied to the maximum that they will pay for a single article and in addition there is a limit for these items in total. For items that exceed these limits, online Insurers may not be able to extend the cover to include them. Standard policies are just that, standard and adapting them to your specific requirements when considering antique insurance can prove very difficult.
The reason that people collect antiques, silverware and valuables or keep hold of the family heirloom is for the joy of ownership or the memories that they invoke in the owner. It is therefore essential that in the event of an unfortunate incident giving rise to loss or damage to your valuable items that you can at least obtain compensation that reflects the correct value of the damaged goods. To ensure that when it comes to claim you are not disappointed, we would recommend the following action be taken:
- Catalogue all the items and keep the inventory up-dated as appropriate
- Obtain and keep updated valuations for the items to be insured. Retain these with the inventory.
- Take photographs of the items and for smaller items when doing this lay a ruler beside them to show scale as Photos can often be confusing.
- Check with your Insurer what their inner policy limits are. If these are not adequate ask them for quotation to include the correct sums insured, both individually and overall.
- Check if the current policy has a pair and set clause as this could considerably reduce the amount of claim settlement received.
- Talk to a Broker who deals in specialist home insurance, as the Policies that they offer will be specifically tailored to meet the your needs.
Greenfield Insurance Services are able to offer policies that will meet the specific requirements of those seeking antique Insurance and these policies will include in there basis of settlement not only to provides for repair of damaged items but will also reimburse you for loss of value because the property has been damaged and repaired.
For collectors, who are regularly purchasing items, it is advisable to arrange antique insurance which includes protection for Defective Title which would indemnify you if you had to repay the purchase price if it is proved that you are not the rightful owner and you are obliged to return to the legal owner.
At Greenfield Insurance Services we take time with our clients over their antique insurance requirements to ensure that they get the cover they require and that they fully understand the insurance covers available to them. In the event of a claim we will help you prepare and present your claim to the Insurer and negotiate with them in order to obtain the best and most equitable settlement for you.
For further advice on antique insurance or to obtain a quotation please call Tel: 01489 579808 and speak with Lita Buckley or Christina Foulds or contact us via our webform.
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