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FINE ARTS INSURANCE


Personal Articles Floater

The kinds of property that may be written under this policy include: fine arts, cameras and photographic equipment, golfing equipment, musical instruments, personal furs, jewelry, and silverware, stamp, and coin collections. Each of the foregoing types of property is listed in the contract along with any special conditions which may apply. This eliminates the need for a series of endorsements.

The policy covers listed personal property owned by or in the custody of the insured or a member of his household.

A Fine Arts Floater is written to cover objects of art such as paintings, statuary, rare manuscripts, and antiques. The coverage is open-perils with the usual exceptions. In addition to the standard open-peril exclusions of wear and tear, gradual deterioration or inherent vice, and insects or vermin, war and nuclear energy, coverage on fine arts and antiques is subject to three additional exclusions: The first excludes damage caused by repairing, restoration, or retouching process; the second excludes breakage of certain fragile articles, unless the breakage is caused by specifically named perils. Fragile articles specifically listed in the contract to which the breakage exclusion applies include art glass windows, glassware, statuary, marble, bric-a-brac, and porcelains. The exclusion is not limited to these however; it also applies to other similar fragile articles. The specifically named perils for which coverage by breakage is provided are:

1. Fire or lightning

2. Explosion, aircraft or collision

3. Windstorm, earthquake, or flood

4. Malicious damage or theft

5. Derailment or overturn of a conveyance

Coverage for breakage from causes other than these named perils is available for an additional premium. When the insured wishes to eliminate the exclusion of breakage, an entry is made in the declarations section of the endorsement.

The final exclusion applicable to antiques and fine arts eliminates coverage for loss by any cause to property on exhibition at fair grounds or premises of national or international expositions unless the premises are covered by the policy. The purpose of this exclusion is to alert the insurer to situations in which an unexpected concentration of insured values might occur. The exclusion requires the insured to notify the insurer when property will be exposed to loss at such locations.

It is customary to insure antiques and fine arts on a valued rather than an actual cash value basis. Since this means that the insurance company agrees to the value of each item insured and that this is the value paid in the event of a loss, the greatest care must be used in determining these values. Appraisals normally are mandatory, and some insurance companies even have art appraisers who advise them on the values. Each insured item is scheduled with an amount of insurance automatically but subject to a percentage limitation relative to the aggregate amount of the schedule. However, reports of additional items must be made within ninety days and the proper pro rata additional premium paid.


Please note that the precise coverage afforded is subject to the terms, conditions, and exclusions of the policy as issued. This explanation is intended only as a guideline. This information is not intended to be considered investment, tax or legal advice. It is provided, for your education only. This is not an insurance contract. All terms and coverages are defined solely by your policy.

For more details, please call a PaulBalep representative toll-free 1-800-964-8614 to receive a free, no-obligation quote. Like so many satisfied clients, we think you’ll be happy you did. And to set up a meeting to discuss additional insurance and financial goals: Visit us online at www.paulbalep.com, or e-mail us at info@paulbalep.com.

“It pays to shop around with PaulBalep Your one stop shop for insurance and financial services”

<<Independence is number one>>. We are nonexclusive producers who represent an average of eight companies-not just one. PaulBalep can evaluate and compare the products of several fine companies to find you the right combination of coverage and value.



 

 





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