How to Insure Valuables: Fine Art, Wine, Jewelry & More

Posted on October 30, 2012 by Sinclair

How to Insure Valuables: Fine Art, Wine, Jewelry & More

As Hurricane Sandy rolls past the east coast, residents are grieving over the loss of their valuable possessions. Even as families pack up their luggage and travel to different destinations, they often leave their home and their valuables susceptible to theft. Although your home is covered by homeowners insurance, your valuable possessions inside may only be covered by a small amount. Valuables may mean many different things to many different individuals, some find the value in sentimental objects and some find it in monetary objects. However regardless of your definition of valuable, you need to be aware and educated with the best ways to insure your valuables.

Nobody wants to see their fine art, wine, jewelry, exotic car, or silverware stolen only to find out that it cannot be replaced. Because general homeowners insurance does not cover very much of these valuables, you will need to speak with an agent and purchase additional coverage. The most common policy on how to insure valuables is the personal articles floater (PAF). Although PAF varies with every carrier, it generally means it is a separate or supplemental policy added to your homeowner policy in order to protect your valuables against theft or damages.

When purchasing a PAF you will need to create an inventory which includes the name of the item, a picture and its monetary worth. In order to compute the item’s value you may have an appraiser look and examine it. Although this may seem costly, it will ultimately it will be very beneficial in the event of a loss. This will ensure you scheduled value of the possession when filing a claim.

There is also blanket coverage which is often recommended for smaller possession, such as a less valuable piece of jewelry. If you do decide to purchase blanket coverage instead you do not need your possessions to be appraised. However, blanket coverage does not guarantee that you will be covered for the full amount you purchased the item for.

Sinclair Insurance welcomes the opportunity to sit down with you and tell you more about the special programs we can develop just for you. At your convenience, please feel free to call us at 203.265.0996, email us, or return the form on this page.

High-Value Insurance: Match Your Coverage with Your Lifestyle

Posted on September 17, 2012 by Sinclair

High-Value Insurance: Match Your Coverage with Your Lifestyle

When you sit down to assess your finances, file tax returns, or examine your retirement fund, take a moment to look at your lifestyle. The lifestyle you’ve worked so hard to provide is a huge luxury. But high end luxury lifestyles also come with risk too. In risk assessments it is essential to examine your lifestyle, from your classic car, your exotic auto to your wine collection, yacht & any other hobbies you enjoy. Ensure you are properly protected with our high-value insurance.

Own an exotic or classic car? Purchasing an exotic or collector car can be a fulfillment of a dream for many. Whether you are looking for a restoration project or to speed down the highway, classic and exotic cars require significant dollar investments. And because of the high end luxury design of the car, its unique qualities also requires specialized exotic car insurance.

Art collector? Your existing coverage might include some coverage- however it is almost certain that as an art collector you will need supplemental art insurance to protect your investment. Make sure to get your art regularly appraised so you know their financial value and the amount of coverage you’ll need.

Diamonds & pearls? Jewelry insurance is an often overlooked item- sadly, many do not think to insure it until it is lost or stolen. The price of gold changes constantly, and your antique ring or necklace may be worth a lot more than it was 20 years ago. That would mean it’s more expensive to replace as well. That is why jewelry insurance is crucial.

Yacht owner? Among watercraft, yachts are a high end, distinctive type of private vessel that requires detailed knowledge and specialized coverage. Yachts need specific coverage that standard marine policies don’t always offer. When your vessel is a motor yacht, mega yacht, or something in between, it is essential to get specific Yacht Insurance coverage that provides you with full coverage of your vehicle.

For more than four decades, Sinclair Risk & Financial Management has forged relationships with insurance providers that specialize in providing high-end coverage. We have access to particular markets that enable us to craft custom homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. Contact us today for more information about our high-value insurance programs.

What Is Wine Collection Insurance & Why Do I Need it?

Posted on May 21, 2012 by Sinclair

What is Wine Collection Insurance & Why Do I Need it?

You come home from a vacation to find your climate-controlled wine cellar has malfunctioned. Wine bottles are uncorked from the extreme heat and fine wine is spilling all over the floor. Or you may come home to find your house has been vandalized or ransacked. Hopefully you have insurance to protect you against such risks to your home- but what about your wine collection?

Your collection faces many risks and exposures that a homeowner’s policy doesn’t always cover. Breakage is the most common liability for wine collections. Fire, flood, theft, and in-transit (the shipping of wine from place to place) are other sources of liability.

A lesser known area of specialty coverage, wine collection insurance is essential to protecting your investment, especially large collections. Ideally, a wine collection, like fine art and jewelry, should be separately insured against mishaps such as fire, breakage and theft.

There are several options available to insure you get the best protection possible for your collection. Most policies limit values for temperature change and other losses to $10,000. At Sinclair Risk & Financial Management, we have programs that can insure collections worth hundreds of thousands of dollars.

In insuring your collection, it is important to get coverage that covers a wide number of perils. You can choose a blanket coverage option to cover your entire collection under one limit, itemized coverage for your more valuable wines, or a combination of the two options.

Sinclair’s Private Client Group division works with several clients who have an extensive wine collection in their home. We understand the value of such a collection and the need for specialized insurance. We also work with insurance companies and wine experts to offer comprehensive wine protection insurance programs that include not only securing the proper insurance coverages but also implementing effective loss control services and inventory systems. Contact us today for more information.