Major storms such as Hurricane Sandy are continuing to increase in frequency and severity. It’s a wake up call for art collectors and planners. As these extreme storms threaten their collections, art collectors need to be vigilant about devising emergency evacuation plans and inventory management systems for valuable works of art.
How to Protect Your Art Collection
If you have a valuable art collection, you should have an inventory management system that is regularly updated. Take Hurricane Sandy, after the storm, there were owners who didn’t have an updated inventory list. Consequently, they didn’t know what they had and couldn’t claim a loss. If you’re not sure, high and ultra-high net worth client can work with an art advisor to organize and update data on their collection. Talking to an insurance agent who specializes in coverage for high net worth clients and high end art insurance can also help you better prepare for any impending natural disasters.
Art losses from Hurricane Sandy are estimated to reach $500 million, according to the New York Times. A significant portion of damages hit Chelsea’s collection of art galleries and works in New York City. The estimates for repair include structure damage on the galleries, as well as evaluating any restoration work that could be done on pieces that the water had touched.
Art insurance prices previously had been falling for several years due to stiff competition and a low level of claims. Now, however, as the number of severe storms begins to rise, and the industry grapples with claims from Hurricane Sandy, the prices could begin to fluctuate higher.
At Sinclair Risk & Financial Management, we have access to particular markets that enable us to craft custom art Insurance, as well as homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. We’d love to sit down with you and discuss more about How to Protect Your Art Collection & properly insure it. Contact us today for more information. (877) 602-2305.