You are passionate about your collections. Each piece was carefully selected not only as an investment, but also as an expression of your passion and interests. They mean a great deal to you, that’s why you need full protection against loss. Whether you just purchased a Rembrandt at Sotheby’s or your Picasso is on loan to the Guggenheim, a Fireman’s Fund Prestige Collections® policy provides unmatched coverage to protect your investment.
And there are no deductibles. None.
Appraisals and Coverage
Don Soss, private wealth executive at Fireman’s Fund, recommends collection appraisals every three to five years. “Collections appreciate in value for many reasons,” Soss explains. “You may loan art to high-profile museums or galleries for sake of provenance. This adds considerable value to the piece, so an appraisal before and after the loan will provide adequate insurance.” Fireman’s Fund offers expert consultation services to help you protect your pieces and conduct accurate appraisals.
Those who lend their collectibles for exhibition also increase their risk of damage or loss ― especially during transit. Prestige Collections provides automatic coverage for valuables on loan to museums or exhibitions worldwide ― and with no reporting requirement. Although we still recommend submitting a conditions statement of loaned items for faster claims processing, should a loss occur.
In addition, the policy covers collectibles loaned to an insured, such as a mother who lends jewelry to her daughter for a special event. Other insurance companies require notification and approval before extending coverage. Imagine how much time you would have to spend working with your agent to process this simple request.
Fine art collectors often want to see how a piece looks in their home before purchasing. Fireman’s Fund Prestige Collections covers consigned items or items entrusted to policyholders ― again with no agent notification required. “Most other insurance carriers don’t put this kind of trust in their policyholders,” Soss says.
Immediate Worldwide Coverage for Scheduled Classes
With a Prestige Collections policy, clients with large collections in any class will generally not have to worry about reporting before purchasing. When you add new pieces to an itemized collection, you automatically receive protection for 90 days for up to 100% of the limit for that collection class so you don’t have to worry about being underinsured. And our coverage is global, so you can purchase an addition anywhere in the world and be completely covered.
“If you find a must-have work by your favorite artist while on a trip to Paris, we will cover it up to the value of the total itemized fine arts limit on your schedule – including transit. You can confidently purchase the piece and notify us later,” Soss says. Other insurance providers aren’t as flexible. Our leading competitors pay only 25% of the scheduled amount to cover newly acquired items.
Blanket or Itemized Coverage?
With Prestige Collections, you can protect your investment with blanket coverage or choose to itemize the contents ― or both.
Blanket coverage may be desirable for jewelry or wine collections where per-item costs vary, or are difficult to appraise. Our blanket coverage provides standard limits up to $50,000 per item to repair or replace without deduction for depreciation. Other insurance companies may only provide $10,000 of coverage(with optional higher limits, but at an increase in premium).
Itemizing a collection accelerates claims settlement, making it easier and quicker to determine the amount of loss. And to help ensure adequate coverage for items that appreciate, we offer payment of up to 150% of agreed value when market value is higher. With dynamic changes to diamond and fine art market values, this is a great option for those kinds of collections.
Benefits for Large, Well-Managed Collections
Fireman’s Fund can cover large accounts on a single policy to eliminate complex layering or reinsurance for large schedules ― which can drive up costs. You will also benefit from more competitive pricing for collections worth over $5 million, and highly-protected jewelry collections valued over $500,000.
Fireman’s Fund customers also may receive a preferred rate for inventory management; valuation services; and for protecting, maintaining and safely shipping their valuable collections. Our expert professionals consult directly with you and prepare home contents surveys for proactive risk management and insurance planning. Better protection for your assets pays off with fewer claims and lower premiums.
To learn more about our Prestige Collections coverage and how its flexibility can provide the coverage that’s right for your unique collectibles, contact your independent agent representing Fireman’s Fund today.
