4 Pillars of Good Stewardship for Art & Instruments
Those of us privileged with owning fine art and instruments have a responsibility to protect them for future generations.
These good practices will help protect your art and instruments, your bank balance, and – to some extent – your legacy…
1. Valuation: changing trends in the art, antiques and jewellery markets mean that the replacement value is constantly shifting - and premiums may need adjustment (up or down). If you’re not aware of the value of your assets (or if it’s not documented), you could find yourself significantly under-insured. After the trauma of a theft, the last thing you need is the worry of a difficult negotiation over the value of each piece. Regular valuation, inventory appraisal and photographic records will all help.
2. Security: better protection can mean lower premiums; insurers recognise the extra care taken. If your jewellery collection is valued over £15,000, consider installing a home-safe (and for collections over £30,000, a second safe connected to the alarm system). We can advise on security marking, and anti-intruder installations that won’t compromise the integrity of your home.
3. Insurance: make sure you have a personalised policy fine-tuned for your specific needs and lifestyle. These need not be prohibitively expensive; indeed fine art and instruments normally cost less to insure than standard contents - especially if you have evidence of taking extra steps to protect your belongings. If you’re still buying ‘standard’ homeowners’ policies, you might be in for some surprises when you make a claim - read our 5 good reasons art & instrument collectors need specialist insurance.
4. Documentation: it’s important to keep safely:
This can really help with claim resolutions and the repair or replacement process.
Talk to one of the La Playa team for guidance and a no-obligation review of your insurance needs.
T: 020 7002 1544
Richard M, Private Client
You can call us to talk more about your business on +1 646 665 7737
Specialist & Independent
La Playa Private Client creates a safe space for you to live life to the full, enjoying your family, friends, and assets wherever you are in the world - without worry or hassle.
We can make sense of all your insurance needs - property, yachts and superyachts, high-performance and classic cars, private jets, art, wine and jewelry collections – and your liabilities too. We can pull multiple assets together on a single “portfolio” policy – or if you prefer, take care of each item separately.
Amid the impersonal and automated world of large insurance corporations, La Playa provides a refreshingly boutique-style service, with individual advice, and cover based on in-depth understanding of your specific situation. After a detailed and confidential review of your needs and priorities, we’ll structure your insurance arrangements so you know you and your family are protected, come what may.
Advice you can trust
…from an expert who understands you