Collection Insurance in the UK: Important InformationIt may be a particular trait of the British psyche but we like to collect "things" whether they be fine art, stamps, coins or the more obtuse and personal. Indeed, the type of collections we like to accumulate are as varied as the people who do the collecting. Here's some important information about collection insurance in the UK that you may want to note.
Why insure a collection, that has been painstakingly acquired over many years, under a general home contents insurance policy that gives scant regard to the individual needs of a specialized collection? Such policies are aimed at the mass market and do not adequately reflect the unique characteristics of a collection with tailored coverage such as antiques insurance or paintings insurance. I cannot imagine discussing the insurance of a collection such as militaria with a call centre. One mention of the word "gun", albeit decommissioned, is likely to send the person at the other end of the line diving for cover, metaphorically speaking. In such cases, specialist home insurance is urgently required.
Many collections reach a high value very quickly and thus automatically create a cover issue on a standard home contents insurance policy. Plus, such policies do not take into account the inherent risks of an individual collection. For example, the insurance of a collection of paintings should be underwritten differently from a collection of Steiff Teddy Bears. Insurance for collections of memorabilia should be considered differently from insurance for collections of coins.
Specialist high value home insurance agents and insurance brokers, the ones that you won't find on the Internet, understand the needs of collectors and will underwrite each collection on its own merits. It is likely that it will cost less to insure a collection with specialists because they know that an opportunistic thief is not likely to run off with a collection of railwayana when there is a plasma television to be had.
A specialist insurance agent also appreciates that the collection is likely to be very well looked after and well catalogued with a full inventory and valuation, even though it's unlikely that you'll be asked to give specifics on an individual piece unless it exceeds £15,000 in value. These agents also are flexible about additions and deletions because they know that collectors often buy and sell items with regularity. In short, specialist agents and brokers provide insurance for a collection in a bespoke manner.
Whatever the subject or nature of your UK collection the choice of insurance is probably the most important decision you can make to protect it. To discuss your individual needs and obtain a specialist quotation for your collection insurance, within a high value home policy, please call Geoff Moss on 01242 699113