ART INSURANCE
Art needs to insured separately from ordinary contents. Only those things that can be replaced with reasonable ease can be insured with ordinary replacement value insurance. Art is not replaceable with reasonable ease. Art is unique and original. Each art or antique item needs to be listed carefully on the policy. Updated appraisals will be needed periodically. The owner is responsible for the appraisal.
The insurer can “repair” or “replace” when damage or loss occurs. Replace means to give the owner the money amount agreed upon in the insurance contract. Repair means the insurer will provide enough money to repair the item up to the agreed limit of the policy. (more…)