Re: Insurance Companies. KEEP RECORDS

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Posted by Anders Rikardson on June 21, 2002 at 21:09:39:

In Reply to: Insurance Companies posted by Peter Cleveland on June 19, 2002 at 01:46:27:


I have been involved a number of times as expert witness in insurance cases. Both hired by different insurance companies as well as the party, who sustained the loss. My experience is if you have good records you will usually have a successful claim.

Keep receipts & invoices of your purchases. Photograph your collection and make at least a simple descriptive catalog of it. Keep duplicates of everything of site (might be a good idea for your other valuables as well).

If you bought something which you feel you bought much under market price, try to get it appraised immediately and keep this appraisal with your records.

Discuss the matters you raise in your question with your insurance company. Do this in writing. Keep duplicates of the letter exchange of site together with your other records. When you finished your catalog you can ask your insurance company to review it. Ask them if they need any further information in case of loss. Send it by registered mail, receipt of deliver. Keep a very good paper trail of everything.

There are specialist insurance companies for art but my experience is they are not so much different from a larger “normal” insurance company if actual loss has occurred.

Insurance companies are sometimes a bit difficult, especially in case of loss by theft. So keep your house well protected by very good shell protection, locks on doors, windows etc. You are much better of if you can show proof of break and entrance, also you will make it more likely not to have. Install fire detectors.

Best thing is trying to anticipate what can go wrong and how a loss might occur, then try to protect yourself.

Anders Rikardson

: Has anyone had any experience with insurance companies when they lost some of or all of their collection? Do they tend to pay close to what the going rate is for a print or much less than what the going rate is? Has anyone tried an insurance company which specializes only in insuring collections? Which ones are the best ones. I have a growing collection and worry that my insurance company will not see the true worth of my collection should a fire or flood occur. Thanks for the help.

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