Here is a wealth of information from a
Glass Insurance Survey Summary
|GLASS INSURANCE CHECK LIST|
a list of your glass and update it when you add new pieces -preferably
with photographs or video clearly taken in your home as proof of ownership
-with valuations and information about what the valuations are based
on (professional evaluation auction catalogs purchase price etc) -keep
receipts if you have them
---lodge a copy of the list with valuations and pictures with your insurer
---keep a copy of the list and its documents in a safe place not in the same building as the collection (in case of fire)
---do not put your address on this list or these documents (in case they fall into the wrong hands)
is a complicated topic, with laws and practices and terminology differing
between countries and between States in the US. Here are some points
her readers made:
---be very careful to consider exactly what your insurance covers
---an "all risks" policy (which may have different names) which literally covers all risks including accidental breakage, transit, acts of god, or any other kind of loss, is the safest kind of policy but it can be expensive
---you may be able to reduce the costs of an "all risks" type of policy by excluding breakage
---you may be able to reduce the costs of any kind of policy by accepting responsibility for the first x hundred dollars loss yourself
---in some circumstances it may be cheaper to insure your collection as part of your homeowners policy, but not always.
---there are dangers with some kinds of homeowners policies which limit the amount that may be claimed for valuable items
---even if you have declared the items, some homeowners policies use a formula for limiting the maximum amount of any contents claim to a percentage of the value of the property (eg 50%).
---make sure you insure your collection for its full value, because in some circumstances if the whole collection is under-insured, the amount paid on a claim may be reduced proportionately even for a relatively small claim
---beware of policies that insure you for specific risks like theft, fire, flood etc. because it may then be up to you to prove that the loss was in fact caused by one of the risks that was covered, and this can be difficult
---get more than one quote and don't necessarily choose the cheapest
---look for the best value -I don't think any policy is going to cover deterioration, like crizzling or solarization (change of color due to the sun)
---in some places certain risks are excluded from all policies eg earthquakes ---words like "comprehensive" and "all-in" do not mean the same as all risks. Read the small print of what is covered.
---be clear how the value will be worked out if you have a loss - will it be your original purchase cost, the cost you can buy a replacement for today, the cost the insurance company can find you a replacement for, your professional valuation, or a percentage of one of these ; and is that what you want?
|-a good broker
can find you a good policy eg in some parts of the States they may
be able to find you a Fine Art insurance policy that is cheaper than
extending your homeowners policy.
---many brokers do not understand art glass or antiques so make sure you find one that has some experience in this area (ask other collectors or dealers or auctioneers)
---a professional valuation lodged with your insurance company can be a great help with a claim - but only if it is up-to-date. The cost of updating your valuation every three years or so is money well-spent (usually a lot less than the original valuation cost)
---select your valuer with care, based on their knowledge and experience in this area.
|Caring for your antiques|
some final points about caring for your collection, since none of us
want to make insurance claims!
---good locks on doors and windows, especially patio doors (goes without saying really)
---burglar alarms connected to a security agency are far more use than those that make a lot of noise, annoy the neighbors, and produce no noticeable reaction from anyone
---a blob of "blu-tak" under a piece of glass to fix it to a shelf will protect it from accidental knocks and also mild earthquake tremors
---some kinds of clear glass (including EAPG) will turn purple in strong sunlight (and this is considered a fault)
---some glass, especially thick glass, may crack if left in very hot sunlight (it shouldn't if it is properly made, but sometimes this happens)
---have a good fire extinguisher, keep ladders locked up, and think carefully how you answer questions like "What is the most valuable piece in your collection?"
Be very careful when you lend any pieces to an exhibition, museum, or a magazine, to make sure that you have in writing their confirmation that they accept responsibility and that the piece is fully insured for all risks from the time it leaves your hands. Also, make sure that they have a copy of the valuation of the piece and they confirm in writing that the piece is insured for that full amount.
per Bill Geary. He points out that there are three ways you can purchase
- direct from the company
- from an agent who works for the company
- or through an independent broker or brokering company who essentially works for you.
He recommends that if you have a major collection to insure, you use an independent broker with a well-established reputation and specialists on their staff who deal with art collections.
He also recommends that you get your insurance company to issue an endorsement called an "Agreed Value" clause or a "Valued Form" where the insurance company agrees to the insured value. This cuts out any hassle about the value of the item(s) if you make a claim.
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