Insure The Art Collection in Switzerland
The reality is that non of the above mentioned risks are covered by Swiss personal belongings or contents insurance. The painting that falls of the wall or off the table and is severly damaged is defined as “self damage”, this is not compensated in the basic contents policy. The valuable sculpture that is stolen from the home will only be partially compensated unless it has been fully registered by the insurance company with a recent estimate or invoice and photographs. The fine art that suffers damage or is stolen while being transported is considered to be “outside” of the home so again the basic contents insurance policy will not cover it.
The amateur art collector is often not insured against the many risks their fine art is exposed to, this is often due to a lack of information; unfortunately the consequences can be a disaster in the event of a claim.
Owning, maintaining and protecting unique, high value, ofen culturally significant artwork requires experience good advice and a specialized Swiss fine art insurance contract.
Fine art insurance in Switzerland
So if you own valuable art in Switzerland it is in your best interest to protect it with a separate policy which is designed to cover the specific risks your collection is exposed to. You must know how to manage the fluctuating market value of fine art so you avoid being under-compensated in the event of a claim because the value of your collection has increased. You must be aware of what risks are and are not covered in your home and when you are transporting your pieces, how to defend yourself against theft and art trafficking, how to pack your artwork for transport and where and where not to display it. These all sound like details, but if you do not respect basic guidelines your loss will not be fully compensated, or worse not compensated at all. Talking to a fine art insurance expert in Switzerland will help you to understand why a specialized Swiss fine art insurance plan is the only way to protect your fragile and valuable artwork.
Whether you are a seasoned art enthusiast or a beginner in this exciting field, risk management is an integral part of the collector’s life. Protecting yourself by properly covering your valuable collection will keep you prepared for uncertain events and to be prepared in the event of a claim.