Affordable art needs insurance too
16/03/2005
The current UK art scene is breeding a new type of art collector investing in art that's affordable today in the hope of gaining returns in the future, according to a specialist insurance company.
Events such as this weekend's Affordable Art Fair in London's Battersea Park are introducing prospective collectors to all sorts of artistic treasures, Hiscox states, but many people fail to realise the importance of ensuring all the objects in their homes are covered by contents insurance.
Standard contents policies have restrictive terms around single valuable items; according to Hiscox, 45 per cent of the claims it paid last year would not have been covered by standard policies.
"It can be possible to make a return on your investment if you're prepared to hold on to your art for the medium term and that means protecting it properly," says Andrew Cheney, senior risk management surveyor at Hiscox.
An online quote will take a matter of minutes, and you can see just how much you could save.
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