Too many clients fail to insure their collections, often because they don't want to create records of their valuables' worth; sometimes because they just don't get around to it.
But that's a mistake. So "it's up to the estate planner, attorney or accountant to make sure clients' collections are insured and appraised," says Christiane Fischer, chief executive officer of AXA Art Insurance Corporation.
While neither art nor insurance may be at the top of an estate planner's to-do list, it's wise to make sure that clients have insured their Babe Ruth autographed baseball, wine collection or Georgia O'Keefe paintings of awe-inspiring value.
Check that their collectibles are fully covered for crimes, fire, flood, breakage and natural catastrophes, including hurricanes, earthquakes, tornados and wind damage. You also want to make certain they're covered if they happen to travel anywhere. That way if anything happens to these precious items, you're a hero.
When there are just a few antiques and other collectibles worth a measly few thousand dollars, they can be covered simply via a rider on a homeowner's insurance policy. A Civil War memorabilia collection worth $5,000, for example, may cost as little as $21 per year, according to State Farm Insurance Companies.
But a homeowner's policy may not be appropriate when a client needs to insure millions of dollars worth of fine art and collectibles. Specialized insurance may be best. A homeowner's policy has exclusions and deductibles, warns Janece White, assistant vice president of Chubb Group of Insurance Companies in Warren, N.J. When you have separate coverage, those issues aren't a concern.
But that's a mistake. So "it's up to the estate planner, attorney or accountant to make sure clients' collections are insured and appraised," says Christiane Fischer, chief executive officer of AXA Art Insurance Corporation.
While neither art nor insurance may be at the top of an estate planner's to-do list, it's wise to make sure that clients have insured their Babe Ruth autographed baseball, wine collection or Georgia O'Keefe paintings of awe-inspiring value.
Check that their collectibles are fully covered for crimes, fire, flood, breakage and natural catastrophes, including hurricanes, earthquakes, tornados and wind damage. You also want to make certain they're covered if they happen to travel anywhere. That way if anything happens to these precious items, you're a hero.
When there are just a few antiques and other collectibles worth a measly few thousand dollars, they can be covered simply via a rider on a homeowner's insurance policy. A Civil War memorabilia collection worth $5,000, for example, may cost as little as $21 per year, according to State Farm Insurance Companies.
But a homeowner's policy may not be appropriate when a client needs to insure millions of dollars worth of fine art and collectibles. Specialized insurance may be best. A homeowner's policy has exclusions and deductibles, warns Janece White, assistant vice president of Chubb Group of Insurance Companies in Warren, N.J. When you have separate coverage, those issues aren't a concern.
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JUNY PROFESSIONAL SERVICES
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
OFFICE HOURS:
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
