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Works you have owned for some timeYour insurance company will require an appraisal before you can insure your artwork. Insurance while in transitMost scheduled artwork on a homeowner's policy is covered while in transit. But if you have to ship your artwork, call your insurance broker/company and make sure. Documenting your artwork.Photograph all your artwork and keep those photographs in a safe place (safe deposit box, vault, etc.). Should a loss occur, these photos will be very useful. Where else can I get an appraisal?If you bought your artwork from a gallery, contact them for an appraisal. They will often do it for free. Keep an eye on the market.If you see that works similar to the ones you own are selling for more money than your works are insured for. It might be time to have your artwork re-appraised. CostMost appraisers charge $250.00 for an appraisal. This will usually cover a few itmes. Reviewing your policyYou should review the Fine Arts schedule on your policy each year and be sure that the artwork listed is properly valued. What if a loss occurs?If a loss occurs, contact both your broker/insurance company and the dealer you purchased the work of art from. Who should do your appraisal?A specialist, or qualified appraiser, in the particular field of art needed should do the appraisal. What should it be appraised for?Your artwork should be appraised for its full retail value (current replacement value). Newly purchased worksIf you just purchased the work, or works, use the value on your invoice. Most insurance companies will want to use that value for the first year. Contents of an appraisalA good appraisal should include a full description of the work, description of items condition and its value. The appraisal also needs to be signed by the appraiser. CostIf you need a large apparaisal (many items), you will need to negotiate the rate. Again, many appraisers will base their fee on a rate of $250.00 per hour. ExpenseYou should know that it isn’t very expensive to insure your artwork and that most art can be added to your homeowner’s policy. Call your insurance broker and discuss all your options.
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