Asset Protection - Collectors Insurance
The art of collecting is more than just acquiring nice things: it is a passion to support the arts, it is an aesthetic enjoyment, a challenge, an intellectual exploration, it is to be a part of history, to tell a story and create a unique grouping of works, and today it can also be a financial investment. Fine art, wine, antiques, and other collections help bring stability to market upheaval in more traditional investment classes. The difference found in this manner of investing is that it provides both financial and aesthetic value to their owners. Therefore, financially it is extremely logical to transform the passion of collection into investment by taking advantage of the many collectors insurance services brought by specialized insurance carriers and offered by Swingle Collins & Associates.
Like any other asset, it is vital to take the proper strides to protecting collections. After obtaining the proper insurance for such assets, collectors and their wealth managers can take the following steps to control risks and avoid a loss:
- Assemble the correct team of experts.
- Establish a system for tracking and valuing the collection on a regular basis.
- Protect the collection from theft.
- Shield the collection from fire and smoke.
- Choose the display location and method to guard against damage from water, sunlight, and other hazards.
- Make sure art in storage is well protected from the elements.
- Store fine wine in a properly constructed wine cellar.
- Use professional art shippers when transporting art collections.
- When loaning a valuable art piece or collection to a museum, make sure the museum has adequate safety measures and insurance in place.
- Develop an evacuation plan in case of disaster.
- Maintain proper insurance in case of loss, because even the best risk mitigation strategies are not perfect.
Swingle, Collins & Associates specializes in collectors insurance personal property and casualty coverage in Dallas, Southlake, Highland Park, and Plano for affluent families and high net worth individuals. The descriptions of Managing Tangible Assets coverage listed on this website are brief and subject to the provisions, limitations, and exclusions that can only be expressed in your policy and related endorsements. For additional information of how Swingle, Collins & Associates can assist in meeting your coverage needs for property and casualty insurance please contact your dedicated risk manager to discuss the benefits and services of collectors insurance coverage.
The information contained on this page is provided for informational and educational purposes only. It contains general information on insurance issues and may not reflect the most current developments in insurance coverage and is unlikely to apply in all factual scenarios. The information does not include all the terms, coverage, exclusions, limitations or conditions that may be contained in the actual insurance contract language. The policies themselves must be read for those details. Sample policy forms will be made available upon reasonable request.