Antiques are valuable and precious; many can even be very hard to find. It is natural to have them insured because of its value. You do not want damages to happen to your antiques without compensation.
Your home insurance may be able to cover partially when your antique gets damaged. This is because your antique can be part of all your personal property that needs to be compensated. Karras Rule Insurance Services offers you the Antiques Insurance for your antiques to be specifically protected from damages, natural or accidental.
Coverage for Antique Insurance
Some insurance agencies have a specific antique insurance. Although, most antique insurance coverage includes:
- Transportation of goods. These are damages caused from the time of the exportation before the object/s arrive their destination. The transporter, the transportation, or other external factors could be the cause of these damages.
- Legal expenses. This means expenses for investigation, cases, and other legal actions that cost you financially.
- Stock coverage. This may include exhibits, restoration and repair, or auctions.
- Public liability. This goes for the damages that it may cause any member of the public. This may be during exhibits, transportation, or even in residential and commercial area.
- Employers liability. This covers the employer for the damages or injuries that the antiques have caused the employees.
- Natural damages. These are damages caused by natural events such as floods, rain, storms, fire, earthquakes, and the like.
- Business interruption. This happens when your business is interrupted due to the restoration of the damage caused towards the antiques.
Insurance Depreciation – Antiques
Depreciation is one of the terms that you have to be familiar with, as an owner, collector, or seller of the antique. It is the loss of value of the product due to different reasons: nature, age, and the way it is being handled or used.
Depreciation Process/The depreciation process usually starts with:
- You, along with an insurer, prepare the list damaged or destroyed items along with the following details of each:
- Cost of replacement
- The insurer then depreciates the antiques based on each of the provided details.
- Afterwards, the insurer makes a check called Actual Cash Value (“ACV”) of the entire list of items.
- When your items are restored or repaired, your insurer will give you a total of your list of items’ACV, and the additional costs for the repair and restoration
- Make sure to always keep the receipts of these damaged antiques.
Other insurance gives you the opportunity to opt for being reimbursed fully, especially if you can show them your receipts. For more details about this insurance, contact us through call or visit us in our office.