New policy can offer cover for collections valued up to £10m
Markel UK has launched an art and collectables product to provide cover for individuals and organisations with collections and investments in art and artefacts.
The collectors’ policy will be available through the specialist insurer’s online broker trading platform and does not require specialist art and collectables knowledge.
The policy provides protection against accidental damage, theft, damage in storage or transit and exhibition cover. Furthermore, the policy will not need to use specialist valuers for agreed valuations, but will use fair market values with the option for an agreed value basis of cover, subject to supporting information.
Collections up to the value of £10m can be covered by the policy, with those valued at £150,000 covered without the need to be referred to individual underwriters. Premiums will start at £100 with nil excess for private individuals.
Technical line manager for Markel’s art and collectables business Richard Norman said: “As interest rates continue to offer negligible returns and equities remain volatile, there has been a developing interest in art and collectables from private collectors as well as corporate collectors and investors
“Brokers need to be able to offer their corporate and private clients cost effective cover for their collections and our online broker product gives them the ability to do that without having to become art experts.”