Protecting your fine arts includes making sure that they are adequately covered by insurance. Fine Arts include paintings, sculptures, folk art, multimedia art, antiques, oriental rugs, and small collectibles such as figurines etc. Because the value of fine arts is based both on authenticity and condition, good documentation is essential. A problem common to fine arts is valuation.
In most insurance policies a separate policy or a separate limit for fine arts must be declared in order to provide more than minimal coverage under a commercial property policy.
The Fraternal Property Management Association Replacement Cost policy, under Business Personal Property, includes personal property in the facility owned or leased by the House Corporation or Chapter. This includes fine arts and composites on display or stored in the facility. It does not include personal property owned by your tenants. This coverage is written on an Agreed Amount basis, unless we receive a Replacement Cost Inventory from you.
If we receive an itemized inventory of your business personal property listing each item and a reasonable estimate of replacement cost, and you are notified it is approved, RSUI Indemnity Company will provide Guaranteed Replacement Cost on these items. Contact your Client Manager at Willis to discuss your specific needs.