Are Your Prized Possessions Protected?

Insurer USAA posted an article titled “Are Your Prized Possessions Protected?” explaining the basics of homeowners insurance coverage and when valuable personal property insurance might be needed.   Antiques, fine art, silver, jewelry and several additional items can be covered under a specialized policy.   Included in the article is a list of steps to follow to get the most protection:

  • Check your current coverage. Before getting an additional policy, review your homeowners or renters policy and fully understand what the policy covers and what it doesn’t.
  • Update the appraisals. Keep appraisals current (at least every five years), and notify your insurance company if the value changes. Appraisals should be done by a certified professional appraiser with expertise and credentials in the type of item you are insuring.
  • Keep all documentation. Proof of ownership is required when you report a loss, so the more paperwork you have — receipts, appraisals, financing statements, and repair or cleaning bills — the easier it will be if you have to make a claim.
  • Details matter. Provide your insurance company with a full description of each item. For example, if you are insuring a diamond ring, you want to list the cut, clarity, carat, color, number and measurements of the diamonds, and the type of gold — the more detail the better.
  • Do your part. Keep your valuable possessions properly cleaned, maintained and safely stored to avoid damage, loss and theft.

 

An important part of special coverage is to have your valuable items appraised by a qualified appraiser, and updated every 5 years.

Source: USAA website

ART and CRIME

 When it comes to art and cultural property crime, we’re used to hearing about high profile thefts at museums.  According to the Art Loss Register, over 50% of thefts occur from private collections.  There are hundreds of thousands of reported art crimes each year, not to mention those unreported.  This includes theft, fraud and looting as well as trafficking across state lines and international borders.  The category of art crime is rather broad and can include fine art, antiquities, collectibles, musical instruments, antiques, pottery, glass, silver, books, documents, textiles and much more.

In the March issue of the FBI Law Enforcement Bulletin, there is an excellent article discussing many of the issues relating to worldwide art crime:  Protecting Cultural Heritage from Art Theft by Noah Charney, Paul Denton, and John Kleberg.  It discusses how art crime on local and international levels potentially funds organized crime and terrorist activities.   It also discusses what law enforcement agencies around the world are doing to combat this problem.

The FBI has an Art Crime Team with 14 special agents.  They conduct investigations and manage the National Stolen Art File, a search-able database of stolen art and cultural property objects.  An FBI Agent spoke to an appraisers meeting I attended a few years ago, and stated that 80% of the signatures on celebrity and sports memorabilia were fake.  Buyer beware!

In Southern California where I live, the Los Angeles Police Department Art Theft Detail is charged with investigating thefts, fakes, frauds and forgeries.  They also publish a list of alerts and latest stolen art.

Personal property appraisers need to be aware of these issues, and exercise due diligence on appraisal assignments.  Owners may be unaware they have been given or purchased a suspicious object with an unclear title.   Items with questionable provenance or title may have a lower value, and ownership rights are subject to challenges and claims. 

ADDITIONAL RESOURCES:

Art Loss Register http://www.artloss.com/en

Association for Research into Crimes against Art  http://artcrime.info/

Fine Art Registry http://www.fineartregistry.com/

International Foundation For Art Research http://www.ifar.org/

 

 

 

Protecting Your Valuables From A Disaster

 

Fire season is upon us in California and it’s time to be prepared.  As a personal property appraiser, I’d like to offer the following tips on protecting your valuable possessions prior to a disaster:

  • Photograph and inventory the contents of your home.  You can do it yourself or hire a professional home inventory company.
  • Check with your insurer to see what your policy covers, whether you have an Actual Cash Value or Replacement Value policy and what might need to be appraised.  Many items are not covered on standard insurance policies, such as breakage and earthquake damage.  You may need to purchase an extra policy for valuable articles.
  • Antiques, collections, art and other high value personal property should be appraised for replacement value.
  • Select an independent appraiser from a major appraisal society such as the International Society of Appraisers, who has been designated and tested.
  • Keep one copy of the appraisal in a separate location from the home, e.g. safety deposit box, insurance company, relative, on-line storage.
  • Have the appraisal updated approximately every five (5) years.
  • It’s much better to have your items documented in advance, than to try to deal with a loss claim after the fact.

Helpful Articles:

Will Your Homeowners Insurance Cover You If Disaster Hits? , Sandra Block, USA Today

Antique Insurance Coverage: What Antique Collectors Need to Know to SafeGuard Their Treasures, Insurance Information Institute

Is Your Home Fire Safe?, Insurance Information Network of California