Art insuranceArt and insurance – two worlds that belong together

Why insure art?

Valuable art is not ordinary household goods. Household contents insurance usually covers art up to a low insured sum. But for protection of more valuable objects such as contemporary and historical paintings, drawings or even sculptures, the coverage of such policies is often insufficient.

Art insurance protects your valuable art objects

The terms and conditions of standard household contents insurance policies are not adapted to the special requirements of art. The risk of underinsurance is very likely, since art objects are frequently deemed to be valuables. Household contents insurance policies limit compensation for art objects – typically 20 percent of the insured sum, which is only a fraction of their actual value. Moreover, terms such as restoration and impairment are rarely mentioned in a household contents insurance policy.

Art insurers are aware that unique art objects are not readily available on the art market; art insurance therefore allows for what it would cost to acquire a comparable work of art of the same kind and quality.

All-risk insurance coverage for works of art

The coverage concept for art is not limited to single risks, as is the case with standard household contents insurance. An all-risk policy covers all possible risks not explicitly excluded by the insurer’s terms and conditions.

To ensure outstanding protection of your works of art, MRH Trowe assists you in carefully selecting the insurer and in calculating a sufficient insured sum for your art collection. We maintain excellent contacts with all art insurers in Germany, so we can create a custom-tailored coverage concept for you.

Coverage in case of mishaps

The coverage of art insurance policies is much broader than that of standard household contents insurance: It includes damages caused inadvertently by the insured party or a third party. For example, if a painting on the wall falls while cleaning. Such mishaps are covered by all-risk policies.

Why insure valuable household effects and jewelry?

Valuable private assets include not only luxury household items, but also jewelry, timepieces, and gold or silver. The insured sum can therefore easily run into five or six figures.

In the case of conventional household contents insurance, the inclusion of coverage for valuable art is non-existent or limited to named risks (such as fire, water, burglary, theft, damage by natural forces).

Special coverage needs

The insurance needs for luxury household goods and valuables, as well as luxury property, is as particular as the coverage concepts that are created based on our individual insurance solutions. Unlike standard household contents policies, custom tailored all-risk coverage concepts offer extensive insurance coverage for all damage, destruction, and loss of household contents, art, collections, and jewelry/timepieces.

Insurance for jewelry when worn

Customers who own a lot of jewelry benefit most of all from the all-risk coverage because in addition to coverage within living quarters, safes and safe-deposit boxes, the “wearer’s risk” can also be insured. If you lose your watch or a stone from your ring, you are covered, just as in the case of robbery or theft involving deception.

Take advantage of all-risk coverage for your luxury real estate

Within the framework of a modular concept, you can also insure your first-class property. The coverage concept accounts for the furnishings, such as high-quality marble tiles, artistically designed windows, pools, including outdoor pools, as well as custom tailored interior conversions. With the building module, all damage to the building – except damage that is explicitly excluded – is included in the insurance coverage. Even mansions and listed buildings, as well as vacation homes, can be insured individually.

Mission

Whether in your private residence, while traveling or during transport – insurance protection for your valuables requires highly individual solutions. As a specialist insurer with an extensive network of national and international art insurers, we offer you custom tailored insurance protection within the framework of individual concepts with a high level of coverage. Our experience allows us to provide fast, professional assistance – from risk assessment to choosing a suitable insurance company and, of course, processing of claims.

Why insure vacation real estate?

More and more people enhance their quality of life and pursue an international lifestyle by owning vacation property. Since a vacation home is not always occupied, there is a special risk of damage going unnoticed for an extended period.

Potential risks

Vacation home insurance protects you against the financial consequences of burglary, water damage and other damage events. For example, vacation villas in high-risk foreign locations require a special solution, in the form of all-risk coverage. Any type of vacation home or vacation apartment in Germany and the rest of Europe can be insured. It is also possible to combine vacation property insurance with household contents, art, and jewelry insurance.

Convenient claim handling for vacation real estate in a foreign country

We place vacation home insurance with a German insurer. This means that the terms and conditions of the insurance policy are in German. Potential claims are settled in German and in accordance with German standards. Of course, provisions are made for any national taxes and circumstances specific to the respective country. Some insurers also offer real estate insurance for privately rented properties.

We assist you in choosing custom tailored coverage for your vacation residence, to ensure that you can enjoy a carefree vacation.

All-risk insurance covers valuable household contents as part of a multi-line concept, also in connection with art and buildings. This concept is also available internationally.