Private Collections Insurance

Regardless of their location, each piece included on your policy is covered in the event of damage due to fire, theft, earthquake, flood and even breakage. Here’s what else you can expect:

• New acquisitions are immediately covered at the time of purchase, giving you 90 days to add them to your policy (coverage is up to 25% of your overall policy limit; other options available upon request).
• If a covered item needs to be replaced, we will reimburse up to 150% of its scheduled value.
• Jewelry coverage extends during re-setting, polishing or other professional repairs and restoration. In- and out-of-vault coverage is available, and there’s no additional charge for most out-of-vault jewelry transactions.
• Before finalizing a purchase, you can take articles (worth up to $1 million) home on loan and know they are protected.
• If you wish to use artwork as a loan guarantee, we can make the lending institution an additional loss payee and named insured on your policy. We also can recommend a variety of financial companies who offer such loans.

You may already employ specialists to manage the financial aspects of your collection, but a different kind of expertise is required to identify — and remedy — everyday circumstances that can threaten its value.

We are proud to offer the services of our in-house team of collection management professionals. As a complement to the efforts of your advisors or curatorial staff, we can help:

• Develop comprehensive maintenance programs
• Coordinate appraisals and inventories
• Facilitate packing and transport
• Prepare for natural disasters
• Conduct vulnerability assessments at your home

The following are a few real-life stories of our polices, services and expertise in action:

Stolen Jewelry
A policyholder arrived at his second home to find that it had been burglarized and several pieces of jewelry had been stolen. He reported the incident to the police, then immediately called his independent insurance advisor to ask that a claims adjuster respond as soon as possible. A Chartis claims specialist was there within 45 minutes — even before the police arrived. Our claims specialist brought a list providing details about the missing jewelry, to assist with the police report and the claim. The specialist also came prepared with the names and telephone numbers of two private security companies who could to guard the house until the alarm system, which had been damaged in the break-in, could be repaired. Chartis also arranged for an emergency board-up vendor to secure doors and windows that had been compromised in the break-in. The policyholder hadn't had a moment to consider these critical exposures, and was relieved that we had.
 
Lost Diamond Bracelet
A Private Client Group policyholder lost her brand-new diamond bracelet and submitted a claim under her homeowners' policy. Though she'd paid $5,000 for the bracelet less than 90 days prior, the homeowners' policy carried a $2,500 deductible, which meant she'd be able to recover only half the value of the missing bracelet. Most insurance companies would have simply honored the deductible and paid out the rest, but our claims specialist looked a little deeper into our client's coverage, and discovered that she also had a private collections policy, which did not have a deductible. Aware that our private collections policy automatically extends to newly acquired items up to 90 days after purchase, our specialist re-filed the claim under the more precise policy so that our grateful client could recover the full value of the lost bracelet.
 
Bracelet Falls into Marina
While lounging on her boat at the marina, a policyholder felt her diamond bracelet — a gift to commemorate the birth of her child — slip off her wrist and fall into the water. Private Client Group recognized the item's sentimental value, so rather than simply paying the claim, we hired a professional diver, who successfully recovered it and returned it to our relieved client.

Art and Heirlooms Saved from Hurricane Damage
A Chartis claims specialist assessing damage to our policyholders' properties in the immediate aftermath of hurricane came upon one client's property that had been particularly devastated. Our specialist called the homeowner, who was hundreds of miles away, to report the status of the home. The homeowner was particularly worried about valuable artwork and the family's heirloom silver, so, with the policyholder on the line, our claims specialist went from room to room, located the artwork and moved it to safety. When the specialist was asked to get a key from a credenza to unlock the closet storing the family silver, he discovered the credenza had washed away in the storm. At the homeowner's request, the closet door was broken open and the silver recovered. All items were then expertly packed and shipped to the policyholder.