Need Insurance carriers for high value Gemstones, artwork, paintings?

This is for purposes of securing financing against these products

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I know State Farm will insure high value items like these. If you are insurung an item for over $5000, you will need to provide a professional appraisal from the last two years, or a receipt or bill of sale. Hovever, the gemstone must be mounted, they do not insure loose gemstones.

If you go to state farm, go to a local agent & tell them you need a personal articles policy. The price for this coverage usually is rather small.

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Unfortunately, if you need to use them for collateral for a loan, you most likely can't afford the insurance for them.

HOWEVER, if they are adequately protected (must have security system, etc), you can easily get a quote for coverage from an independent agent.

I know Great American loves writing stand-alone property coverage, and the fine arts rate can be as low as $.75 per hundred dollars of value. Of course, security system is a huge concern, but if you agree that coverage only applies while the items are in a safety deposit box, it shouldn't be a problem. Of course, the lender might not agree to that condition . . .

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Answers:

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