Insuring Collectibles in New York

New York stands as a global hub for art, culture, and collectibles, making it a prime location for collectors of all kinds. From fine art and sports memorabilia to luxury handbags and coins, the state is home to diverse collections that reflect its residents’ eclectic tastes and interests. As such, Collectibles insurance plays a pivotal role in safeguarding these valuable assets.

Distinguished’s Fine Art and Collectibles program provides comprehensive coverage tailored to the needs of collectors of all kinds, including personal collections. The program is available in 49 states, including New York. It covers fine art, sports cards, handbags, and other collections, up to $125 million on a single risk as the primary or excess layer or on a quota-share basis.

What’s Covered

The policy covers a wide range of risks for direct physical damage, including fire and theft, under an all-risk policy structure with broad coverage. Specific hazards, typically on a location basis, may be restricted, like water damage for flood-prone areas or basement and first-floor storage. For example, places like Chelsea, which has a large concentration of galleries, were hit hard with water damage during Superstorm Sandy. We recommend storing collections outside of the basement area to avoid coverage restrictions.

Insuring Collectibles in Fine Art Storage Facilities

New York’s art scene, centered on its renowned galleries, museums, and auction houses, has created a unique market for fine art and collectibles. The Fine Art and Collectibles program offers insurance that aligns with New York collectors’ specific demands, such as coverage for storage in fine art and specialty facilities, a critical aspect for those with space limitations or seasonal rotation needs. While other insurers face capacity constraints in high-value storage areas, our program offers coverage without geographic limitations within the state.

No Capacity Constraints Based on ZIP Code in New York

Some insurers also face capacity constraints and limitations in insuring collections in dense areas like Manhattan. We have the capacity to provide coverage without limitations in all areas throughout New York City and the state.

Insuring Collections in Secondary Homes

Another distinguishing feature is the program’s approach to secondary homes, which are common among New York’s high-net-worth individuals. Whether it’s a penthouse in the city, a beach house in the Hamptons, or a winter retreat in Florida or Arizona, the Fine Art and Collectibles program provides seamless worldwide coverage, eliminating the need for location-based reporting. This appeals to collectors with multiple residences and ensures peace of mind no matter where their assets are stored.

Covering Small and Large Collections

The Fine Art and Collectibles program accommodates both small and large collections. The minimum premium of $500 makes our program accessible, while our high capacity of $125 million ensures suitability for even the most extensive collections. This flexibility positions Distinguished’s program as a leader in New York’s competitive collectibles insurance market.

Get a Quote for Your Collector Clients in New York and Around the Country 

Registering your agency with us is the first step in getting a quote for your client. Once your registration is complete, you can fill out and submit applications for your clients through our online portal. The application will require details such as:

• Security information
• Property covered
• Loss history

We also accept ACORD applications accompanied by a Distinguished supplemental form. In some cases, we may request additional information to better understand your client’s needs, such as a copy of a dealer’s consignment agreement or a detailed description of the collection.

If you have any questions about our Fine Art and Collectibles Insurance program or the application process, please don’t hesitate to reach out. You can contact us directly at fineartandcollectibles@distinguished.com or visit our Fine Art and Collectibles insurance product page for more information.

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate, Community Associations, Surety, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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