No matter how carefully shipping company packages your antiques or artwork, you should always purchase insurance. Shipping Insurance is intended to protect your freight during the ocean, air or land transportation. There are lots of things beyond the human control: e.g. ship, aircraft or truck may catch a fire; cargo can get soaked or the whole container may even get washed away during the ocean storm. Besides, cargo may be damaged due to mishandling at loading/unloading ocean ports and airports. Shipping freight insurance offers financial protection in case your cargo gets lost, ruined or damaged.
Antique and Artworks Shipping Insurance
As you’ve already understood, risk exists whenever an artwork is handled, packed or transported. Correctly packed and stored things are far less vulnerable, but no storage facility is a risk-free environment.
Antique shipping insurance must coverage at all levels of valuation for artworks and antiques.
- Available worldwide, comprehensive coverage protects during the entire chain of custody from initial pickup through to delivery and installation.
- Condition reports and documentation support for third party insured shipments.
- Connection with institutional risk managers.
The insurance cover will start from picking through to final delivery to the destination. You may choose between two different types of cover:
1. Owner Packed – this is the basic insurance for owner packed items covering loss and theft but not including damage and breakage. The charge is approximately 2.5% of the declared value of the goods.
2. All Risks – this covers all goods that have been packed by crew of shipping company and includes loss, theft, damage and breakage. The charge is about 3.5% of the declared value of the goods.
There is also storage insurance worth to consider. It provides cover while your possessions are in storage. Generally, storage insurance is charged at 0.5% of the declared value. Insurance Premium Tax is payable in addition, at 5% of the premium.