Fine art, jewellery and valuables
Cover for the items a standard policy limits or leaves out
Most home policies cap jewellery, art and collectables at a figure well below what the items are actually worth, and settle on a basis the owner would not accept. Total Risk Managers looks at high-value personal articles and collections for licensed brokers across Canada.
Worldwide
Cover follows the item rather than a single address
Private and institutional
Individual collectors through to galleries, dealers and exhibitions
Broker only
Submissions reach us through a licensed broker
Appetite
What we look at
These are the items and situations to send us:
- Personal jewellery and watches
- Fine art and paintings
- Antiques and silverware
- Coin, stamp and wine collections
- Private and corporate collections
- Museums and exhibitions
- Commercial galleries and dealers
A jewellery business insuring its own trading stock is a different class. For that, see our jewellers block page.
What the cover addresses
How valuables are usually insured
A valuables policy works differently from the contents section of a home policy. What applies to any one risk depends on the policy issued and the risk itself.
Agreed value
The figure is settled at the outset rather than argued about after a loss, which is the main reason these items are scheduled separately.
All risks basis
Written against accidental loss and damage rather than a short list of named perils.
Worldwide cover
Follows the item when it is worn, travelling, on loan or in storage, not only while it sits at home.
Pairs and sets
Deals with the fact that losing one earring or one piece of a set damages the value of what remains.
Newly acquired items
Cover for pieces bought during the policy period, usually for a limited window before they must be declared.
Exhibitions and transit
Works on loan, in transit or on display in a temporary venue, generally on separate terms.
Before you send
What to include in a valuables submission
A submission that answers these upfront can be quoted without us coming back to ask.
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The items
A schedule with descriptions and values, the highest single item value, and the total. Say whether items are to be scheduled individually or covered on an unspecified basis.
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Valuations
Who valued the items, when, and whether you hold the documents. Older valuations on jewellery and art often understate current value.
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Where they are kept
The address, whether items are held in a safe or a bank vault, and what alarm and protection the property has.
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How they move
Whether pieces are worn regularly, travel abroad, go on loan to an exhibition, or spend time in transit or storage.
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History
Any losses in the last five years, what happened, and what changed afterwards.
Common questions
Questions brokers ask about valuables
Why not just rely on the home policy?
Most home policies apply a single low limit to all jewellery combined, and a separate limit per item. A client with one significant ring can pass that limit on its own.
They also tend to settle on an indemnity basis with depreciation, and to restrict cover away from the property. A scheduled valuables policy addresses all three.
What does agreed value actually mean?
It means the value is fixed when the policy is written, so after a loss the conversation is about what happened rather than what the item was worth.
It relies on a credible valuation at the outset, which is why the valuation documents matter as much as the schedule.
How often should valuations be updated?
Gold, gemstones and art can move sharply, and a valuation from several years ago may leave a client significantly underinsured without anyone noticing.
Reviewing valuations periodically is normal practice in this class. The specific requirement depends on the policy issued.
Can items be covered while travelling or on loan?
Generally yes — worldwide cover is a normal feature of this class, and works on loan to a gallery or exhibition are common.
Tell us in the submission if items travel regularly or are lent out, since that shapes the terms rather than being a detail.
Who can approach Total Risk Managers about a valuables risk?
Licensed insurance brokers. Total Risk Managers is a Managing General Agent, which means we work through brokers rather than dealing with the public. If you own valuables and are looking for cover, speak to a licensed broker, who can then approach us.
Have a valuables risk to place?
Email the details to submissions@totalriskmanagers.com and we will come back to you. Submissions are accepted from licensed insurance brokers.
This page describes coverage in general terms. Cover, limits and conditions vary by policy and by risk. Nothing here changes or replaces the wording of an issued policy. Coverage is arranged through a licensed insurance broker. If you are a broker, contact us. If you are not, please speak to your broker.