Fine Art and Collectable Assets Insurance
At Business Insurance Specialists, we are familiar with the various types of collections, including Fine Art, Jewellery and Wine. We appreciate the need to obtain comprehensive cover.
We are familiar with Fine Art insurance options in wordings and available in the marketplace. Benefits include:
- Defective Title
- Market Appreciation
- Incomplete or Work in Progress Fine Art cover
Whether your highly valued personal property is kept in a vault, in storage, or at home, we can assist.
SMSF Insurance Requirements for Artwork
When insuring valuable items that are investments for retirement and not present-day use through your Self Managed Super Fund (SMSF), such as Fine Art, Paintings, Sculptures, Jewellery or wine, there are some minimum ATO requirements. These requirements include the assets cannot be
- Leased to a related party
- Used by a related party
- Stored or displayed in a private residence of a related party
A full definition of collectables is found on the ATO website, with the stated insurance requirements for an SMSF quite strict.
- The fund must insure the assets in the name of the fund within seven days of purchase.
- For example, you cannot protect the assets under your standard home and contents insurance.
A proper SMSF Fine Art insurance policy can provide coverage for Fire, Damage and Theft, and transit. With some Artwork, such as paintings, being as expensive as an average person’s house, it makes sense to obtain a broad level of cover.
To obtain a competitive costing for coverage, please complete our on-line Fine Arts form or call us on 07 3139 3900.