Hints and Tips

Valuable paintings, antiques, textiles and china have been sought after for centuries. As well as being enjoyed and appreciated by their owners, it is important to remember they are assets that need to be protected and properly maintained.

Specialist insurance offers protection against financial loss should a painting be lost, damaged or stolen. Jason J Jeffries, Head of Client Services at Confidas explains; “If a picture or antique is damaged, most companies will pay for repair, but not the loss of value which is incurred due to the damage. Home Max and Home Lux offer clients this type of cover.”

Ongoing conservation of art is an important part of insuring, managing and caring for a collection. Should a restoration or repair be needed, it is essential to get the right advice from experts who can direct owners to the right individual to carry out restoration works. If work is not carried out properly it can seriously reduce the value of an asset.

Confidas works with Pall Mall Art Advisors, a leading international provider of fine art valuations and related advisory services. It offers a first class support and advisory service to help clients manage collections and ensures they take care of them to the best of their ability, economically and efficiently.

As experts in restoration, Pall Mall Art Advisors identifies valuables to restore, finds appropriate conservators and restorers, plans and runs restoration and conservation programmes. It also gives independent valuations on art pre and post restoration for insurance purposes. Here Pall Mall Art Advisors offers some basic advice to clients requiring restoration for their artwork and antiques:

• Take sensible steps to ensure that items of value are not located where they may be prone to damage. If in doubt, seek professional advice
• Check you are not contributing to the deterioration of valuable items by exposing them to unsuitable conditions such as sunlight, extreme variations of temperature or humidity
• Ensure that you are aware of specialised cleaning techniques for china, fabrics, gilding, marquetry work, etc. A good source of information is the National Trust’s “Manual of Housekeeping”.
• If you have a number of items would benefit from restoration, consider putting a rolling programme of conservation in place. A professional adviser can help with prioritisation.
• If any damage to your valuables is the result of an accident, fire, flood, etc., contact your insurance broker immediately. Inform them of the nature of the damage.
• Pall Mall Art Advisors can put you in touch with the appropriate specialist restoration firm for your articles. They can advise on immediate steps to be taken to prevent further deterioration of a damaged article. E.g. Books damaged by water may have to be frozen to avoid mould or further decomposition.
• You may want to consider the cost of restoration in-relation to the value of the item. Pall Mall Art Advisors can advise on quoted costs for restoration in terms of any potential change to value after restoration.
• If you have a large number of valuable items or an extensive property, create a disaster plan. This may benefit from professional input and should include;
  
  prioritisation for rescue, say in the circumstances of a fire, map out the best routes for removing specific items
  contact numbers for restorers who would need to be involved immediately
  location of fire fighting appliances.

www.pallmallartadvisors.co.uk

As a specialist in providing High Net Worth insurance solutions, we advise our clients to have their contents valued on a regular basis. In the event of a claim being made, having a recent valuation ensures a smooth and timely replacement or restoration outcome for clients. This is particularly important for fine works of art, jewellery and antiques which have, in many cases, been inherited or carefully collected by the owner.

A regular, independent valuation will ensure clients do not over or under insure their possessions. Overvalued items result in higher premiums and disputed claims. Undervalued items mean financial loss. Pall Mall Art Advisors, leading international provider of fine art valuations and related advisory services, says that more than 75% of the contents it inspects are incorrectly valued. According to the Association of British Insurers’ latest guide on buildings and contents insurance, research shows that one in five UK households could be underinsured because they do not know how much their home contents are worth.

The problem of policyholders underestimating the value of their contents is viewed as a matter of growing concern. The disparity between the insured value and the real value can often be very high, particularly with regard to accelerating jewellery prices. Pall Mall Art Advisors strongly recommends reviewing jewellery valuations every two to three years to ensure the ability to replace items like for like.

For more information, click here for a recent Bulletin by Pall Mall Art Advisors on issues around the underinsurance of household contents.

Jason J Jeffries, Head of Client Services at Confidas, speaking about having an up to date valuation for insurance, says; “Pall Mall Art Advisors has a global team of experts with the experience and knowledge to accurately value the rarest of items. Specialist valuers like Pall Mall furnish Confidas with the vital ‘current’ market information required to create bespoke insurance solutions for our clients’ valuables and collections, with the correct level of financial protection.”

While the price of a shotgun can start at just below £1,000, new shotguns from leading gunmakers such as Purdey and William Evans start between £5,000 to £15,000. Prices for new, bespoke and beautifully crafted antique shotguns go far beyond this. It is clear, guns of distinction are a special asset and should be insured as such.

Jason J Jeffries, Head of Client Services at Confidas, speaking about shotgun cover, said; “Some standard household policies may not extend to shotguns. If they do, it is important to make sure that have the correct level of protection in place to cover replacement, repair or any accidents that should occur. Our Home Max and Home Lux policies offer comprehensive cover for shotgun owners whether storing their equipment at home or travelling with their guns during the shooting season.”

Owners of guns also have the added legal responsibility of keeping their shotguns safe when not in use. It is the owners responsibility to make sure no unauthorised person, without a shotgun certificate, does not have access to their guns.

Whilst rules outlining shotgun licensing and storage our legally binding and can be found on the Home Office web site, Confidas offers basic advice for those insuring shotguns:

• Have your shotgun regularly serviced by a reputable gunsmith
• Carry out an insurance valuation
• Maintain ownership history (where possible)
• Store your shotgun with a breech flag in the chamber to indicate that it is empty and safe
• Store your gun in a purpose built gun cabinet or gun safe that conforms to the British Standard
• Ensure your gun cabinet or gun safe is out of sight to casual visitors

This week, a world-record price was achieved for a watch at auction. The Henry Graves Patek Phillippe Supercomplication pocket watch made its first appearance at auction in 15 years and reclaimed its position as the world’s most expensive watch. The hammer finally fell on $24,000,000.

Whilst it is unusual to possess a watch of this unique calibre, many people own and wear valuable watches on a regular basis from established watch makers such as Jaeger-LeCoultre, Rolex, Cartier, Tag Hauer and Patek Philippe. Whether contemporary or antique pieces, watches must be fully insured so they can be worn with confidence by their owner wherever they are.

Watches are covered as part of standard household insurance, but due to their portability, high monetary value and often sentimental value, it is important to check they are comprehensively covered should they be lost, stolen or damaged.

Jason J Jeffries, Head of Client Services at Confidas said; “Clients need to make sure they have a household policy that will replace items like-for-like, or in the case of repairs, allow clients to choose who they want to carry out the work. We also recommend that clients keep receipts for all special and high value items, photograph them and list them as separate items on their policy. This makes any potential claim for the insurer and the client more straight forward to process.”

It’s no surprise that historic and listed properties cost more to restore, rebuild and maintain than newer homes. The specialist materials and skills required for heritage buildings result in increased costs.

But how much more is often underestimated, and when it comes to insurance, owners of historic and listed properties are putting themselves at risk.

Experts Barrett Corp Harrington (BCH) are specialists in Reinstatement Cost Assessments, and here at Confidas we work closely with BCH to ensure that our clients with historic and listed properties are securely covered.

Here, BCH explain why costs are higher and how homeowners can calculate how much more they can expect to pay when reinstating a listed building.

Confidas recognises the particular requirements associated with reinstating older and listed properties. In the event of a claim, our specialists will manage this process on your behalf to make the experience as stress-free as possible.

No one can predict what kind of winter the UK will experience this year. However, as an insurance broker we know that when cold and icy conditions set in, the number of motor claims rise. If you drive a high value car it is worth thinking about fitting winter tyres that offer a better road grip in cold conditions (7C and below), ice and snow.

Whilst fitting winter tyres is not mandatory across the UK, for those drivers who live in the countryside or regularly drive long distance it should be a serious consideration. If snow or storms strike again, appropriate tyres can make all the difference to being cut off at home or work, and being able to get out and about.

“Don’t wait until the bad weather arrives. We advise clients to have their winter tyres fitted now, while there are good stocks of quality tyres available,” says Jason J Jeffries, Head of Client Services at Confidas. He adds; “It is also important to remember, that when winter conditions cease, winter tyres should be replaced with summer or general purpose tyres which perform better at higher temperatures.”

How the tyres work:

• Winter tyres have a different tread pattern with wider grooves and narrow slits at the edge of the tread area, which combine to give better grip on snow and ice.
• Material used for winter tyres is different. Rubber used for the tread section on standard tyres gets stiffer as the temperature drops, reducing road grip below seven degrees Celsius. Winter tyres use a material which stays soft and grippy to well below zero. (source: www.fleetnews.co.uk)

For more detailed information on using winter tyres please look at the Which web site at: www.which.co.uk/cars/driving/car-tyres/winter-tyres/

In September 2014, Sotheby’s Auction House in London, managed the sale of a significant portion of the Library of Franklin Brooke-Hitching (Part 2, D-J). According to sale literature, over a 40 year period, Franklin Brooke-Hitching assembled the finest private collection of English language books relating to voyages, exploration and discovery from 16th century to 1930s. Many of the books are unique or very rare presentation copies from the authors, or in fine bindings, and all are notable for being in the finest condition imaginable.

Whilst most significant UK library collections are now in museums or academic institutions, there are still a large number of private book collectors who own valuable editions of older and new books. This year, a rare, complete set of first edition Harry Potter books fetched more than £11,000 at an Edinburgh Auction.

Jason J Jeffries, Head of Client Services at Confidas, commenting on high value books said, “Once a client has bought a valuable book, or realised they have something special on their shelves, they need to make sure their household insurance covers this type of asset. They also need to make sure they are stored properly.”

Home Max and Home Lux provide full cover for rare and valuable books. Confidas not only makes sure its clients get the correct cover for books but can advise you how to correctly store and protect your books to maintain their condition and value.

In September 2014 the French wine industry has announced that it anticipates the 2014 wine harvest will be the best for several years. Despite bad weather affecting some areas, Champagne has been blessed with ideal conditions, and a bumper harvest is predicted.

According to experts, Champagne is also becoming an increasingly attractive investment for collectors. More affordable that than the stalwarts of Bordeaux and Burgundy, the great Champagne vintages have appreciated significantly and are set to continue this year. A rare 1949 bottle of Krug recently sold for £2,500.

Without quite realising it, many of us have accrued a few choice bottles from trips abroad, special occasions and charity auctions that, when considered together, can amount to quite a sum; a sum that could exceed the limit on a standard household insurance policy.

Taking out a Home Max or Home Lux policy with the correct cover in place will give you the peace of mind that any fine wine is comprehensively insured for loss or damage.

Jason J Jeffries, Head of Client Services at Confidas, says: “In addition to storing wine properly in order to extend its life, it’s important to store this asset safely and securely. If you store your wine away from the home, it’s worth double-checking that cellar owner has appropriate insurance in place.”

Taking centre stage at last year’s Hampton Court Flower Show was the Quiet Mark Treehouse, an enchanting, elevated garden building kitted out with the latest technology to maximise the outdoor living experience – whilst importantly minimising the noise generated by the extensive ‘home comforts’ featured in the house. Garden buildings have become increasingly popular in recent years, as the home office, gym, artist’s studio and much-talked of ‘man cave’. The shed and greenhouse have evolved! In fact, outdoor living as a whole has grown in popularity in the UK. The Garden Centre Association’s monthly market report shows that, in May 2014, sales of garden furniture and barbeques were up 23% on May 2013. The garden is becoming an extension of our living space, and we are equipping it suitably. Gourmet dining is now possible with sophisticated garden cookers and state-of-art barbeques. Bespoke furniture, leading-edge LED lighting plus contemporary sculpture and design are all features of the 21st century garden. With this added investment comes increased risk. Gardens, which by their very nature tend to be easier to access than a house, can be attractive to thieves. Most standard household insurance policies do not cover garden losses. Home Max and Home Lux, however, include this as standard. Commenting, Jason J Jeffries, Head of Client Services at Confidas, says: “It’s easy to overlook the garden when it comes to insurance; even commonplace items such as mowers and gardening equipment, stored securely in a shed, might not be covered on a standard household policy.” “With our Home policies, contents cover automatically extends to the garden, and can even include bicycles and trees, shrubs, plants and lawns.”