For connoisseurs and enthusiasts, a collection is more than just an accumulation of valuable items; it's a testament to passion, a curated reflection of personal taste and often, a significant part of one's legacy. From fine art and rare antiques to vintage automobiles and exquisite jewelry, these treasures represent substantial financial and, crucially, sentimental value. Protecting them adequately requires a level of understanding that goes far beyond standard insurance policies.
The Chubb 2025 Wealth Report sheds light on the evolving concerns and sometimes surprising vulnerabilities within the collecting community. While the desire to safeguard these passions is universal, the path to true protection isn't always as clear as it seems.
Unpacking the true risks: Beyond the obvious threats
It's natural for collectors to primarily associate risk with catastrophic events. Indeed, the Chubb report notes that collectors overwhelmingly believe "the greatest overall risk to their collections comes in the form of loss or damage from natural disasters (73%)—greater than the risk of loss or damage from fire (69%) or theft (65%)”. These are certainly important considerations, particularly with increasing climate volatility.
However, the report reveals an important insight that often goes overlooked: Collectors are "actually more likely to experience a non-weather-related water loss—a burst pipe or a leak from the apartment above—than a catastrophic event.” This highlights the importance of comprehensive emergency planning, including keeping updated inventories, identifying priority pieces for evacuation, and building relationships with professional art handlers and conservators before an incident occurs. As the report emphasizes, "Whether you're dealing with fire, flood or a burst pipe, it really comes down to pre-planning: knowing what to do, when to do it and who to call."
The underinsurance dilemma for new acquisitions
Despite the clear value and myriad risks, the report identifies a significant protection gap: "only a fourth of collectors plan to insure the new acquisitions they make this year.” This statistic is particularly striking given the understanding many serious collectors have of protection. This oversight can leave newly acquired, often highly valuable, pieces dangerously exposed.
Beyond financial reimbursement: The partnership collectors truly seek
Modern collectors desire more than just a financial payout after a loss. They are actively seeking "market intelligence and advice on loss prevention—particularly for wearable art, such as watches and jewelry—as well as guidance on preservation.” They want more than a transaction; they seek "a partnership, not just a policy.” This means collaborating with advisors and insurers who understand the nuances of their specific collections, providing expertise in valuations, care, preservation and connecting them with trusted third-party service providers.
Your trusted partner in protecting your distinctive collections
At Willis, a WTW business, we share this philosophy. We understand that your collections are unique and require specialized expertise that extends far beyond standard coverage. We pride ourselves on offering a comprehensive approach to protecting your fine art, jewelry and other valuable collectibles.
Our tailored solutions include:
- Specialized coverage: Policies designed to cover multiple causes of loss, going beyond simple damage to encompass the specific risks associated with transport, exhibition and even non-weather-related incidents like burst pipes
- Expert consultation on valuations: We provide guidance and connect you with trusted experts for accurate item valuations, which are important for proper coverage and estate planning
- Proactive loss prevention and preservation advice: We offer insights into best practices for preventative measures and connect you with resources for professional care and preservation, ensuring the longevity of your treasures
- Strategic planning and emergency preparedness: Working with you to develop master plans, including priority lists and resources for swift action in emergencies, helps minimize potential damage
- Access to a network of experts: Our connections to art handlers, conservators and other specialists ensure you have the right support, from routine care to crisis management
Protecting your passions means understanding the risks and seeking a partner whose expertise matches the distinctiveness of your collection. Let Willis help you secure not just the financial value, but the enduring legacy of your prized possessions.
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
