Repsol YPF
Ruta
The insurance of goods of great value
Usually, a conventional multi-risk insurance policy such as the one subscribed at home does not cover those objects that surpass a certain value. If you have things of great value, the best way to protect them is to declare them when contracting the insurance so that they are explicitly included in the document.
For insurance purposes, special goods are those belongings, pieces of furniture or objects whose value is superior to a particular amount or with a special value due to their antiquity, features, artistic quality... Therefore, this includes pictures, tapestries, carpets, jewels, silver objects, works of art, incunabula, fur coats, philatelic and numismatic collections, etc.
Conditions of each company
In any case, it must be taken into account that each insurance company sets forth its own conditions for the different insurances. In fact, some companies treat audiovisual, photography and computer equipments as special goods.
The unitary value that an object must surpass in order to enter the category of "object of great value" also changes depending on the insurance company and on its own characteristics. Thus, some entities include incunabula into the special goods’ category, regardless of their antiquity or their artistic or economic value.
Pictures, instead, are normally considered goods of great value if their market price is, at least, superior to 6,000 Euros. Antiques and other objects such as those mentioned before may be included among the special goods simply if their price is about 2,000 Euros.
Corresponding premium
Regardless of the nature of the object of great value, for the insurance policy to cover the robbery, damage or deterioration of the object this must be explicitly specified in the document. The policyholder must have paid the amounts corresponding to the premium concerning the coverage of the object so that the insurance company meets its responsibilities.
As usual, it is advisable to read the text printed in "lowercase letter", which includes the details concerning the general conditions of the insurance, as, for some reason, this type of goods may be excluded in case certain contingencies may happen. For instance, when contracting coverage against robbery, it must be kept in mind that there is a difference between a robbery –when violence is exerted upon the objects in order to steal something in particular- and a larceny –when there is no violence- or an assault or pillage –when persons are intimidated or forced. These concepts may seem synonyms but they must be distinguished so as to make sure about the coverage and the exemptions of the policy.
Logically enough, the insurance companies usually demand the policyholder to provide proofs of legitimate property and of the existence of these goods. They usually ask to provide photographs, expert assessments, invoices, authenticity certificates, etc. As a precaution measure, and mainly in case an accident may take place, it is advisable to keep in a safe place those pieces of evidence that may serve to prove the value of the damaged goods.
Still, it must be taken into account that the indemnification per damaged object amounts to part of its value in the market only and it reaches a maximum rate that is marked by the value insured in the policy. In general, insurance companies readjust the capital of the clients and their corresponding premiums automatically, according to the General Price Index. Sometimes, this amount may be insufficient if the goods have gained value beyond that amount during that time.
Related articles:
- What to do if you suffer a theft
