Product Q&A: Auctioneers Insurance
What does auctioneers insurance cover?
Auctioneers Insurance covers an Auctioneer for all the stock and goods in trust that they have at their premises or that they have assumed a responsibility to insure.
The policy can also cover their business contents, money, glass, business interruption, public and products liability and marine transit risks where required.
Finally, the policy can cover them for off-site auctions held at hotels and private houses where needed. We can cover auctioneers of fine arts, collectibles, jewellery and valuables, antiques, furniture, wine and classic cars (classic cars are not covered when being driven under own power).
What are five key considerations when placing auctioneers insurance?
Auctioneers have complex insurance requirements particularly around the basis of settlement. There are different bases of valuation depending on where the item is in the auction cycle. For example, when the item is first brought in, the item will probably not have a reserve set – this process occurs as the catalogue is compiled.
So, at the outset, the auctioneer needs to be able to establish a provisional value with the owner and for the policy to respond on that value. Once a reserve has been set the value is the reserve price, but if a higher value has already been agreed in step 1 above, then this price will apply up to reserve plus 30%. At fall of hammer the price is set as the sale price plus buyers’ commission up to 15%.
The 5 key placing considerations are:
What can Quantum provide?
For more information about our Museums Insurance:
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