For those living in disaster-prone areas, emergency preparedness is a familiar responsibility. From installing shutters and stocking emergency supplies to mapping out evacuation routes, most homeowners have a plan in place for their property and family. But one critical element is often overlooked: protecting high-value collectibles, such as art, fine jewelry, wine, and other precious assets.
Collectibles emergency planning – best practices
While disasters are unpredictable, the steps you take beforehand can help reduce their impact.
Conduct a vulnerability assessment
Consider all the possible natural elements and disasters that could impact where you live, year round. For example, in some regions there could be risk of wildfire in the summer, and extreme cold in the winter. You’ll want to repeat this process for any additional properties where you have collections.
Create different strategies for different elements
Once you map out potential vulnerabilities related to different weather events, you can think about their respective protection strategies. For example, you may create a list of the top five artworks to remove in the event of an oncoming wildfire. However, knowing a water pipe could burst in the winter may lead you to install a water shut-off device. Note that two completely different exposures may affect the same residence.
Create a written plan
Because natural disasters are unpredictable, consider making a plan and documenting it, also keeping necessary supplies on hand so you can put the plan in action at a moment’s notice.
Document, document, document
Documentation is your best friend when it comes to disaster planning, especially if you end up needing to file a claim. These days, there are many collection management tools, such as Collector IQ, Lobus, CatalogueIt, and Gallery manager, though an excel spreadsheet is perfectly fine.
Whatever the system you end up going with, these are the details you’ll want to capture:
- Keep receipts, invoices, and appraisals. Ideally, scan them and keep a digital copy in the event the documentation is lost.
- Keep a full description of the object including artist/maker, size, medium, condition, and place of acquisition, in addition to its location within your residence.
- Take a picture, or even a video, of your residence and your collection.
Safeguard your collections from severe storms
The best way to protect your art collection is to protect your residence from the oncoming winds and water. In addition to preparing your home, there are other steps you can take prior to the start of storm season.
Review your insurance coverage
The best way to ensure that your insurance will provide the financial protection you need for your valuable collectibles and assets is to review it with ample time. We recommend working with your insurance advisor to understand the coverage you have in place, connect with any resources the insurer may offer, and review your catastrophe plan with them for fine tuning.
Raise, remove, cover
Some items will fare fine if you’re able to raise them from the floor, while others may need to be moved or completely removed. Consider which items should be moved to the second floor to avoid possible flood damage on the first floor. Are there sculptures on the floor that can be raised? Secure important documents for your collections in waterproof storage, keeping digital copies whenever possible.
Offsite storage
Consider items you would like to remove from harm’s way. Are there valuable or sentimental items you would like to move to a professional storage facility when a storm watch is posted? If so, your insurance advisor may be able to provide suggestions about trustworthy, professional facilities.
Outdoor collections
For outdoor sculptures that cannot be moved inside, can you cover them? A protective tarp can protect sculptures from being damaged by flying debris if they are too heavy to move.
In case of evacuation
If you are instructed to evacuate, turn off utilities and close all interior doors before you depart. Closing interior doors is a crucial step because if an exterior opening of your home is blown open or a window is broken, high winds can enter your home. This will place your home under forceful pressure, which puts an upward force on your roof. By closing your interior doors, you compartmentalize the pressure into reduced areas. This, in turn, will put less stress on the roof structure.
Take proactive steps to mitigate loss
Though these recommendations are a great starting point to protect valuables and collectibles, different assets require different safeguards. Our private risk experts can provide additional resources and recommendations about what you can do to protect not just your collections, but also your property, business, and family.
Let us help protect what matters most to you and your family.
This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
