Art theft and damage why insurance makes sense
Art Insurance is there to cover damage and theft, but a key question many art owners ask themselves is whether their art work is really at risk of being stolen or damaged?
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The law governing Insurance for Art & Collectables
Lets start at the start. If you have art or collectables within your SMSF, then you need to be aware of, and comply with, the new rules that govern them, otherwise you’ll be in trouble (e.g fines, funds complying status etc). One of the new rules relates to insurance.
What are Art, Collectables and Personal Use Assets?
The rules applying to Art & Collectables held within your SMSF are important to understand, but as a starting point its worth noting that the ATO actually refers to collectables and personal use assets. So, what exactly is a personal use asset?
What does Art Insurance cost?
The first thing to know is that Art Insurance is hard to get. What influences the cost, and what we do to add value.
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