| Insuring Your Quilts
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posted: 7/15/2003
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Realize that your quilts are valuable
I tend to under-value my work, but contemporary and antique quilts, especially
if they are high quality or unique, are very valuable.
Your quilts may not automatically be covered by your homeowners insurance
Contact your insurance agent to determine if your quilt is covered under your
current homeowners insurance policy.
Make sure that your insurance policy specifically says it will cover your quilts
Don't rely on verbal assurances from your insurance agent. Get it in writing.
Ask if you need a fine arts floater or an inland marine rider
This additional insurance will typically require you to submit a written appraisal.
Your insurance agent may be able to tailor fit this type of policy to fit your
unique needs.
Ask if the policy is for full value or only replacement value
Be clear about what the terms used in your policy actually means and what it
actually covers. Does it cover total replacement cost? Does it cover only a
percentage of the value? Is your quilt only covered when it is in your home?
Typically, a homeowner's policy does not cover your quilt while it is being shipped
or while it is at a show, but it may cover your quilt while it is in your car.
Be sure you know what the limitations are.
Have a current appraisal
Your insurance agent will probably want an appraisal to establish the value of
your quilt. Keep your appraisals current by having the quilt appraised every
three years.
Good record keeping helps validate the value of your quilt
This could include several photographs, receipts for fabric and material, estimated
time spent making the quilt, size of the quilt, pattern, fabric samples, any shows
the quilt was displayed in and awards it may have won.
If you display your quilt in a show, check to see if it will be insured
by the show coordinators during the show
Be sure to ask questions first. Larger quilt shows may provide insurance, but
your quilt may be covered for only a nominal amount unless you give them a copy
of your appraisal. If they provide insurance, coverage begins when their representative
takes possession of your quilt and ends when the quilt is turned over to the shipping
company after the show. It does not cover your quilt during shipment to and from the
show and typically, your homeowners insurance does not either. You need to purchase
separate insurance from the shipper. Some shipping companies limit the amount you can
insure a piece of fine art for, so check what their limitations are too.
If you are a professional quilter or quilt teacher, you may need a different
kind of insurance
Check with your insurance agent to see if you need a commercial insurance policy.
You can get a comprehensive policy specialized for quilters
Chris Johnston offers a comprehensive policy that will insure your quilts, quilt
making supplies, sewing machines, and etc. This policy will cover your quilts while
they are in your home, while they are being shipped, and while they are at a show
provided it is within the US or Canada. It insures your quilts against theft, fire,
and mysterious disappearances. It does not cover wear, tear or deterioration. For
more information, contact Chris at 800-688-7472 or cjohnston@milnescali.com
©1999-2003 Maria Elkins
www.lostquilt.com
www.theQuilterCommunity.com
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