Insuring Your Favourite Assets

While living in luxury is a style statement for some people, for some it's the way of living their lives. If you are one of those leading a luxury lifestyle, you ought to be aware of the indulgences like exquisite paintings, expensive interiors and property, luxury cars, yachts and even your weddings and jewellery which are quite an expensive and 'high-maintenance' affair. What if you suffer some unforeseen losses with respect to any of these assets? You lose the value not only in terms of money but also in terms of your precious memories and emotions attached to such items. Thus securing your assets is always important and insuring them is the only way to avoid the huge financial loss.

Insurance of art and paintings
Why suffer sleepless nights for possessing such precious appreciating assets? Insurance policies offer artists and buyers comprehensive all risk covers which is in line with global standards and tailor made to suit the requirement of different proponents. There are different benefits offered by various insurance companies that include insurance of drawing and painting items, sculpture, etc. All types of accidental physical loss or damages are covered under the policy including those arising out of natural catastrophes. Such a policy covers total loss to the painting and also partial losses like scratches, stains due to accidental falls, impacts etc.

Insurance of Jewellery
Jewellery insurance comes under standard home insurance package policy. You can insure your valuables like jewellery, expensive watch, accessories, etc. against loss of these items through theft, natural calamities, damages and so on under this cover. For damaged item, the cost of repairs will be reimbursed not exceeding the sum insured for the item. In case of theft, the amount reimbursed would be the market value of the jewellery on the date of loss not exceeding the sum insured mentioned in the policy for the items lost. The premium depends on the sum insured amount, for example - for a cover of Rs 5 lakh for contents, out of which Rs 1.5 lakh is stipulated for jewellery, the premium will be in the range of INR 1250 plus service tax. The cover also offers accidental loss or damage to jewellery and / or precious items kept in specified bank lockers.

Golfers Insurance
Irrespective of whether you are a passionate golfer or just an amateur player, your golf kit will always be your most prized possession. A Golfers Insurance policy covers theft and damage to the golfing equipment, protection against third party legal liability while playing or practising on a golf course, personal accident for the Golfer and caddy while playing, reimbursement of subscriptions or fees pre-paid to the insured's golf club in case a Golfer meets with an accident, hospitalization, dental cover, accidental damage to third party property struck by a golf ball which was hit by the Golfer. What's more interesting is that during the event of completion by the Golfer of any hole in one stroke gross in any organized tournament, and for normal golf rounds (completed 18 holes), the insurer pays immediate expenses for celebration!

Yachts and private jets insurance
While you would like to party and host your friends to a classy dinner on your yacht, it is imperative that the yacht is covered for losses as repairs can burn a hole in your pocket. For private jets, third-party cover is mandatory and most owners of private jets insure their jets for liability and damage through aviation insurance. For yachts, liability insurance is not mandatory, but even then these are typically insured as repairs can be really expensive otherwise. You can cover your yachts under marine hull insurance.

Wedding insurance
Most wedding insurance related products provide cover for the entire wedding, right from the marriage venue to the jewelleries and gifts like precious stones or appliances given by blood relatives and / or in-laws. You need to produce proof in the form of bills / valuation certificates for those articles if you wish to make a claim. It is essential to keep in mind that wedding insurance will not shield from losses related to criminal charges, decision alterations, penalties or intended damages.

Tip for Buyers: Buy the policy from a reputed insurer that has a good track record of servicing and claim settlement, as these are the features that become critical when you are actually filing a claim. A cheaper policy may not be the best one. Compare multiple policies, evaluate all the pros and cons before signing on the dotted line.