High Net Worth · Collections Insurance
Your homeowners policy has sub-limits of $1,500–$2,500 per category for jewelry, art, and collectibles. If you own anything of real value, those limits don't protect you. Here is how scheduled collections coverage actually works.
Fine art, jewelry, watches, and wine collections are underwritten differently from real estate or automobiles. We place collections coverage through carriers with dedicated fine art and collections programs — agreed value, worldwide coverage, and appraisal expertise that standard carriers cannot match.
The Coverage Gap
Standard homeowners policies cover personal property under a blanket limit — typically 50–70% of your dwelling value. That sounds like significant coverage until you read the sub-limit schedule buried in the policy conditions. For high-theft-risk categories, most standard policies cap payouts well below what any serious collector actually owns:
These sub-limits apply regardless of your policy's overall coverage limit. A client with a $4M home policy and $200,000 in jewelry receives $1,500–$2,500 for a jewelry theft — and the balance is an uninsured personal loss. The gap only surfaces at claim time, which is too late.
The standard industry solution is a personal articles floater — a separate scheduled policy that lists individual items by description and agreed value. Private client carriers through Chubb, PURE, and AIG handle collections as part of the full account program, with more sophisticated underwriting and coverage terms than a standalone floater tacked onto a standard policy.
Fine Art
Fine art coverage requires agreed value based on a current appraisal — there is no other way to protect a significant art collection properly. The appraisal establishes both the insured value and, in the event of a loss, what the carrier will pay. Without a current appraisal on file, art coverage disputes are common: the carrier may argue the piece was worth less than you paid, or less than its appreciated market value at the time of loss.
Covered perils for fine art under a properly structured policy include theft, fire, water damage, accidental breakage, and damage in transit. Transit coverage is particularly important for collectors who loan pieces to museums, move work between residences, or buy and sell through dealers and auction houses. Art is at highest risk during movement — gallery installations, shipping, and loan periods — and coverage should follow the work, not just sit at the insured address.
Chubb's fine art program is the most established in the private client space. Chubb can insure individual works up to $100 million and entire collections of any scale, and employs art specialists — not generalist adjusters — to handle claims. For collections of significant scale, Chubb offers blanket coverage (a single limit covering the full collection without itemizing every piece) up to threshold values, with itemized scheduling above those thresholds. This reduces the administrative burden of maintaining a schedule for large collections.
Appreciation coverage is an important feature to confirm. Art values change — sometimes dramatically. If a piece you insured five years ago at $150,000 is now worth $400,000 and is stolen, an agreed value policy based on the original appraisal pays $150,000. Carriers differ on how they handle appreciation: some provide automatic inflation protection, others require periodic re-appraisal, and some offer market value coverage that pays based on current fair market value at the time of loss rather than the agreed value on file.
Jewelry & Watches
Jewelry is the most commonly underinsured asset class among high net worth individuals. The combination of standard policy sub-limits, infrequent re-appraisal, and the fact that jewelry is worn and traveled with — not locked away — creates significant exposure that most clients don't realize until a claim occurs.
Mysterious disappearance is the coverage term that matters most for jewelry. Theft — provable, with evidence — is covered by most policies. Mysterious disappearance means a piece is gone and there is no evidence of how it went missing: it fell off in the ocean, it was left in a hotel room and vanished, it simply cannot be found. Standard homeowners policies do not cover mysterious disappearance. Scheduled jewelry policies and private client carrier programs do — this is not a minor distinction for rings, earrings, and pieces worn daily.
Prong wear and gradual damage are typically excluded from all policies, including private client. Scheduled jewelry coverage pays for sudden, accidental loss — a stone falls out because a prong fails suddenly during normal wear, that may be covered. Gradual prong deterioration that is not addressed is a maintenance issue, not an insured loss. Regular inspections by a jeweler and prompt repair of worn settings keep this exclusion from eroding coverage.
Watch collections require the same scheduled treatment as jewelry. Horological collections — Rolex, Patek Philippe, AP, independent makers — have seen significant market appreciation. Agreed value based on current market value (not original purchase price) is the correct coverage structure. For collections exceeding $500,000 in total value, carriers typically require an inventory appraisal from a certified horological appraiser.
Wine Collections
Wine collections present a risk profile that standard homeowners coverage handles poorly. The two primary exposures — spoilage from mechanical failure of the temperature-control system, and breakage — are either excluded entirely or inadequately covered under standard policies. For a cellar containing $100,000–$500,000 or more in investment-grade wine, that gap is significant.
Spoilage coverage is what makes wine insurance distinct. If your wine storage unit fails — compressor breakdown, power outage, refrigerant leak — and your cellar reaches a temperature that damages or destroys the wine, that is a covered loss under a properly structured wine policy. Standard homeowners policies do not cover spoilage of this type. The coverage extends to both the wine room or cellar structure and the bottles themselves.
Breakage is covered for accidental damage to bottles, including during handling, delivery, or if a shelf system fails. Coverage applies to both the wine and any storage equipment that is damaged in the same event.
Valuation methodology for wine differs from art and jewelry. Wine values fluctuate with market conditions, vintage availability, and critic scores. Carriers typically value wine collections based on current auction or retail market value at the time of loss, using industry pricing references. For collections with significant investment bottles, maintaining a current inventory — bottle count, vintage, producer, acquisition price, and estimated current market value — both supports the insurance placement and expedites claims handling.
Coverage placement. Wine cellar coverage is most efficiently placed as part of a comprehensive private client account through Chubb or PURE, where it is integrated with the home and collections program. Standalone wine insurance policies are also available for collections not associated with a broader private client account.
Getting It Right
The two most common failure modes in collections insurance are inadequate appraisals and stale coverage values. Both are preventable with a structured approach.
Appraisal requirements by category: Fine art requires an appraisal from a credentialed appraiser — ASA (American Society of Appraisers) or AAA (Appraisers Association of America) accredited, with expertise in the specific category (contemporary, impressionist, photography, etc.). Jewelry requires a GIA-certified appraiser or equivalent. Watches require a horological appraiser for significant collections. Wine collections require an inventory with current market values using accepted pricing references (Wine Searcher, Vinfolio, auction comparables).
How often to re-appraise: Every 3–5 years as a minimum. Contemporary art and fine watches in particular have seen material price appreciation in recent years — a 2019 appraisal on contemporary work may significantly understate 2026 market value. If a piece sells at auction for a materially different amount than its insured value, that is a signal to update the schedule across your collection.
Documentation best practices: Maintain a home inventory with photographs, purchase receipts, and provenance documentation for all significant items. Store copies off-site or in cloud storage — a fire that destroys your art also destroys paper records kept in the same location. This documentation accelerates claims handling and prevents disputes over what was lost and what it was worth.
New acquisitions: Private client carrier policies typically include automatic coverage for newly acquired items for 30–90 days, allowing time to schedule them without an immediate lapse. Report new acquisitions to your broker promptly — waiting until renewal to add a $200,000 acquisition creates 11+ months of unscheduled exposure.
Common Questions
Standard policies apply per-category sub-limits — typically $1,500–$2,500 for jewelry, $2,500 for silverware — regardless of your policy's overall limit. A client with $200,000 in jewelry receives $1,500–$2,500 for a theft. The only solution is scheduling items individually with current appraisals, either as a rider or through a private client carrier's program.
Agreed value sets the payout for a scheduled item in advance based on a current appraisal agreed to by both parties. If a piece is stolen or destroyed, the carrier pays the agreed value — no depreciation, no dispute. This is the correct structure for items whose market value is established and may appreciate. The alternative (actual cash value) applies depreciation and frequently results in underpayment.
Scheduled coverage through private client carriers typically does. Standard homeowners policies do not — they require evidence of a covered peril. For jewelry worn and traveled with, mysterious disappearance coverage is a critical component, not a minor detail. Confirm it is explicitly included in any policy you are reviewing.
Every 3–5 years as a minimum, more frequently for categories with active secondary markets. The agreed value on file at the time of loss is what the carrier pays — not the current market value if it has appreciated without a re-appraisal. For significant collections, build an annual review of insured values into your process.
Wine cellar coverage typically covers theft, breakage, and spoilage caused by mechanical breakdown of the temperature-control system or power outage. It generally excludes gradual deterioration from improper storage and wine consumed by the policyholder. Spoilage coverage is what makes wine insurance meaningfully different from standard personal property coverage — a refrigeration failure that ruins a $200,000 cellar is covered where a standard policy would not respond.
Tell us what you own and we will review your current coverage against what it should be — sub-limits, appraisal gaps, and all.