Collections
Protect your treasured assets
In 2015, a home burglary occurred every 31 seconds.1 Standard homeowners policies may not cover your prized possessions, such as jewelry and fine arts. If you haven’t evaluated your coverage needs recently, it may be time to discuss with your insurance agent.
Why it’s important for you
Homeowners policies may provide coverage for theft of certain articles, but the limits may not fully compensate you for the loss. In addition, valuable articles are more likely to appreciate. If you own valuables, consider a separate personal collections policy to increase your peace of mind. Collections policies can include jewelry, fine arts, silverware, furs, wine, cameras, musical instruments, stamp collections, coin collections, collectibles and other valuable articles.
How Nationwide Private Client responds
Whether your collection is worth $25,000 or $5 million, we have a solution. Our personal collections policies include broad protection, so you can trust that you are properly protected when it comes to a covered loss.
Consider the following possibilities under our personal collections policy:
| Claims scenario | How we respond |
|---|---|
| While away on vacation your jewelry and other valuables are stolen from your home. | We offer itemized and blanket coverage, with no sublimit for theft or mysterious disappearance. Blanket coverage insures up to $10,000 per item, with options to increase coverage for jewelry and fine arts available up to $100,000 per item. |
| The cooling system in your temperature-controlled wine cellar breaks, emitting hot air. Your well-sealed wine cellar now contains spoiled wine. | For a covered loss, we pay up to 150% of the itemized coverage amount of scheduled articles when the market value exceeds the agreed value; not to exceed the total amount of itemized limit of the class. |
| Your painting has a slight blemish, so you take it to an expert to be restored. The restorer accidentally tears the painting. | We provide up to $10,000 for covered damage that occurs to scheduled fine arts during repair, restoration or retouching. |
| Your oil painting is damaged and after restoration the value of the painting is less than before the loss. | With a covered loss, we not only pay to restore the item, but also whatever value is lost after the item has been restored. Diminished value coverage is included in our policy for the difference in value between restored value after a loss and market value immediately before a loss. |
| It's very rare that you take your grandmother's ring out of the bank vault, but there is an important gala you want to wear it to. You do not report it to your insurance agent that you took it out of the bank vault. On the way to the gala you stop by an ATM where your money and jewels, including your grandmother's ring, are stolen. | We offer reduced rates for items kept in a bank vault, safety deposit box or qualifying home safe, as well as those in homes with central alarms or full sprinkler systems.2We have coverage options that do not require notification before removing items from a bank vault or safety deposit box for use. |
| Your son has friends over. While running through the house one of the boys knocks over and breaks a 200-year-old $300,000 vase you purchased at an auction. | We cover accidental breakage as a cause of loss up to the scheduled limits with no sublimit. |
| You are on vacation in France and put your jewelry in the hotel vault for safe keeping. However, during a power outage the safe is broken into and your jewelry is gone. | We cover all risks of physical damage or loss to valuable articles, including theft and mysterious disappearance, up to the scheduled limits, anywhere in the world with no sublimit. |
| You receive a diamond ring as a holiday gift. While running errands, your ring falls off your finger. You had not yet added it to your insurance policy. | We extend coverage to newly acquired valuable articles of the same class, up to 25% of the total itemized limit, for the first 90 days after acquisition without notification. |
| You lose your $45,000 engagement ring and your homeowners policy has a $5,000 deductible. | Our personal collections policies have no deductibles.3 |
| You are hosting a party at your house. You hoped to display a new painting you had commissioned, but the work was not completed in time. To help compensate, the artist loans you a painting for your party. Unfortunately, the painting is stolen during the party. | We provided coverage on items of the same class that are owned by others while they are borrowed, loaned, or on consignment to an insured for up to 90 days. The coverage amount is up to 25% of the total itemized limit for items in the same class. |
Why Nationwide Private Client
Nationwide Private Client is dedicated to helping protect the assets and reputations of our clients. Our highly personalized insurance products, services and concierge style claims handling are thoughtfully designed to meet the distinctive needs of affluent individuals and families. We are committed to providing you a superior experience whenever you need assistance.
Nationwide Private Client offers these added benefits:
- Claims — Exceptional claims handling provided by Nationwide Private Client.
- Financial strength — Nationwide, a Fortune 100 company,4 is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A1 by Moody’s and A+ by both A.M. Best and Standard & Poor’s.5
- Charitable giving — At Nationwide, we strongly believe in being good corporate citizens where we work and live. Since 2000, the Nationwide Foundation has committed more than $355 million to charitable organizations across the U.S. Nationwide Private Client continues to demonstrate this core value through its Partners in Giving program, helping numerous lives each year.
[2] Limited to specific classes.
[3] CA may have deductibles on fine arts collections for earthquake
[4] Based on revenue, Fortune (June 2015).
[5] Ratings affirmed 7/21/16 by Moody’s, 7/7/16 by A.M. Best, and 4/22/16 by Standard & Poor’s