The Fixer: insuring art

Have you been left out of pocket due to poor service or sharp practice? Do you have a money problem that won't go away?

It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.

Dear Fixer,
I was recently given a lovely painting as a present. It is worth about £3,000.

What is the best way to insure artwork worth that sort of amount? Thanks for your help.

C Conboy, Sheffield

Dear Ms Conboy,
You have two main options: calling your existing home insurer and adding the painting to your home contents policy and taking out specialist insurance.

Many people choose the first option because it is the most convenient. However, most insurers set a limit on how much they will pay out on a single item. And sometimes, this limit can be as low as £1,000.

Even if your standard policy allows you to add a high-value item, you may also be asked to pay a high excess towards any claim.

If this is the case, you could be better off with specialist cover, which is available from insurers such as Barclays and Aon.

Either way, remember that the value artwork can fluctuate depending on market conditions.

If, for example, the artist dies, the value of the piece could increase sharply. So conducting regular valuations is also a good idea.

The Fixer

Whatever your financial problem, write to themoneyfixer@aim.com and The AOL Money Fixer will get on the case.