Art, jewellery and watch insurance in Portugal and Spain

Art, jewellery and watches insured on agreed value, on an all-risks basis and anywhere in the world, with Chubb, Hiscox or Liberty, for homes in Portugal and Spain. A standard contents policy caps what it pays for any one piece; above that cap the piece is simply not insured. We schedule the pieces that matter and tell you in writing what your current policy would pay today.

Ask for a written review of your collection Private client insurance

Reviewed by Hugo Gonçalves, Founder & Risk Management Specialist at Adler & Rochefort · Degree in Business Management (University of Hertfordshire) · Ongoing training at the Chartered Insurance Institute (CII), London.

The single-article limit decides everything

A Portuguese or Spanish home policy states a total contents sum and then, in the schedule, limits what it pays for any one item. That limit is often between €1,500 and €5,000. Above it the piece is not insured, however large the contents sum.

A second limit sits on top: valuables as a whole are often capped at 20% to 25% of the contents sum. Both limits apply at the same time, and the lower one wins. The only way out of both is to schedule the piece, with its own description and value.

Agreed value, not a value argued after the loss

A piece scheduled on agreed value has its value fixed at the start of the contract, against a valuation. After a total loss (theft without recovery, destruction) that value is paid, with no argument about depreciation.

The date on the valuation certificate is part of the cover. Under the best wordings it decides whether you are protected when the market has risen, so art should be revalued at least every five years, and jewellery and watches every two.

Who insures art, jewellery and watches: Chubb, Hiscox and Liberty

We place collections with three insurers. They are not interchangeable: each fits a different home and a different collection. Which one fits depends on the house, where the pieces are kept and how often they are worn, and we put the wordings side by side before recommending one.

Chubb — Masterpiece Signature

For homes with a building sum insured from €1,000,000, with the art, jewellery and watches on the same policy.

Valuables covered anywhere in the world. Pieces listed as kept in a safe or a bank vault are covered only there, unless agreed in advance; unlisted jewellery and watches are limited to €25,000 in total and €7,500 per piece.
Protection when the market rises: if a scheduled piece is worth more than its sum insured at the time of loss, the market value is paid. Jewellery and watches valued within the last two years, up to the category total; art valued within the last five years, up to twice its sum insured, with a maximum increase of €5 million.
Loss of value after a covered loss is paid, even once the piece has been repaired.
New acquisitions covered automatically if declared within 90 days: art up to 25% of its sum insured (maximum €5 million); other categories up to 25% (maximum €500,000 each).
Choice between a cash settlement and repair or replacement by a provider you choose; no deductible on claims above €10,000.

Hiscox — home insurance for residents

For a permanent residence in Portugal or Spain, with contents from €150,000.

Art and antiques, and valuables and personal possessions, insured in separate sections with an all-risks extension.
Personal possessions covered worldwide, within the limit stated in the schedule.
No deductible on claims above €10,000, except earthquake.
Theft cover may require an alarm connected to a monitoring centre and serviced every year.
Second homes: Hiscox's holiday-home policy does not cover jewellery and watches, so valuables kept in a second home need a different arrangement.

Hiscox — jewellery and watches in Spain

A stand-alone all-risks policy for jewellery and watches, without a home policy.

For private clients, Spanish or foreign, habitually resident in Spain.
From a single piece to a whole collection of jewellery and watches.
Not for jewellers or businesses.

Liberty Mutual and Innovarisk

Home Plus from Liberty Mutual for the house (contents from €150,000), with the collection placed on Arte by Innovarisk.

Fine art covered worldwide; jewellery and watches insured as valuables, with the sum insured split between a bank safe, the home and worldwide.
Listed pieces are paid at their listed value. Unlisted pieces are capped at €3,750 per item, pair or set, so every important piece has to be on the list.
Loss of value after restoration is paid for art and for valuables, and the added value of pairs and sets is taken into account.
Deductible chosen at €0, €1,000, €2,500 or €5,000.
Private collections only: dealers' stock is excluded, as is the mechanical or electrical breakdown of a watch.

What we need for a written opinion

A list of the pieces that matter: artist, technique and dimensions for art; brand, model, reference and serial number for watches; metal, stones and certificates for jewellery.
Valuations and invoices, with their dates, and a photograph of each piece.
Where the pieces are kept: safe make, model and certification, bank vault, alarm and whether it is monitored.
Which pieces are worn or travel, and how often.
Your current policy, if you have one.

Conditions summarised from each insurer's policy documents; the policy issued and its schedule always prevail, and cover is subject to the insurer's acceptance.

Partial loss: restoration and the loss of value

A damaged painting can often be restored, but it rarely recovers its full market value. A well-built art section pays the restoration by a conservator both parties accept, and also the loss of value that remains afterwards.

Pairs and sets need the same attention. If one earring of a pair or one of two vases is lost, the piece that remains is worth far less on its own, and the wording should take the value of the whole set into account.

Theft, loss and accidental damage, at home and abroad

Ordinary contents cover responds to burglary with forced entry and limits or excludes theft without violence, above all outside the home. Spanish policies make the same distinction between robo and hurto. An all-risks section also covers loss and accidental damage.

For pieces that are worn or travel, the sum insured has to be split deliberately between the safe, the home and worldwide, because each location carries its own limit. A watch worn every day and a ring kept in a bank vault are insured on different lines.

Safes, alarms and where the pieces are kept

Above certain values, insurers make security a condition of acceptance. A safe certified to EN 1143-1, graded to the value it holds and anchored to the structure, and an alarm connected to a monitoring centre are common requirements.

Some wordings also say when jewellery must be in the safe, for example whenever it is not being worn or whenever the house is empty at night. Those conditions are agreed before the policy starts, in writing, so that they cannot be raised for the first time after a theft.

Portugal and Spain

Scheduling, agreed value and all-risks cover work the same way in both countries. Three differences matter:

Catastrophes: in Spain, earthquake, extraordinary flood and atypical storm are paid by the Consorcio de Compensación de Seguros, based on the sums in the policy. In Portugal, earthquake is an optional cover that a collection should carry.
Theft without violence: both markets distinguish robbery from theft, and ordinary cover answers the first while limiting or excluding the second.
Moving works: older works can need an export authorisation under heritage law, in Portugal as in Spain, before they go to a restorer or another house. The waiting time has to be covered.

Ask for a written review of your jewellery, watches or art

Tell us what you own and where it is kept, in Portugal or in Spain. We reply in writing, in English, within 24 hours. No call is required at any stage.

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Frequently asked questions

Is my jewellery covered by my home insurance?

Only up to the single-article limit and the valuables limit in the schedule, which are usually a few thousand euros per item. Above that, a piece needs to be scheduled individually, with its own value.

Are watches insured as art?

No. Wristwatches are insured as valuables, together with jewellery, while clocks can fall under fine art. The difference matters because settlement options and new-acquisition cover can differ between the two sections.

How often should a collection be revalued?

Art at least every five years, jewellery and watches every two. Under the wordings we place, the date of the last valuation decides whether a rise in the market is covered.

Can pieces in Portugal and in Spain be on one policy?

Often, yes. Chubb and Hiscox write both countries, so pieces kept in either can be insured with the same adviser and aligned conditions.

Are valuables in a holiday home covered?

Not always. Hiscox's holiday-home policy, for example, does not cover jewellery and watches at all, so valuables kept in a second home need to be arranged separately.