Expanding the Product Range of Property Insurance (By the Example of Insurance of Luxury Goods and Antiques)

Abstract

The object of property insurance is interest related to possession and disposal of property. Insurance of cultural property is perhaps one of the most personal types of services that are provided by insurers, because every work of art or an old thing is unique. Collecting antiques and works of art has long become for some people not just a hobby, but also an investment of money. Therefore at present this type of insurance is increasing popular in the territory of Russia. The creation and implementation of a new "insurance product" is an expensive business, entailing great risks. The insurance product should be understandable to the client; therefore the work of the insurance company should be aimed at adapting the introduced type of insurance to certain groups of consumers. The development of requirements for a new insurance product is a process of determining its properties meeting the insurer's needs to the greatest extent and corresponding to the customer's preferences.
 To date, insurers can offer to client an insurance policy not only for standard property, but also for rare and unusual, which also includes items such as antiques, luxury goods, musical instruments and jewelry. The article is focused on considering and conducting analysis of new methods for expanding the product range of property insurance (for example, insurance of luxury goods and antiques), and storage conditions. The authors also emphasize the assessment stages of categories.