Trust structures can hold a wide range of assets, and those assets do not necessarily remain the same from one year to the next.<\/p>\n
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Property may be acquired or renovated. Art and collections can change. Values move. Vehicles, marine assets or other significant possessions may enter or leave a structure.<\/p>\n
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For trustees and fiduciary professionals in Guernsey and Jersey, these changes can be a useful trigger to review the insurance arrangements surrounding the assets concerned.<\/p>\n
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Changes to the assets<\/strong><\/p>\n \u00a0<\/strong><\/p>\n An insurance review should be considered when there is a material change to what is held.<\/p>\n <\/p>\n For example, has a property undergone substantial work? Has a significant artwork or collection been acquired? Are existing valuations still appropriate? Have assets been moved between locations or are they being used differently?<\/p>\n <\/p>\n The insurance requirements for a property will be different from those for a fine art collection, yacht or high-value vehicle. Where a structure contains several types of asset, the overall arrangements can become more complex.<\/p>\n <\/p>\n Changes in value <\/strong><\/p>\n \u00a0<\/strong><\/p>\n Even when the assets themselves remain unchanged, their values may not.<\/p>\n <\/p>\n Regular valuations can be particularly important for property, jewellery, fine art, collectables and other assets where values can move materially over time.<\/p>\n <\/p>\n This is not simply about assets increasing in value. An up-to-date valuation gives trustees and their advisers better information on which to base insurance decisions.<\/p>\n <\/p>\n