Fine art and painting insurance: what to look for and where to find it…
Art insurance is a pretty specialist area – obviously a lot depends on whether you are a private collector, or whether your art insurance product needs to suit public collections, corporate art and antiques, jewellery and or other valuables. Also consider whether your fine art resides at one location only, or whether you need cover for multiple locations, exhibitions, or art in transit. There are also products suitable for auctioneers, dealers, valuers and other professionals in the art industry.
Areas of specialty range from historic house insurance to museum and dealer insurance, as well as private collection, corporate and exhibition insurance.
There are a number of companies that deal specifically with fine art and painting insurance. Make sure you go with a company that understands the finer issues involved with art insurance.
If your art is likely to be in transit frequently, don’t settle for an unreasonable premium – find a company (and they do exist) that will offer you a realistic quote – despite the extra risk involved.
As far as excess is concerned; be aware that some companies calculate excess using a percentage system, rather than a fixed price – in which case you might not get a brilliant deal, especially if your art has inflated in value. Some companies don’t charge any excess at all however, so perhaps look to them instead.
Also think about sets of art: Some companies will still only reimburse you for the one picture that’s stolen; disregarding the loss to a set of works. Depending on your collection you might like to avoid this kind of fine art insurance. Instead find a broker that’s willing to compensate you with the damage to the set in mind.
The value of your fine art is likely to fluctuate, so make sure you review your policy regularly. The death of an artist often results in an increase in the value of their work – find a company that acknowledges this possibility and offers a realistic solution.
Policies are liable to change and are subject to the terms and conditions of the individual insurers.
The content of this website is for information purposes only and must not be taken or used as 'advice' on the type of financial product that is most suited to your needs.
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