What does a fine art insurance policy cover?
Cover can be arranged to reflect your particular needs. So no matter whether you have a single valuable item, or have built up a collection of work over the years, we can help find the right policy. Similarly, cover can be arranged to reflect whether your art is stored somewhere securely, or located anywhere in the world on display. While cover naturally takes account of the possibility of theft or damage, a fine art insurance policy typically has a number of features designed to reflect likely requirements, including:
• Pairs and sets cover. Often, items that belong together are of more value when they stay together. We can help with financial protection in the event that one item is lost or damaged, compromising the value of its twin or remaining parts.
• Death of the Artist cover. Artwork often appreciates in value following the death of the artist. Cover can be arranged that increases the indemnity limit (the maximum amount that will be paid out in the event of a valid claim) to reflect its newly increased value.
• Depreciation cover. Following a claim where we have arranged for an item to be repaired, it’s likely that it’s value will have fallen, despite of the repair. The cover will provide protection from this financial loss.
• Accidental loss and damage cover
• Cover for art on display. It may well be that rather than keeping your art work locked up in storage, you want to put it on display. Art is there to be seen and appreciated, after all! Cover can be arranged to reflect the additional risk that this may present.
• Worldwide ‘All Risks’ insurance.
• Single item extended value limit