Fine Art insurance coverage explained

Buy art because you like it and because it moves you and because it enriches your life

Owning an art collection or even just a single painting is a lifelong journey. We are just the temporary custodians of the art for the next generation to enjoy.

But sometimes the simple act of protecting our artwork is overlooked, especially for novice collectors. Making sure you have insurance and getting the right type of coverage is extremely important.

How to arrange insurance for you Individual painting or collection:

The art insurance market is a specialized and quite limited market, so it’s important to hire an insurance expert who understands the policy coverage and, most importantly, can explain any exclusions or warranties that may apply to your policy.

A “turnkey” home insurance policy doesn’t provide the coverage your art deserves – these types of policies are designed for a standard home and contents and rarely extend to a high limit for a single item.

There are a number of specialized insurance companies that insure works of art and provide tailor-made cover for your paintings. Works of art may include paintings, sculptures, antique furniture, ceramics, engravings, and glassware. Some of the benefits of custom art insurance include:

  • Automatic value increase after artist death
  • Partial damage coverage that pays the cost of repair and any remaining depreciation.
  • Faulty title
  • Register of art loss

But contrary to what many think, taking out art insurance does not have to have an expensive price tag.

You can take out insurance in combination with your existing home insurance policy by taking out a separate specialist art insurance policy, or you can combine your art insurance policy with home insurance.

Both options should be considered depending on the value of your collection and your current home insurance policies.

Additional measures to protect your visual art:

Once your art insurance is taken care of, consider your own precautions to minimize the chances of filing the dreaded art insurance claim.

Some simple steps can be taken to protect your fine art:

  • Keep the piece out of direct sunlight
  • Never hang your art over a fireplace
  • Keep valuables away from visible windows
  • Hire a professional to hang your art
  • Make sure you have smoke detectors
  • Every 3 to 5 years, consider revaluing your art
  • If the artist dies, the value of your art will increase – consider a revaluation at this stage

If you would like impartial and confidential advice on obtaining art insurance from a specialist art insurance broker (established 1989), please contact our Fine art insurance team at Greenfield Insurance Services on 01489 579808

An artist is not paid for his work, but for his vision. James McNeill Whistler – Artist

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