What does art insurance cover?

You now are the PROUD owner of a new piece of artwork.

You are SMART enough to invest in  some Art & Collectible Insurance, but that raises an interesting question…

What does art insurance cover and what does it NOT cover?

Let’s break it down as the following.

  • What is INCLUDED in the policy?
  • What is EXCLUDED in the policy?

What is included in an art Insurance policy?

All Risks of Physical Loss or Damage of whatsoever nature occurring during the period of insurance.

This is a broad description, and includes loss caused by fire, flood, accidental damage and theft. Most way’s a painting, coin or collectible could be damaged would be covered.

What is NOT included in an art Insurance policy?

Simply put what’s not covered is loss or damage to the artwork:

1. Sustained whilst under any repair, restoration or retouching process.

2. Caused by Wear and Tear, Gradual Deterioration, Moth, Vermin or Inherent Vice.

3. Caused directly or indirectly through terrorism, war,.

4. From Radiation or nuclear

5. Loss of electronic data

Finally, every insurance policy has ‘policy conditions’ that govern how you must behave.

For example they expect that you will transport or store the assets in an appropriate fashion.

Contact your local agent to find out what other policies they may have.