As an art collector, you’ll want to display your works with complete peace of mind. It’s worth talking to a specialist insurance adviser. Protecting your art works shouldn’t be complex or confusing – nor should it break the bank. Many “standard” insurance policies include security conditions and small-print exclusions that could potentially cause problems.
Why do you need insurance for your fine art collection?
With our specialist insurance knowledge and expertise, we understand that some things aren’t easy to replace, and can guide you to the right insurance policy for your particular needs. We can help with security advice, specialist art policies, documentation, third party maintenance of and care for your art works, and third-party valuation.
Standard insurance is based on historical statistics. If your home and contents don’t fit with “national average” profiles, you could find yourself:
- Paying too much: specialist insurers usually offer lower rates for higher value assets such as art works. Despite the headlines, art theft is rare – most claims are for accidental damage.
- Seriously under-insured: with a specialist policy comes an invaluable appraisal – to ensure your ‘sums insured’ are right. The value of fine art is fast moving – contemporary art has skyrocketed, but it could bomb tomorrow. Specialist policies will honour changes if you have a current valuation.
- “Glass half-empty”: a standard policy may not include “pairs and sets” coverage – if you lose/damage one of a pair, the claim covers replacement of both.
- Facing limited options on replacement after a theft: it’s not easy to “replace” art. Specialist policies offer a full cash settlement so that you can choose not to replace, or source through your own dealer (you receive full replacement cost rather than just Fair Market Value – ie. what you would pay at auction).
- Out of pocket: even after repairs, damaged art may lose value; specialist policies will reimburse the difference.
Who needs specialist Fine Art insurance?
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We’re here to help you ask the right questions, so that together, we can work out the best solution.
Art theft gains the headlines, but it’s actually water damage that presents an increasingly dangerous threat. And if you’re a public space, hold client data or provide advice, your liability is a serious business. Professional indemnity insurance and cyber insurance are both considered musts for art consultants.
Talk to us about appraisals and our panel of recommended valuers.
Even an excellent repair can impact the value – ask us about Depreciation insurance.
We can advise on practical measures for installing and protecting your art on board.
It’s not always straightforward to replace a part of an artwork – talk to us about Pairs & Sets cover.
Ask us for our Tips and Insights for art, jewellery and fine musical instruments care.
Contact our team to discuss your needs.
We’d love to hear from you. Get in touch to discuss your personal insurance needs.