Artwork
insurance

How to Insure your Artwork

How to Insure your Artwork?

Insuring fine art is artwork in itself as it requires a specialist policy not carried by all insurance companies. Finding the right policy for your artwork may take a bit of legwork on your part, but it is of vital importance that you choose an insurance company that will cover the value of your art with the lowest policy excess.

It will make a difference if the artwork is displayed in a public place or is part of a private collection at your residence or place of business and whether or not any of your pieces will be transported at any time. To get a better idea of what is involved, let’s look at a few reputable insurance companies to see what they have to offer.

Connoisseur Dealers and Commercial Artwork Insurance Policies

One of the best known names in commercial artwork insurance is Connoisseur that has two basic levels of insurance for art dealers and dealers in antiquities:

  • Antique & Fine Art Dealers in Antique Centres
  • Antique & Fine Art in Business Premises Policy

As you can see, these are commercial policies that are designed to insure either large collections or artwork that is highly valued. This type of policy insures artwork with maximum exposure to loss, theft or damage simply because it will be open to the public for the most part. Both policies cover full Damage & Theft but the location of the artwork makes the difference in which policy you should purchase. There is no way to ascertain how much the insurance will cost because it is based on the value of your artwork.


back to top

AXA Art – Household and Private Collectors Artwork Insurance Policies

AXA Art is a good choice for the homeowner who has a high net worth amount of contents, especially artwork, as the policy covers items not normally covered on a typical homeowner’s contents insurance policy.

How to Insure your Artwork

This policy is considered to be a specialist policy that does cover valuable contents including artwork, collectibles, and even jewellery. As well, there the policy provides travel and domestic emergency cover for your valuables as well as legal protection.

For private collectors, there is a specialist policy with comprehensive cover worldwide for valuable collectables and collectors of art. This policy also covers musical instruments so if you happen to be blessed with a priceless Stradivarius you will have cover.

AXA Art Exhibitions

You may recall hearing of the stolen Rembrandt drawing that was recently discovered in the office of a Los Angeles, California Episcopal church. The drawing had been part of an exhibition and went missing two days before it was recovered after an anonymous tip. Had the quill pen and ink artwork dating from approximately 1655 not been recovered, this is the type of policy that would cover the theft. AXA Art in fact insures many of the largest worldwide art exhibitions with a bespoke and totally tailored approach to each and every exhibition. Each policy is worded to the risk involved in a particular showing.

Since each specialist policy is written to cover artwork ranging in prices from thousands to millions of pounds, there is no way to gauge how much this cover will cost. However, you should know that when it comes to insuring artwork, you get what you pay for. If you have valuable art, get the best policy available that you can afford. On the other hand, if you are simply a collector of semi-valuable pieces, you may be able to do a bit of comparison shopping.

At all costs, protect your artwork with adequate cover as 99.9% is irreplaceable.


back to top