Fine Art Insurance Cover Explained

Buy art because you like it and because it moves you, and because it enhances your life

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

But sometime the simple act of protecting our artwork is overlooked, particularly for novice collectors. Making sure you have insurance and arranging the right type of cover is extremely important.

How to Arrange Insurance For Your Individual Paining or Collection:

The fine art insurance market is a specialist and fairly limited market so it’s important to use an insurance expert who understands the policy cover and most importantly can explain any exclusions or warranties that may apply to your policy.

An “off the shelf” home insurance policy will not provide the cover your art deserves – these types of policies are designed for a standard home and contents and rarely extend to a high single article limit.

There are a number of specialist insurance companies who insure artwork and provide tailored cover for your paintings. Artwork can include paintings, sculptures, antique furniture, ceramics, engravings and glassware. Some of the bespoke fine art insurance benefits include:

  • Automatic increase in value following death of artist
  • Partial loss cover which pays the cost of restoration and any residual depreciation in value.
  • Defective Title
  • Art loss register

However contrary to what many believe, arranging art insurance need not come with an expensive price tag.

Insurance can be arranged in conjunction with your existing home insurance by taking out a separate specialist art insurance cover, or you can combine your fine art insurance with a home insurance policy.

Both options should be considered dependent upon the value of your collection and your current home insurance arrangements.

Additional Measures to Protect your Fine Art:

Once your fine art insurance has been arranged, you should consider your own precautions to minimise the potential for making the dreaded fine art insurance claim.

Some simple steps can be put in place to protect your fine art:

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

If you would like some impartial and confidential advice on arranging fine art insurance from a specialist fine arts insurance broker (established 1989) speak to our Fine art insurance team at Greenfield Insurance Services on 01489 579808

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