Property Insurance

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In art insurance policy, art and objects which are worth insuring come in various descriptions. They may be boxes, coins, canvasses or monumental sculptures. It is not necessary for them to be built from precious metals and stones, as they can be made from daily materials like clay, paper, etc. They can be stone, metal or even in liquid form.

Some artifacts are ancient, while others can be the work of living artists. What they have common is the value which is more than any ordinary function or material.

Here are some of the properties which can be considered work of art and are covered in art insurance policy –

  • Architectural antiquities
  • Visual art and sculpture
  • Ethnic arts
  • Fine wine, bottles, and glasses
  • Clocks
  • Arms and armour
  • Musical instruments and musical collectibles
  • Fossils and mineral specimens
  • Furniture, lighting, and mirrors
  • Toys, dolls, and games
  • Historical artifacts
  • Industrial heritage
  • Books and works on paper, including manuscripts, archive material, prints, photographs, posters, signs and advertising materials
  • Memorabilia
  • Rugs
  • Scientific instruments
  • Silver, ceramics, and glass
  • Textiles, lace, and embroidery

Here it is important to note that, within these categories, there are endless sub-categories. For instance, books and works on paper comprise of early printed books, rare editions, photographs, signs, posters, advertising materials, archive material, etc.

For the purpose of art insurance, the insurer considered those properties=

  • For which the policyholder may be held liable or held to be liable or assume the risk of loss or damage whether or not such property is under the custody or control of the policyholder
  • Which is held by the policyholder in trust on consignment, lease or as collateral
  • Of others sent to the policyholder for which the insurer assumes the risk of loss or damage
  • Which is in the custody of director, employee, independent contractor or agent of the policyholder at any location or while in transit


Over the last few years, the Indian rich people are showing a keen interest in insuring their various art and other valuable collections thanks to the various value-added services offered by insurance companies and their acceptance towards the agreed value cover.

In addition to sculptures and painting, there are instances where high-net customers have insured shoes as well. Some insurers have offered coverage under art insurance for a book written on human skin and a frozen art installation made by the artist from its blood.

Further, most of the people are choosing to insure their items not because they are unable to afford the loss, but because of the assistance, they get in restoration or replacement of the valuable. It also includes fire insurance which offers coverage for losses or damages which may arise due to fire.


An art enthusiast, Jayant Saran opened an art gallery called ‘L.K Painting’ in Pune. Housing the work of great painters, the gallery has a huge list of ardent followers.

Though Jayant is taking all precautionary measures to ensure the safety of his gallery, he should think of buying art insurance for his gallery as well. His gallery includes visual art and sculptures made by some eminent artists. As it has some valuable art and sculptures, it can be brought under the purview of art insurance and therefore, art insurance is available for them.

In the case of any loss or damage happens to the paintings, the insurer will come forward and cover them. Moreover, the policy covers all the insured property while in transit on ‘wall to wall’ basis. It means, if Jayant would need to move paintings from one location to the another, the insurer will extend coverage on ‘wall to wall basis’ within the territorial limits as mentioned in the schedule for the business purpose.

Before issuing the art insurance, the insurer will make sure that you have some interest lies in properties which you want to insure. Also, you can expand your art insurance to cover that property as well which is in your custody but belong to the other party.

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