Art Insurance - Buy Fine Art Insurance from Top Companies in India

> The Benefits of Art Insurance
> Quick Guide to Art Insurance
> Frequently Asked Questions
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The Benefits of Art Insurance

Comprehensive Cover

An art insurance policy provides a comprehensive cover with coverage of risks including physical damage, loss due to theft, accidents, and a wide range of natural perils to artwork, such as floods and earthquake.

Fire And Allied Perils Cover

Fine arts insurance covers damage to art pieces due to fire, lightning, riots and strikes. You can also include protection against aircraft or vehicle impact, explosion and terrorism, by paying an additional premium.

Transit Cover

Art insurance covers physical damage to valuable artwork during transportation. For instance, even though the art piece is well packed, it can get damaged due to vibrations or shocks whilst in transit.

Customised Policy

You have the flexibility to design the policy according to your requirement. For instance, partial loss due to scratches or impact damage can be covered. Add-ons like exhibition coverage can also be introduced.

Quick Guide to Art Insurance

What is Art Insurance?

The fine arts are allure and vulnerable in nature which also means that they can be stolen or can get damaged. Art insurance policy is a comprehensive policy. It provides inclusive protection to assets like fine art, paintings, statues and sculptures, antique furniture, musical Instruments, books, etc. from unforeseen and sudden physical loss or damage like theft, accident, damages due to shifting etc. The art insurance compensates the policyholder in case of physical loss or damage to these valuable art items.

What Art Insurance Covers?

Art insurance coverage includes any unforeseen and sudden physical loss or damage caused to the insured asset. The art insurance coverages also include transit of insured artworks i.e., if the artwork gets damaged during the transportation. Following are some examples of assets that can get covered under the art insurance policy.

Paintings
Etchings
Etchings
Photographs
Statutes
Prints
Sculptures
Antique furniture and clocks
Books
Stamps
Medals and trophies
Dolls and toys

Eligibility Criteria of Art Insurance

The art insurance eligibility criteria is very simple. Any person who owns valuable paintings, drawings, antique items, fine art, statues and sculptures can buy art insurance cover to protect his collectibles against damage or loss. Generally, this policy is bought by

Art collectors
Private collectors
High net worth individuals
Industrialists
Art dealers
Museums

Features and benefits of Art Insurance in India

Cover Accidental Damages

Fine art insurance covers accidental damage to artwork. This is a major benefit because accidental damage commonly occurs during public exhibitions or transportation of artwork.
It offers cover against damage to the art piece due to exposure to liquids and damaging gasses.
Physical loss during domestic or international shipping is also covered under artwork policy.

All Risks Cover

Art insurance policy covers loss or damage caused by fire, lightning strike and natural catastrophes like storm, tempest and flood. Riots, strikes, malicious damages may also be covered.
The policy will also reimburse losses and damages due to burglary, theft, and defective title.
Loss due to employee dishonesty can also be covered under artwork insurance.

Financial Protection

Fine art insurance provides security to art pieces, antique furniture and statues by providing the cost of repair of property which can get damaged due to various types of risk.
Artwork insurance will also pay if the art gets damaged during handling and improper packaging.
It offers a financial cushion to your business, which may get impacted due to such uncertain events.

Online Art Insurance Provider Companies in India

A fine art insurance policy is a customized product and would need a requirement analysis before we can curate the coverages and features for you. Different art insurance companies provide different coverages and charge accordingly. When you connect with us, our insurance expert will understand your requirements and will provide you the best art insurance policy. Following are some of the top insurers that provide an art insurance and we can get competitive quotes from them-

IFFCO Tokio
HDFC Ergo
ICICI Lombard
TATA AIG
Future Generali

Claim Process for Art Insurance

Insurance companies follow certain procedures for the art insurance claim process. It is advised to follow the claim process as it will fast track your claim settlement. Following are some steps for processing the claims:

In the event of any damage or loss to the article, immediately notify us, through writing or by calling up on their customer care number. We, being insurance experts, will help you in the claim process.
Next, you should take all possible steps to minimize further losses.
A surveyor will be appointed by the art insurance company to inspect the loss. You should cooperate with the surveyor in his investigation.
Submit all the necessary documents, as required by the insurance company, as soon as possible.
Insurance companies will provide compensation according to the clauses in your policy. Replace, repairs, or monetary compensation will be processes to restore the artwork

Documents required for Art Insurance.

Following are the list of art insurance documents required for processing a claim under an art insurance policy:

Claim Form
Asset register
Policy or cover-note copy
Evaluation of artwork
FIR (in case of theft)

Frequently Asked Questions

Homeowners insurance policy does provide some coverage for artwork, including sculptures, paintings, drawings etc. But a standard homeowner insurance policy may not provide full value coverages as it is not as sophisticated as art insurance policy. And it may require adjustments and underwriting work as homeowner insurance policies have a lot of restrictions. So it’s better to buy a fine art policy for your artworks as it will provide better coverage and proper valuation of your art.

Insured value is the maximum sum insured or maximum liability on the insurer which is provided to the policy holder on theft or total loss of the insured artwork. The insurance value of an artwork depends on several factors like type of asset, current market value, yearly depression etc.

Yes, paintings can be insured under art insurance policy. You just need to provide correct information about your artwork and our team of experts will help you to select the best policy for your paintings.

Yes, you need insurance for artwork that is consigned to:

Gallery – as the gallery owner will not accept any responsibility for the loss or damages to the art. And hence no responsibility of insurance.

Exhibition - Similarly in an exhibition owner will not take any pain for your art’s insurance.

Art is always precious to individual art collectors, art exhibitors, art dealers, and museums. It may be because of either financial reasons or the emotional connection with the artwork. Even high-end look after can’t guarantee to protect the valuable works from damage due to perils. Art works are expensive and may be of much greater value than one thinks. Hence it is important to get art insurance as it offers you cover from damage or theft of your prized art possessions.

Every artist should buy art insurance because despite all the best precautions accidents can and will happen. For an artist his art means everything to him. They show their work publicly, invite people into the studios, museums, and display artworks in different events. Therefore, it becomes utmost important for artists to secure their artwork from any possible damage or loss.

Every artist or art professional need to have two kind of insurance:

The first is art insurance to secure his artwork.

Second is public liability insurance. If a visitor, client or any third party person damages a possession or suffers some kind of loss or injury as a result of your art activities, you would want to be sure that you can provide compensation to make up for that. As it is your liability to make sure everyone is safe in a premises where you have a legal duty.

Fine art insurance rates depend upon various factors like the sum insured, security measures taken by you at the premises, the type of fine art, antique furniture or statues etc, and the geographical location. Type of coverage taken by the collector is also considered while determining the premium of the policy.

Cost of temporary storage is an extension which is not included in the basic policy. If you wish to include this cover, you have to pay an additional premium, which is normally quite reasonable. You should complete this addition at the time of buying the policy. We make sure that you cover all the necessary risks under one policy.

You can cover a painting acquired after buying a fine art policy. In such cases, you can get an endorsement in your existing policy by paying an additional premium. It is advisable to maintain a cash deposit with the insurer, which is an addition to the premium, so that the policy can cover the new artworks from the day of acquisition.

Insurance companies cover for artwork of following types under art insurance:

Sculptures made up of stone, marble, clay or wood

Prints like woodcuts, engraved, etched or screen prints such as foil

Drawings made of coal, chalk, crayons or pencil

Paintings made from oil, watercolor, acrylics etc.

Risks covered by insurers under such an insurance policy include:

Burglary and theft

Employee dishonesty

Internal fraud are risks faced by owners of valuables

Physical losses due to fire, chemicals, gasses, water, scratches

Impact damages, if any

Very few insurers in India provide such an insurance policy. But we have a list of top insurers that not only deal with a fine art insurance policy but also will provide you end to end support on the same. As your insurance advisor we can provide you quotes from top insurers such as: IFFCO Tokio, HDFC Ergo, ICICI Lombard, TATA AIG, Future Generali.

Home art can be insured by two ways first by homeowner insurance policy and second by art insurance policy. But homeowner insurance policy comes with a lot of restrictions and doesn't provide all the coverages. Which again requires a lot of underwriting and endorsement work. Hence it is better to buy a separate fine art insurance policy. It’s better to take assistance from an insurance expert like Secure Now, we will help you to buy a suitable policy for your art.

The correct appraisal or evaluation of your artwork helps both the policyholder and the insurer. It helps to avoid any loss at the time of insurance claim. Hence, in order to get insurance for your artwork and to get the correct appraisal value it is required that you use the correct valuation method including comparing current market value, checking collectible magazines or various online appraisal websites. Secure Now serves as your autonomous insurance advisor, able to combine policies to make sure your artwork is adequately covered, making it our ideal choice.

We recognize how much time and efforts each artist devotes to his masterpiece. Therefore, the period when the art is to be shipped off may be highly traumatic and stressful for the artist. In order to deal with any contingencies, we recommend having an art insurance policy. This policy includes all possible insurance types protecting fine art and antiques from burglary, fire, flood, loss, a disastrous impact of natural disasters, and other contingencies. In order to insure your artwork, you need to give details like type of art, size, weight, protective glass, corners etc.

In case of a claim, you should immediately intimate us in case of damage to the art installation or site and also share details of the nature and extent of the loss or damage to the project. Next, you should take all possible steps to minimize further losses. Then you should submit all necessary documents required by the insurance company before the mentioned deadline in order to have your claim processed.

In the event of partial loss or damage to any insured artwork, the amount of loss payable shall be the cost and expense of restoration plus any resulting depreciation in value but not exceeding the full value of that item.

Art insurance companies don’t decline a claim until they have a strong reason to do so. Generally, insurance companies decline claims because of inaccurate information, any fraudulent activity, willful act, misconduct, non-payments of premium or expiry of policy. In order to ensure smooth claim settlement, it is also important to intimate the claim to the insurer on time. As some insurers encourage intimation of claims on the same day of occurrence of loss.

Insuropedia

What does “Wall to Wall basis” mean in Art Insurance?

Statues, antique furniture, fine art, musical instruments and other important collectibles are classified as assets. If you are a corporate collector, individual collector, fine art dealers, antique dealers or if you have museums or hold art exhibitions, it makes sense to go with art insurance to provide comprehensive protection...

What is covered under art insurance?

Art has become a profitable investment in modern times. It is high on price and is a long term investment. Art can also be stolen or destroyed, which makes it important to insure your art. Since art is not covered under home insurance, you need to purchase a specific art insurance policy. Whether you display your high priced art possessions...

How is the Art Valued for Art Insurance?

It is important to have an up-to-date valuation of your artwork to ensure you are fully covered in the event of a claim. Factors such as artist, market value, date becomes important when art is valued for art insurance. Ways in which different categories of art is valued for Art insurance

Insured own artwork: Insured own property...

Why SecureNow?

Deep Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.

Strong Claims Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value-Added Services

We will advice you on risk management best practices.

Policy Administration System (PAM)

See all your contracts renewal information in one place. Place service requests on PAM.

Fine Art Insurance

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