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Fine Art Insurance

Get several deeply researched insurance options by filling the form on the right:

  • Get cover for accidental damage, theft and other perils
  • Get quotes from leading fine art insurance companies such as Iffco Tokio, HDFC Ergo, and ICICI Lombard.
  • Cover personal and corporate art collections
  • Get the best protection at a cost lower than the market
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Advantages 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.

Benefits of Art Insurance

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 gases.
  • 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 and malicious damage are also covered.
  • The policy also reimburses 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 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.

FAQs

Fine art insurance covers all types of accidental physical loss and damage to the art piece including damage or loss due to natural calamities like flood, storm and earthquake. This policy covers total or partial loss due to scratches, breakage, or impact damage that may happen to the art. Coverage for theft, burglary and terrorism is also offered under the policy.

Fine art insurance is offered either on agreed value basis or on the ‘basis of valuation’ agreed. Private collectors who have a limited collection, which stays more or less the same over a period of time, should prefer ‘Agreed Value’ basis. Art dealers should prefer cost price plus a certain percentage which is also called appraised value or uplift of value of art-piece every year.

There are various add-ons available under art insurance plans such as automatic reinstatement, cover for exhibition, replacement of keys and locks, temporary storage costs, and terrorism cover. All these extensions can be included under the policy, by paying marginally extra premium amount.

Generally, loss or damage to the artwork due to wear and tear, gradual deterioration, rust and oxidation are not covered in the policy. Mechanical or electrical breakdown and consequential loss are also excluded. Insurance for artwork will also not cover any damage due to war, invasion, nuclear contamination and chemical contamination.

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.

The following documents are required to file a claim under art insurance:
  • Claim Form
  • Asset register
  • Policy or cover-note copy
  • Evaluation of artwork
  • FIR (in case of theft)
In addition to these documents, the insurer may ask for additional documents based on the type of claim.

In order to ensure claim settlement, you should make sure that you provide correct information in the claim form because inaccurate information is a major cause of claim denial. You should avoid any fraudulent activity and wilful act or misconduct. In order to ensure smooth claim settlement, it is also important to intimate the claim to the insurer in time.

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.

Yes, 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.

The following documents are required to buy insurance for artworks
  • Proposal Form
  • Profile of the proposed
  • Evaluation of art piece
  • List of property to be covered

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.

A fine art insurance policy provides cover to valuables such as art and collectable items. The policy provides compensation in case of physical loss or damage to these valuable art items due to certain perils, whilst in transit and in storage.

Generally, this policy is bought by two types of art collectors. Private collectors including high net worth individuals or industrialists, who invest, collect and trade in art. Secondly, art dealers and galleries, i.e. intermediaries who conduct deals between buyers and sellers. They often take physical custody of the paintings on behalf of their clients and provide value-added services while concluding a deal.

Artwork of following types are covered under art insurance, including :
  • Sculptures made up of stone, marble, clay or wood
  • Prints like woodcuts, engraved, etched or screen prints such as foil images
  • Drawings made of coal, chalk, crayons or pencil
  • Paintings made from oil, watercolour, acrylics etc.

Burglary and theft are the most common threats to artwork. Moreover, employee dishonesty and internal fraud are risks faced by owners of valuables. Apart from this, physical losses due to fire, chemicals, gases, water, scratches and impact damage are also common risks to the artworks.

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