If you are serious about art collecting, you need to be serious about insurance too, because events such as theft, weather damage and accidental damage come unannounced. Underinsurance is also an issue, especially as may collectors do not have a clear idea of what their collections are worth.
Including your fine art and collections within your property programme may lead to uninsured – or seriously underinsured – assets, unnecessarily high deductibles, or incorrectly rated premiums. The bottom line is that anyone whose collection is worth more than a few thousand dollars needs to look beyond their regular home insurance for protection.
Private Art Investor has compiled a list of some brokers and insurers offering specially-tailored art insurance:
As part of its collection insurance service, accurART will review your current fine art insurance arrangements and highlight the possible potential. It aims to help you achieve a combination of a very economic, extensive and tailor-made fine art insurance solution.
It will also help you insure your wine collection, musical instruments and watches and jewellery.
Provides companies or private individuals with insurance for their collection of fine art or valuables such as coins, bullion, valuable documents, stamps and other collectibles. The insurance covers items whilst in transit worldwide or in temporary or permanent situ.
AIG’s Private Client Group offers collections insurance tailored for fine art, wine, jewellery, antiques and other collectibles. Addtionally, you can also insure your yachts and automobiles with the company.
Aon’s Global Fine Art Practice has a network of experts in appraisals, installation, conservation, handling, transit, loans, buying and selling. It offers unique, sophisticated and flexible policy programs, claims advocacy, collection management, schedule review and reconciliation for fine art title insurance. You will also benefit from a confidential consultation with a member of APRM’s Global Fine Art Practice.
The ARIS ATPI policy addresses title and lien risks inherent in art acquisitions and holdings. The policy guarantees clear legal title, insuring against two general title risk categories: Art provenance/chain of title risks and classic title risks.
ARIS covers theft – either contemporary or World War II – and illegal import and export, as well as security interests, creditor liens and authority to sell. The cover is indefinite unless resold or trasnferred via charitable gift and provides a ‘damages plus defense costs’ policy.
Assetsure provides insurance on single items or collections not limited to paintings and sculptures. The basis of its cover is is ‘Worldwide all-risks’, offering wide cover on accidental damage, fire, theft and loss. Cover is also provided should the death of the artist of a piece (s) occur.
AXA ART specialises in the insurance of high value home contents and buildings, art, collectibles and musical instruments. It also caters for private collectors, dealers, museums and exhibitions both in the UK and internationally. AXA is the principal sponsor of the prestigious European Fine Art Fair (TEFAF).
Beazley writes a general specie portfolio of fine art, covering private collectors and auction houses, together with museum exhibitions. Very little primary cash in transit exposure is written into the account.
The Love Art Insurance team at Brownhill offers automatic acquisition cover (for those spontaneous purchases) and can advise about updating valuations, shipping, packing, handing, framing and restoration.
Catlin is an XL Group company which writes all types of commercial art insurance and is an insurer of art dealers with Lloyds. It has a global book of business, with underwriters in Singapore, New York, Sydney and London. Catlin’s book encompasses commercial private collections, dealers, museums, exhibitions and auction houses. It can provide coverage whilst in storage and in transit anywhere in the world against physical loss or damage.
Chelsea Insurance’s fine art insurance policy has been specially designed with underwriters at Lloyd’s of London, the world’s leading insurance market. It covers both single items and collections. Insurance benefits include worldwide cover; the option to reduce premiums by restricting cover to the UK or Western Europe; comprehensive cover for theft, loss and accidental damage; and no excess.
Chubb is the leading insurer of privately owned fine art and jewellery, and is the insurer of choice for more than 60% of the world’s top collectors and 74% of the Forbes 400 Richest People in America.
Highlights of the cover include an agreed value approach; specified and unspecified cover; cover for loss in original value; a cash or replacement option; replacement of a pair or set; ‘all risks’ worldwide cover; instant cover for newly acquired pieces; and no restrictive alarm or vault conditions. Valuations are only required for high value items.
Ecclesiastical’s Heritage Residential Insurance includes fine art insurance. It is designed for anyone who owns or lives in a high value heritage property, or owns a fine art collection. Ecclesiastical’s capacity for fine art is £155m.
Provides fine art and collections insurance and risk management solutions. Areas of expertise include: private collectors and high value property, corporate collections, art dealers, artists, museums and exhibitions, and restorers and conservators.
Greenfield is a leading art insurance broker specialising in cover for fine art. It can tailor a specialist policy to cover individual pieces or fine art collections, or provide insurance for art as part of your wider home insurance policy.
Its policies are bespoke but typically include accidental damage, loss and theft of art; death of artist cover – up to 200% of its sum insured and up to £100,000 in total; defective title up to £25,000; no excess for fine art and antiques; and the services of the Art Loss Register – a service that continues to trace works of art after a theft or loss.
Other features include extended replacement cover; and partial loss or damage to art and antiques – the policy pays the cost of restoration and any residual depreciation in value.
Highworth’s expertise includes insurance for art galleries, museums, exhibitions and commercial organisations wishing to display art to their staff and visitors. Specialising in insuring art also enables Highworth to offer a number of options to private art collectors, a stand-alone insurance policy or inclusion of pieces within a high value home insurance policy.
Hiscox’s art insurance has been around for 40 years. Its private client business covers the breadth of high value assets from museums and mansions to holiday homes and exotic cars, all over the world.
It also owns an in-house art collection comprised of works by living artists, and from time to time sponsors public exhibitions and college prizes.
Clients include private collectors, corporations, museums, commercial galleries and auctioneer. Hiscox’s expertise encompasses everything from the restoration of fragile or mixed media contemporary art to the recovery of stolen works. Effective and speedy settlement of claims is a priority.
Typical cover is for all risks of physical loss and physical damage, but cover for defective title, exhibition cancellation and professional indemnity are also available.
With access to more than US$1bn of capacity with Lloyd’s and the London company market, JLT offer services to private individuals as well as businesses involved in exhibiting and shipping fine art.
They also provide cover for large private collections of diamonds and jewellery.
Macbeth Insurance Brokers offer fine art and antique insurance that typically includes ‘all risks’ worldwide cover, including accidental loss and damage; a no-quibble agreed value approach guaranteeing you the exact amount listed for an item in the event of damage or a loss; specified cover for individual items guaranteeing you the exact amount specified in the event of loss; and compensation for any loss in original value due to damage (which will be restored as perfectly as possible).
It also features a cash or replacement option allowing you to replace an item with something similar from your own supplier, or keep the full cash settlement; new acquisitions up to 25% of the total amount insured; and pair or set replacement giving you the option of receiving the full replacement cost if you lose one of a pair or set, provided you supply us with the outstanding piece or pieces.
Markel offers comprehensive solutions for art, sculptures, models, stamps, coins, memorabilia, antiquities, musical instruments, clocks and many other collectibles, with specialist products for commercial businesses, not-for-profit organisations and individual private collectors.
Markel Specialty’s museum insurance program is specially designed to support nonprofit 501(c)3 museums, historic homes, art organizations, libraries, and cultural centers.
Towergate is an insurer for 300 museums, individual collections and exhibitions as well as fine art, antiques and silverware valued at over £100 million. Items are covered at market value, replacement cost or even agreed value.
It also provides cover for available for items temporarily located away from a premises, including an amount for items left in unattended vehicles.
Broad fine art coverage is available for corporate collections of fine art, or for artwork and collectibles in commercial settings. A wide-ranging spectrum of paintings, sculptures, prints and multiples, and specialised collections of historical, cultural or technological significance can be insured.
Coverage is available at a permanent location, in transit or while loaned to others. Travelers’ agreed value fine art policy addresses the needs for that collection, while also making other important coverages available (e.g., breakage, pairs and sets coverage, flood and earthquake).
XL Group was accquired by AXA SA in 2018. XL Insurance now includes XL Group’s insurance business and AXA Corporate Solutions; and includes XL Art & Lifestyle, the combination of XL Group’s Fine Art and Specie business and AXA Art offerings.
XL offers broad expertise, capacity and worldwide capabilities to businesses, museums and collectors that handle fine art.
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