XL Group has launched its Key Artworks insurance product in the UK. The product covers cancelled or abandoned fine art exhibitions and the consequential financial loss in the event that the star attraction piece is damaged or stolen or unfit to be displayed to the public.
The United Kingdom is a major hub for the global art market, with over 200 museums and galleries in London alone, and more than 29 million visitors to the top six cultural and fine art establishments in the country, including crowd drawing institutions such as the British Museum, Tate Modern and the Victoria & Albert Museum.
While cancellation of event cover has existed for many years, XL Group has gone further by offering cover not only for the art works but also for the loss of revenue should visitor numbers be affected when key pieces can’t be displayed.
XL Group’s Steven Lawrence, Regional Manager UK, Fine Art and Specie says: “We have seen the success of our Key Artworks product across continental Europe and Asia as the art industry is recognising the opportunities for exhibitions overseas and travelling exhibitions are increasing. There is strong international demand for art from Britain and with that comes more exposure to the risks of lost, stolen or damaged works. Now we are able to bring this carefully crafted insurance coverage to the UK market to help art organisations manage the associated risks when planning an exhibition.”