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You are here: Home / Blog / Art Insurance – Protect Your Art Collection

March 5, 2020 By Dave Nevue

Art Insurance – Protect Your Art Collection

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Purchasing insurance protects you from extra expenses accrued from an accident, health issues, or natural disasters.

Nobody wishes a mishap on anyone, but accidents happen, and investing in insurance will help to cover some of the costs.

Art Insurance

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Misfortunes can also happen to your priceless art collection.

Whether you are a fine art collector or an artist who has a large investment in fine art, you might want to consider protecting your art by purchasing art insurance.

“The Scream” and “Madonna,” two major paintings by famous Norwegian artist Edvard Munch, were stolen in 2004 from the Munch Museum in Norway by armed robbers in broad daylight (and recovered in 2006). In 1990, approximately $300 million worth of art was stolen from the Isabella Stewart Gardner Museum in Boston, including a Rembrandt and a Vermeer. (Source: Art Business)

There is more fine art being sold every year thanks to the internet.

People can now purchase art from artists around the world.

With art becoming more popular and valuable, protecting your investment might be something you might want to sleep on.

What Is Fine Art Insurance

Most insurance companies, like your homeowner’s insurance, offer different levels of protection for fine art.

Art insurance, unlike homeowners insurance, is a special policy that provides financial protection for art collectors and artists.

By purchasing insurance for your art collection, you will feel safe knowing that you will be compensated if your art investment is damaged, lost, or stolen.

It is possible to add your artwork to your homeowners insurance, but the coverage will be limited.

Homeowners insurance has a lot of restrictions you will want to do some research before assuming that your collection is covered.

Art insurance on the other hand is a specialized, all-risk policy specifically for your art collection.

Most fine art insurance policies have a valuation clause. This means, if the artwork is irreparably damaged or stolen, they will compensate you with the current market value of the piece at the time that it was lost. (Source: Benzinga)

Fine art insurance policies may be sold on a scheduled basis or blanket policy.

  • Scheduled basis: Each individual piece is insured up to a certain amount.
  • Blanket policy: An entire collection is covered with an overall policy limit and no maximum per-item payouts). Blanket policies are often purchased by universities, museums, and galleries to protect their large collections, while individual and private collectors with smaller groups of valuables usually opt for scheduled coverage.” (Source: Benzinga)

Insuring your fine art collection might be something you might want to consider if you are an art collector or artist.  

dog painting

Why Should You Purchase Art Insurance

There was a point in my life when I made a living from performing music in local clubs and teaching one-on-one guitar lessons.

During that time I had a large collection of guitars that were worth approximately $50,000.

I didn’t know much about homeowners insurance at the time and I thought that my guitar collection was covered under the homeowners insurance policy.

One day the water tank broke in my house and flooded the downstairs where I kept my guitars and other musical equipment.

My music equipment was covered but the coverage was limited. I received a check for $2,500.

The story still puta a not in my stomach.

If I knew back then what I know now I would have purchased insurance for my guitars. This was a costly lesson to learn.

So if you have a large investment in fine art, I strongly recommend you looking into purchasing art insurance and research what your homeowners insurance will cover.

Different Types Of Insurance Coverage

There are two types of art insurance coverage that offer protection for a work of fine art: title and property. 

  • Title insurance insures against a defective title. For example, if the artwork was stolen or looted before you bought it rendering your title defective. Often an insurance company or division specializes in just title insurance. This type of insurance is important for high-value artworks that have passed through several owners or whose history is unclear.
  • Property insurance, on the other hand, is similar to a homeowner’s insurance as it insures against theft or damage. If you have a regular homeowner’s or renter’s insurance policy, you might be covered up to your policy limit per item minus a deductible. For valuable art, you probably need a separate add-on floater to specifically cover it. Most insurance companies offer these floaters to supplement a policy. (Source: The Balance Careers)

Property insurance might be the best fit for most people unless you are purchasing artwork that has been passed through multiple people.

Property insurance will cover your art collection if it was stolen, lost or damaged like my guitars.

Types Of Art

Art insurance covers an extensive range of artistic pieces, including:

  • Paintings
  • Drawings
  • Sculptures
  • Pottery
  • Historical books
  • Coins
  • Stamps
  • Armor
  • Manuscripts

Be sure to talk to your insurance agency to see if they cover the type of art you wand protection for.

Insurance For Artwork

Here are some companies that specialize in art insurance:

Huntington T. Block

Provides insurance for:

  • Fine art
  • Musical instruments
  • Collectables

Progressive

Covers theft and damage and can be bundled with your homeowners insurance.

AXA XL

Specializes in fine art insurance.

Art Insurance Now

Art Insurance Now provides art insurance for museums, galleries, artists, dealers, and auctioneers.

Quote Zebra

Art gallery insurance.

Conclusion:

An art insurance policy might be the best investment for your art collection.

Like I have mentioned earlier, if I knew this years ago I would have been able to protect my guitar collection and would not be out $45,000 +.

We never expect mishaps to happen but when they do it is better to be protected than to be saying, I wish that I had invested in insurance.

Take some time to research companies that offer fine art insurance coverage.

Ask them about their insurance policy and see if it something that will protect your assets.

Popular Art Marketing And Sales Tutorials

Below are some of the most famous art marketing courses that will grow your online art business:

Most Popular – How to Make a Living Selling What You Make by Megan Auman

Most Popular –  Build a Successful Creative Blog by April Bowles-Olin

How to Build a Business While Learning Your Craft by Megan Auman

Pinterest Marketing for Makers & Designers by Megan Auman

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Filed Under: Blog

About Dave Nevue

Dave Nevue is a Professional Pastel Wildlife Artist and the founder and CEO of Nevue Fine Art Marketing. He also authored the eBook The Productive Artist How to Live Your Dreams, and provides courses on art marketing at Nevue Fine Art Marketing Courses.

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