Fine Art Insurance

Art may be subjective, but its value certainly isn’t. Whether it’s a work by a great master or an up-and-coming star, fine art insurance can provide important protection for the financial investment represented by valuable and often irreplaceable works for art. Every piece of art is different, which is why Park Insurance works with one of the most respected names in art insurance, Chubb.

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A renowned reputation

Chubb is one of the world’s leading providers of jewellery and fine art insurance, with specialist expertise in protecting valuable and difficult-to-replace possession. For high-value artworks, we believe that the partnership between Park Insurance and Chubb represents an industry-leading level of protection for your art.

What is fine art insurance and why is it important?

Artwork insurance is designed to cover high-value pieces that may not be included in your standard home contents insurance.

Standard home contents insurance may provide some cover for artwork, but individual-item limits, valuation requirements and other policy restrictions can make specialist artwork insurance appropriate for higher-value pieces. This can be tailored to the value and circumstances of the artwork.

Artworks are particularly vulnerable to theft and accidental damage, which can severely reduce their value. Fine art insurance provides cover that protects your financial investment. While an insurance policy cannot replace the sentimental or artistic significance of a unique piece, it can provide financial protection following an insured loss, theft or damage.

What does fine art insurance cover?

Every policy depends on your circumstances, the type of artwork and the specific exclusions, conditions and limits of the policy which vary between insurers. Generally, art insurance covers:

  • Accidental damage – Cover may pay for the cost of repairing damaged artwork or, where it is damaged beyond repair, provide a settlement in accordance with the policy’s valuation.
  • Theft – An insurance policy provides financial protection if a piece is stolen during a break-in
  • Depreciation - If your art is damaged and restored, insurance can provide a financial buffer that covers any depreciation in the value of an artwork as a result of restoration
  • Accidental loss and loss in transit – If you loan your artwork or it’s moved from its usual location, artwork insurance may offer cover if the piece is lost or damaged in transit
  • Defective title cover – Provides financial cover if you have to relinquish a piece of art because someone else claims ownership.

What isn't covered

Depending on the type of policy you take out, some aspects may not be covered, including:

  • Routine repairs
  • Self-made items
  • Theft as a result of robbery with no evidence of forced entry
  • Theft from an unattended vehicle
  • Cosmetic damage during cleaning and general wear and tear.

The different types of policies to consider

Talking to Park Insurance can help you determine which policy best suits your needs.

  • All-Risk – Provides broad protection against physical loss or damage, subject to the policy’s exclusions and conditions, and may be suitable for private collectors and valuable individual artworks
  • Institutional and commercial – Designed for galleries, dealers and art specialists including restorers who may need cover for pieces in their care
  • Transit and exhibition – Cover for artworks while being transported, exhibited or temporarily held away from their usual location. Depending on the policy, this may include international transit and exhibitions.

How much does it cost to insure a painting?

It depends on the painting’s provenance, the artist, and other factors, including the location and whether any security is in place to protect the piece.

Is my art covered in transit?

This will depend on your specific policy but generally, art insurance covers the item at its usual location. Some policies will include transit cover. Talk to your broker about the level of transit cover you need.

Do I need a professional valuation?

Some insurance providers may require a professional valuation to establish the appropriate level of cover, while others may not require one for artwork below certain values. The requirements vary between policies - we can advise you on what is needed for your artwork.

Get a clearer picture with Park Insurance

For over 30 years, Park Insurance has offered a wide-ranging service, sourcing the right insurance for thousands of business and personal customers. As a preferred broker to many of the UK’s insurance providers, we can source competitively priced, flexible insurance policies. Use our online quote form to get an instant, no-obligation quote. Or call us today to discuss your art insurance needs.

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Give us a call on 0117 955 6835 or click on the button below and we will be happy to contact you to discuss your needs.

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