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.
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.