Insuring Fine Arts

It can be unnerving when a collection of paintings, artifacts, sculptures, paintings or jewelry that one has painstakingly collected over the years gets stolen or damaged. It can be further detrimental if one cannot recover one’s loss considering the investment made to acquire the collection. This is where a fine arts policy offered by insurance companies can come to one’s rescue.

Fine arts insurance is a specialized cover offered by insurance companies that offer insurance cover for paintings, artifacts, antiques, sculptures or jewelry and items of historical importance. Many believe that such items are covered under a home insurance policy or a traditional fire insurance policy. But this is not the case; they are either not covered or partly covered under such traditional policies. So it is necessary to have a specialized policy to protect such items.

A fine arts policy should ideally be on an all risk basis with agreed values.  The policy is basically of two types:

Collectors of fine arts

Gallery owners of fine arts

The difference in the coverage is on factors like itemized listing, value of the coverage, transit limits etc.  Often individual owners of collections are not aware of the value of their collection to get the appropriate coverage for it. In such a situation it would be wiser to get the items appraised by a professional appraiser. Many insurance companies offer the facility of an appraiser to assess the value of the works of art every few years.  This ensures that adequate insurance coverage is provided to the collection and will also provide the insured with documentary evidence for any future claims.

Fine arts insurance is offered by many insurance companies but it is important to know the general coverage and exclusions in such policies before opting for one.  Some policies cover the home collection of fine arts under the homeowner’s insurance policy.

Comparing prices of premiums of policies of different insurance companies is important before taking a final decision. A comparative analysis of the coverage and exclusions in the policies of different companies will help to make a wise choice. One should also be aware of the valuation method used by the company while settling a claim.

 We will help you choose the right policy to protect your valuable works of art. To know more about getting the right insurance policy based on your needs  and an unbiased opinion on the best options please visit www.zeninsure.com or call us on +91 9848884363