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Jan 12

How to Insure Fine Art

When your fine art collection includes original art pieces rather than reproductions, art insurance is a must. Below you can find out how to insure fine art by following some simple procedures.

How to Insure Fine Art How to Insure Fine Art PIcture

Before contacting an insurance agent, have your fine art collection appraised by a professional, either art dealer or appraiser. It is very important to have an accurate idea about how much coverage it will be required.

Try to insure the collection through your homeowner’s insurance. As there are certain limits for the money claimed, find out if your current policy covers art. If it does, it is easier to insure your small home collection through your existing policy than to do a different policy.

Do a little research work and compare prices of premiums from several art insurers in order to find the best offer. The best would be to arrive to an insurance company which has good knowledge about the art world. As a result of a good collaboration with your agent, you will be given a personalized policy based on your unique collection.

If you have pieces or art which are on loan or consignment at another location, don`t forget to include them on the insurance policy too. Usually, compensation is provided in case of damage, loss or theft at that location.

In case your fine art is exhibited, purchase “public liability” protection, an option which also offers insurance for the time your pieces are in transit to exhibitions.

In order to identify which insurers have credibility, ask them a list of their current clients or check them on the Internet. If the list includes big names in the art world, this is a proof of reliability. Once you have decided the insurer, fill out an application for fine art insurance coverage.

 

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