The Art of Protecting Art: How to Properly Insure Works of Art
Paintings, sculptures, antiques, as well as modern installations or collector's editions – art can hold immeasurable financial, historical, and emotional value. And just like any other valuable asset, artworks deserve adequate protection. However, art insurance is not a typical property insurance. It is a specific discipline that requires market knowledge, context, and proper valuation.
Why art insurance is not an unnecessary luxury
Owners often know that artworks can be threatened by natural disasters, theft, vandalism, or damage during transport. Yet, insurance is often overlooked – sometimes due to lack of knowledge, other times out of concern that it is too complicated or expensive.
In reality, however, art insurance is more accessible than it seems, and can make a crucial difference between financial loss and investment protection.
What can be insured
- Paintings, drawings, prints, sculptures, and installations
- Antique and modern furniture, clocks, jewelry, and porcelain
- Collections – philatelic, numismatic, archaeological artifacts
- Design and collector's items – e.g., limited editions
Insurance is suitable not only for private collectors, but also for museums, galleries, auction houses, cities, and municipalities or companies that own art as part of their corporate assets or presentation.
How insurance works
- Artwork valuation
The first step is to accurately determine the value. We collaborate with expert appraisers and valuers who prepare an expert assessment. For renowned artists, auction records can also be used. - Choosing the type of insurance
You can choose all-risk insurance (covering all insurable damages) or a variant with a specific list of risks. The insurance covers damage (e.g., from falling, moisture, fire), theft or vandalism, and loss during transport or exhibition. - Determining the insured amount and insurance payout
The premium amount depends on the artwork's value, the level of risk, and the method of storage or presentation. - Additional insurance and supplementary services
Additional insurance for transport, temporary placement at an exhibition, or legal assistance in case of an ownership dispute is also available.
What to watch out for
- Valuation updates – the value of art can change, and your policy should reflect that.
- Proper storage – the insurance company may have requirements for securing the premises.
- Photographic documentation and provenance documentation – important for identification and insurance claims.
- Clearly defined exclusions – for example, damage caused by normal wear and tear or poor maintenance.
Our Role as Brokers
Our role extends beyond simply arranging insurance. We act as advisors and partners, who understand not only insurance terms but also the world of art. We help clients to:
- correctly set up their policy,
- communicate with experts and appraisers,
- resolve insurance claims efficiently and sensitively.
Art Deserves Protection – Professional, Discreet, and Sensitive
Every work of art tells a story. Our goal is to ensure that story is protected, even when unexpected events occur. If you are considering insuring your collection or an individual piece, we would be pleased to discuss your options and propose a tailored solution.
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