Fine Art & Collections Insurance:
There are three types of Fine Art & Collections insurance coverage that offer protection for valuable goods: Title (Fine Art), Property (Fine Art & Collections) and Collections.
- Title insurance insures against a defective title. For example, if the artwork was stolen or looted before you bought it rendering your title defective. Often an insurance company or division specializes in just title insurance. This type of insurance is important for high-value artworks that have passed through several owners or whose history is unclear.
- Property insurance, on the other hand, is similar to homeowner's insurance as it insures against theft or damage. If you have a regular homeowner’s or renter’s insurance policy, you might be covered up to your policy limit per item minus a deductible. For valuable art, you probably need a separate add-on floater to specifically cover it, or you are insured with a policy similar to AXA's ArtPLUS Household plan that includes home insurance with specialist cover on valuables such as fine art.
- If you are looking for insurance specific to valuable collections, insurers such as Hiscox offer Collections insurance with tailored cover ranging from art and photography to dolls and toys. Ideal for those looking for protection for their most precious collections.
If you have a significant piece or collection of art, however, you would likely be better served by a policy underwritten by separate fine art insurance company. Fine art insurance companies cover a wide range of art, from artworks to antiques and from personal art collections to museums and businesses, including the works of artists in their own studios.
Contact Us for more Information.
Fine Art Cover:
Chubb offers many types of insurance under their Fine Art & Valuable Goods (Specie) Insurance plan.
- Fine Art, Jewellery and Collections Insurance
- Corporate Collection Insurance
- Fine Art Dealers and Galleries Insurance
- Private Collection Insurance
- Jewellers Block Insurance
- Valuable Goods (Specie) Insurance
Fine Art, Jewellery and Collections Insurance - includes:
- All risks of physical loss or damage on premises and in transit worldwide
- Fire, Flood, Accidental damage, Natural Catastrophe, Transits, Other locations, New acquisitions
- Excludes (but can be purchased back)
- Repair & restoration, Terrorism, Outside safe limit for jewellery
- Excluding absolutely - War, Radioactive contamination, Nationalisation, Confiscation, Infidelity of directors
- Worldwide cover for Art and Jewellery
- Up to US$250m capacity
- Repair and conservation
- Loss of market value after a claim
- Newly acquired items
Zurich offers a similar plan to that of Chubb with their Fine Art and Specie Insurance plan. It provides much broader and comprehensive cover when compared to standard household insurance policies.
Fine Art and Specie Insurance - includes:
- Exhibition cover including transits to and from
- Exhibition cancellation cover
- Defective title cover
- Liability to third parties
- Loss of value and depreciation
Fine Art & Property Cover:
AXA offers Fine Art protection through their ArtPLUS Household Insurance plan. ArtPLUS specialises in cover designed for high value homes that need bespoke and extensive insurance coverage. This includes cover for art and collectibles, jewellery and watches, general contents and personal belongings.
ArtPLUS Household Insurance - includes:
- High single item limit for collections and jewellery
- Basic cover: HK$50,000 per item
- Automatic cover for newly acquired items
- Cover will increase by up to 30% to acommodate new purchases
- Pair and Set - Full Payment
- When an item belonging to a pair or set is damaged, you will be able to claim for the full pair or set
- Lack of, or Defective, Title
- Covers the cost of purchase and legal costs up to 10% of the amount insured
- Maximum of HK$250,000 per claim
- Cover for theft by domestic employees
- Worldwide cover - with free-of-charge transit cover (not exceeding 90 consecutive days)
- Water leak cover - damaged buildings, fixtures, fittings - e.g. bathtub or marble floor
- Alternative accommodation (up to 1 year) - when caused by an insured accident
- Cover for electronic devices
Hiscox offers protection for valuable collections through their Collections Insurance plan. Due to the plan's specificity, a wide range of collectable categories is available to choose from.
Collection Insurance - sub-categories includes:
- Art and photography
- Pop and sport
- Dolls and toys
- Porcelain, china, glass
- Statues and sculpture
- Antique furniture
- Arms and armour
- No requirement to itemise collection
- Only pay for the cover you need
- Collections under £250,000 accepted instantly