Must-Have Inclusions in Your Art Insurance Policy

People collect art for many different reasons. Some have a passion for fine art, while others love discovering emerging artists or incorporating valuable art pieces as part of their asset portfolio. Families acquire artwork as a means of passing down their legacy to their children. A number of businesses invest in art collections curated to align with their aesthetic, whether displayed in a corporate lobby or at a fine-dining restaurant. Art dealers, galleries, museums, churches, and synagogues line their walls with contemporary artists and the masters.

Whether a personal or corporate collection, artwork on display for viewing and appreciation, or pieces for sale, fine art requires an insurance policy that paints a broad swath of coverage. When reviewing a Fine Art & Collectibles (and valuable articles) insurance policy for your clients’ collections, be sure they have the right coverage. Distinguished offers a comprehensive, broad policy that provides the following key coverages.

Worldwide Coverage

Whether your client is moving a part of their collection to a home abroad or is an art dealer shipping artwork to a customer, be sure they have worldwide coverage.

Coverage for Unnamed Locations and Transit

Ensure coverage for artwork and collectibles moved to a temporary location and while in transit is covered. Our policy provides coverage while art is being transported – from its origin to its destination – whether shipped by air, land, or sea. Transit coverage is critical, as most claims occur while artwork is being moved from one location to another. Accidental damage and theft are typical causes of loss.

We also cover pieces that are warehoused. Coverage protects the pieces should damage occur while they are located in an art storage facility awaiting final delivery. For art exhibitions on display at different museums in various cities or countries, our Exhibitor Insurance policy protects art pieces throughout the journey. Artwork to and from art fairs or exhibitions can also be covered.

Beneficial Basis of Valuation

Be sure the client maintains appraisals or invoices for each piece on file so that there is an agreed value in the event of claim. You also want the basis of valuation to be beneficial to your client. For example, in the event of a loss, we will pay an art gallery for its owned property a maximum of the cost plus 30% or its retail price less 20%. Typically, you will not see this type of valuation in a commercial property policy.

Coverage for a Client’s Reference Library

Many collectors have limited-edition books about the artists and the pieces they collect. We will provide up to $50,000 in coverage for a client’s reference library. For example, a collector of Picasso paintings may have a library of books on the famed artist, which can easily accrue a significant value due to its limited print run.

Coverage to Prepare a Completed Inventory in the Event of a Loss

We offer an additional $10,000 in insurance to cover the cost of preparing a completed inventory of damaged and undamaged work in the event of a claim.

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The Distinguished team has extensive knowledge of the art and collectibles sectors. We have direct access to a large network of industry specialists to assist us in guiding the insurance needs of your client’s collection. From underwriting needs to the claims experience, our service pledge is to be responsive.

To bring the protection of Distinguished to your client, you’ll first need to register your agency with us. Following this, you can complete our Fine Art and Collectibles application form to start the submission process. 

To complete the form, you’ll need key information such as security measures, the properties covered, and any loss history. We also accept ACORD applications when accompanied by a Distinguished supplemental.

In specific instances, we may ask for additional documentation, like a consignment agreement in the case of a dealer or a detailed schedule of covered property for private collectors.

If you require further information about our Fine Art and Collectibles Insurance, don’t hesitate to reach out to us or visit our Fine Art and Collectibles Insurance product page for in-depth details.

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate & Builder’s Risk, Community Associations, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

View a full list of our programs and submit business with Distinguished.

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