Art Insurance Overview
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Fine Art def: a visual art considered to have been created primarily for aesthetic and intellectual purposes and judged for its beauty and meaningfulness, specifically, painting, sculpture, drawing, watercolour, graphics, and architecture. Source: Wikipedia
Who Needs Art Insurance?
It is very common for businesses to have expensive pieces of art which are owned, rented or leased throughout offices, common areas and/or reception areas. As such it may not be uncommon to find the following on premises;
- Valuable rugs
- Marbles and bronzes
- Rare books
- Rare glass
What Does Art Insurance Cover and How Do I know I have The Right Coverage?
Art insurance coverage is typically added as an extension to an existing property or commercial package policy. Many property and/or commercial package policies will have minimal art insurance coverage included (e.g. $25,000), therefore potentially leaving you under insured. At the time of a loss repair or replacement to original works of art may be near impossible. Because of this it may be recommended that high valued and/or difficult to replace works of art be insured on a valued basis. What this means is that both the insured and the insurer agree on the value of the property at the time that the policy is issued. Should a loss occur, art pieces insured on a valued basis will have the agreed value paid.
To Learn More About Art Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com
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