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Fine Art Insurance Policy Information

Fine Art Insurance

Fine Art Insurance. Maybe your business is a collector of paintings, sculptures and other types of fine art? Perhaps you are responsible for the transportation or set up or fine art collections.

Whether your organization owns or is in charge of fine art, there's no doubt that you want to ensure that it is properly protected. Works of art - especially if their one-of-a-kind or made by a world-famous artists - can be irreplaceable.

Commercial fine art insurance is available for:

  • Artists
  • Exhibitions
  • Foundations
  • Galleries/Dealers
  • Historical Societies
  • Museums & Institutions
  • Private & Corporate Collections
  • University Collections & Libraries

As an organization or business who is in charge of fine art, you want to be sure that these commodities are properly protected. How can you do that? By investing in a fine art insurance policy.

Fine art insurance covers commercial collections of every nature, including: fine art, jewellery and collectable objects with rates as low as $109/mo. Get a fast quote and your certificate of insurance now.

Below are some answers to commonly asked fine art insurance questions:

How Much Does Fine Art Insurance Cost?

The average price of a Fine Art Insurance policy for a small collection ranges from $109 to $259 per month based on; where the cargo is being picked up and transported to, types of cargo hauled, average load value, claims history and more.

What Is Fine Art Insurance?

Looking At Fine Art

Fine art insurance covers a variety of objects of fine art owned by businesses that are not in the fine arts business. This coverage is on a scheduled basis with each item covered on a valued basis.

Coverage can also apply to works of art that belong to others in the named insured's care, custody, or control. Coverage applies at designated locations and in transit.

A fine art insurance policy would be a worthwhile investment for anyone who owns, handles, or cares for works of art that are considered rare or priceless.

If any of the following apply to you and you are an owner of or are responsible for fine art, you should strongly consider investing in this type of policy:

  • A one-of-a-kind item that would be impossible or exceedingly difficult to replace
  • An object that would experience a substantial decrease in value if it were damaged
  • Delicate, fragile, original, or antique items

What Is Considered Fine Art?

While what qualifies an item as "fine art" does vary, there is one standard that would qualify something as a work of fine art, and that is that the value of the piece exceeds the "ordinary function" of the material; in other words, a canvas that contains a work of art that was painted by a world-renowned artist - whether deceased or alive - would be considered a work of fine art, whereas a canvas that features artwork that was painted by an unknown individual or that has not be critically acclaimed in the art world would not.

Some examples of fine arts are:

  • antique furniture
  • bronzes
  • drawings
  • lithographs
  • marbles
  • paintings
  • porcelains
  • rare books
  • rugs
  • statuary
  • tapestries

What Does Fine Art Insurance Cover?

Woman In Fine Art Gallery

The coverage that a fine art insurance policy offers varies and depends on the specific insurer and the nature of the artwork; however, generally speaking, the majority of fine art insurance policies do pay for direct physical loss or damage to covered property but only when that loss is from a covered cause of loss.

Covered property is the property described in the declarations but only if it is fine arts owned by the named insured or fine arts that belong to others that are in the named insured's care, custody, or control.

For example, if the piece was damaged while in transit, by a storm, a fire, or any other perils, because it wasn't securely displayed, or if it is lost or stolen, a standard fine art insurance policy would cover the associated costs.

There are some exclusions, however; for example, most fine art policies will not cover damages that are associated with an act of war, pests or contraband.

Some fine arts policies also offer extensions to coverage including:

  • Art Fair Cancellation
  • Art Title Defense Cost
  • Exhibition Cancellation
  • Misrepresentation Defense Cost

It's important to speak with your insurance provider to find out exactly what a fine art policy will cover.

How Is Fine Art Valued For Insurance Purposes?

The limits for a fine art policy are determined by the value of the artwork in question; however, the value of artwork is often subjective. With that said, most insurance companies will use a set of standards to determine the limits for a policy, which may include:

  • The market value of the piece
  • The amount the piece was purchased for
  • The estimated cost of replacing or repairing the item
  • The value of the piece, as determined by an appraisal

As with any other type of insurance policy, the premiums that you can expect to pay for fine art coverage will depend on the limits.

Fine Art Insurance Underwriting Considerations

Objects of fine art should always have an independent appraisal to determine the appropriate value. The purchase price is important but may not have an actual bearing on an object of fine art's true value or market price.

Appraisals should be updated periodically because changes, such as the death of an artist, may increase the value or cause the value to appreciate. On the other hand, a flood of comparable items on the market may diminish or depreciate the item' value.

Fire and theft are the major cause of loss concerns and fire and theft systems and alarms should be in place when substantial values are involved. Sensitive environmental or atmospheric systems and alarms should be considered if the art is susceptible to damage from changes in temperature or humidity.

The degree of care in packing and unpacking objects of art in large part determines how well they fare in transit. Specialized moving and packing operations should be employed when handling and transporting valuable items.

Art located off premises should be documented and recorded and security at those premises should be adequate for the type of item involved and its value. Fraudulent acts and trickery can occur and there should be safeguards to prevent unintended delivery of art objects to criminals.

Security at off-site exhibits must be evaluated and appropriate guarantees obtained before consenting to exhibit. If a fine art object is given to another party on consignment, a signed consignment agreement should be required to eliminate any questions of its ownership and that party's legal responsibility for it.

Fine arts should be kept on or above grade level because damage from humidity and water occurs more frequently below grade. Lower levels of a building may be appropriate for other storage or for processing and refurbishing operations.

It is important to keep activities that involve heat and using flammable liquids well away from the main inventory. Flammables should be kept in proper containers in a well-ventilated area to prevent the build-up of fumes and away from combustible materials that can increase the chance of spontaneous combustion and fire.

Fine Art Insurance - The Bottom Line

If you are the owner or the handler of fine art, speak to a reputable insurance broker that specializes in fine art insurance coverage. An agent will be able to help you determine if this type of policy would be worth your while and if so, how to go about securing a policy and how much coverage you would need.

Types Of Small Business Insurance - Requirements & Regulations

Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.

Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.

Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.

Small Business Information

Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.

Small Business Insurance Information

In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.

The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.

According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.

Types Of Small Business Insurance

Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:

  • What type of business am I running?
  • What are common risks associated with this industry?
  • Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
  • Does my state require me to carry this type of insurance?
  • Does my lender or do any of my investors require me to carry this type of policy?

A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:

Business Insurance Policy Type What Is Covered?
General Liability InsuranceWhat is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.
Workers Compensation InsuranceWhat is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.
Product Liability InsuranceWhat is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.
Commercial Property InsuranceWhat is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.
Business Owners Policy (BOP)What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.
Commercial Auto InsuranceWhat is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.
Commercial Umbrella PoliciesWhat is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.
Liquor Liability InsuranceWhat is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.
Professional Liability (Errors & Omissions)What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.
Surety BondWhat is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).

Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.

Business Insurance Required by Law
Small Business Commercial Insurance

If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.

Your insurance agent can help you check applicable state laws so you can bring your business into compliance.

Other Types Of Small Business Insurance

There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:

  • Business Interruption Insurance
  • Commercial Flood Insurance
  • Contractor's Insurance
  • Cyber Liability
  • Data Breach
  • Directors and Officers
  • Employment Practices Liability
  • Environmental or Pollution Liability
  • Management Liability
  • Sexual Misconduct Liability

Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.

Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.

Additional Resources For Professional Services Insurance

Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.

Commercial Vehicle Insurance

The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?

Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.

All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.

The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.

The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.

It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.

This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.

Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.

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