Art gallery insurance is one of the most popular insurances in the industry. It is an insurance designed for recognised artists and exhibition businesses. The insurance helps reduce and recover from unpredictable risks.
Art gallery insurance companies specialize in providing insurance coverage tailored to the needs of art galleries. They understand the complex risks that galleries face and can provide customized policies to meet their needs.
On average, art galleries in America spend between $300 – $600 per year for $1 million in general liability coverage. Several factors will determine the price of your policy.
Is Art Covered by Insurance
Artwork insurance coverage, also known as fine art insurance, is a type of insurance that covers loss or damage to artwork. This type of insurance typically covers objects including paintings, sculptures, antiques, collectibles, and other similar valuable items.
Artwork Insurance Coverage Overview
Artwork insurance coverage can cover loss or damage to your artwork in various scenarios, including theft or burglary, fire or flooding, accidental damage, transit or shipping damage, and natural disasters.
Cost of Insuring Artwork
Insuring artwork through Progressive typically costs 1.5% to 2% of the individual piece you are insuring. This means a $20,000 piece will cost about $300 to $400 each year to insure.
Proper art insurance—either standalone or as part of a specialist High Value Home policy—will provide cover for a settlement figure that you agree with the insurer upfront, usually based on a recent valuation.
The first step to insuring your art collection is putting together provenance, or all the necessary documentation to prove that the work of art is yours and what it’s currently worth. These documents include proof of ownership, bill of sale, provenance, a replacement estimate, photographs, and the most recent appraisal.
AXA ART is the only global insurer entirely dedicated to protecting collections of fine art and valuables. The design of an ART policy is to cover short-term insurance needs.
Insurance for collectibles and art is normally affordable. For example, a $10,000 piece will cost about $100-$200/year to insure. If you want an exact price, just go ahead and get a quote or contact your agent for more information.
Several insurance companies specialize in covering art and antiques exclusively. Coverage details and specifics can be discussed and/or negotiated with your insurance company. There’s no excuse for not insuring an art collection or at least a portion of it.
Most artists will be interested in three particular types of insurance coverages: professional property, general liability, and errors & omissions. Commercial property insurance is just as it sounds – it protects property that you use in the course of business.
In conclusion, insuring artwork is a critical aspect that art collectors and institutions should not overlook. The cost of insuring artwork can vary significantly based on the artwork’s value, location, type, coverage amount, and other factors.