Fine Arts Insurance Information
When insuring items of value, such as fine art, you want to work with an insurer that gets to the root of the matter and finds you the policy that will guarantee that items are protected in the event of any loss. At Hill & Stone Insurance, that’s our goal, and we’ll work with you to personalize your fine art insurance portfolio to your advantage.
Whether you’re a collector, museum representative, or the owner of one or two pieces you want to protect, we can help you get quality coverage solutions—solutions that will help you out of the expensive, hard-to-fix loss scenarios that might impact your fine art.
Call us at (847) 295-3030 or request your free fine art coverage quote now.
What Is Fine Art Insurance?
A piece of fine art is an item that has significant value, is hard to replace, and represents a significant personal (or even cultural) loss should damage to or destruction of the piece occur.
By having the item(s) insured, you will receive financial support and protection if you ever need to repair or replace a piece of fine art in the event of damage or a loss. And, if you can’t repair or replace your piece of art, your insurance may provide financial support in the form of a settlement. This can make the loss a bit easier to bear.
Personal Fine Art Insurance
How Do I Insure Personal Pieces Of Fine Art?
A personal piece of art might hold considerable value. Whether you have a single piece or need to insure multiple pieces, the best way to do so is often by adding a fine art insurance endorsement onto your homeowners policy.
A fine art endorsement will extend coverage specifically to the piece in question, and its limits will be adequate to cover the value of that item.
The endorsement will provide coverage outside of the limits of your standard personal possessions coverage, which is often inadequate to cover the high value of these unique and expensive items.
In the event that damage to a piece is repairable, the endorsement will pay based on the value necessary to repair the item.
Should an item be a total loss, your policy will pay based on the insured’s settled value of the item in question. You will likely have to have the item appraised at the time you purchase the endorsement, which can help you and the insurer determine the precise value of a total loss.
Keep in mind, endorsements only insure one piece under one endorsement. So, if you have multiple pieces to insure, you will have to purchase separate endorsements for each.
What Type Of Losses Will A Personal Fine Art Endorsement Cover?
Most fine art endorsements can offer coverage against:
Certain instances of water damage
Theft or partial theft (vandalism)
Loss or accidental damage of items
Certain instances of extreme heat and humidity
Commercial Fine Art Insurance
Who Needs Commercial Fine Art Coverage?
If you are involved in a commercial art enterprise—a museum curator, dealer, educational institution representative, gallery coordinator or large-scale collector—then you will need more expansive benefits than a personal fine art insurance endorsement can provide. There are numerous specialized insurance benefits that you can use to insure the pieces and the liabilities associated with your operations.
What Types Of Commercial Fine Art Coverage Exist?
Depending on the scope of your operations, your insurance needs will vary. Hill & Stone offers fine art policy portfolios that are easily customizable to the individual enterprise.
Available benefits include:
Museum Insurance: Coverage can be customized to address risks associated with specific types of collections. Additionally, policies will account for potential loss scenarios arising from guests’ interactions with or misuse of pieces.
Transit Coverage: Fine art pieces might be under transport constantly, perhaps as part of exhibitions or art fairs. During this time, customized inland marine benefits will be able to provide coverage against items lost or damaged during transport.
Art Collections Coverage: Whether you are seeking coverage for a personal or commercial art collection, this benefit can ensure that all items in question are insured, both while in their permanent homes or while in transit.
We will work with each enterprise to ensure that they always receive optimized coverage at prices that are perfect for them.
Get Your Fine Art Coverage from Hill & Stone Insurance Today!
We can make your search for fine arts coverage easy. You can trust us to help identify, isolate and appropriately cover the liabilities and values associated with your pieces. In the end, your coverage will be optimized in ways that offer the best level of protection for you.