Art insurance is one of the best investments an art aficionado can make. It makes no difference whether you are moving homes, shipping your work to a client, or keeping your collection in a storage facility — you must always have a guarantee that if something happens to your precious possessions, you will get compensation for the damage. Here are some tips that we, professional art shippers, recommend that you follow when insuring your valuables.
Art Insurance: Tips on How to Protect Your Collection Like a Pro
Evaluate your artwork before buying insurance
The value of your artwork will determine the compensation you will receive from your insurance provider. You can either have your insurance company perform an appraisal or contact a fine art appraisal firm where professionals will calculate the value of your pieces based on features like scarcity, condition, etc. It is usually considered a good practice to keep the purchase invoice and use it as a frame of reference.
Check if your insurance company covers your items
Not all companies or plans can cover all categories of items or insurance cases. You will find that some insurance providers might have limitations you have never even considered before, so you need to study them carefully before making a decision. Some of the most common insurance exclusions are damage from wear and tear and damage caused by environmental or natural causes and war. Some insurance companies might not cover glassware or artworks made from perishable ephemeral materials. Make sure you are aware of all of the insurance conditions before picking a plan.
Consider purchasing additional art shipping insurance
Art insurance is different from art shipping insurance because the latter is specifically tailored to accidents that might occur during transportation. For this reason, it is highly recommended that you work with your service provider to design an insurance plan that will cover as many of the insurance conditions as possible.
Ask your art logistics company for help
When in doubt, you can always ask for help. Are you insuring your collectibles for transportation or storage and already have an established relationship with a reliable fine art logistics company? Then go ahead and ask your art handlers to provide art shipping or storage insurance based on your needs.
In conclusion, getting art insurance will save you a lot of energy and money in the long run. Fine Art Shippers can help you choose the perfect insurance plan that will fit your needs best.