Insuring your art belongings is a typical practice for all cautious art owners. By having a comprehensive insurance policy, you secure your financial interests and guarantee thorough protection of your property from all kinds of damage, loss, or theft. A separate aspect of insurance coverage, however, is shipping; it is rarely covered by general insurance and needs to be arranged separately. Thus, it’s imperative to understand all nuances of art shipping insurance to select the most appropriate and cost-effective plan. Here is the math behind insuring your art for shipping.

What’s the Average Cost of Art Shipping Insurance?

There is no one-size-fits-all approach to price estimation for all art objects, and some, especially high-value items, require individual assessments. Yet, in most cases, you can count on 0.8-1% of the artwork’s value as the cost of your insurance plan. This cost covers general art transit insurance for approximately 1 month while your artwork is in transit.

Where to Get Insurance for Art Transportation?

You may follow any of the two paths when arranging your art shipping insurance. The first one is to contact your regular insurance broker and inquire about including the shipping aspect in your existing insurance plan. It may be an extra service or an already existing element of insurance coverage – the broker will inform you accordingly.

The second option is to buy art transit insurance from your shipping provider. It is a regular practice for art logistics companies to offer art insurance services so that they assume full responsibility for the safety of your artwork and guarantee compensation for damage or loss in case of emergency.

What Is the Process of Insuring Art Before Shipment?

A vital part of insuring art is its appraisal and condition assessment. The insurance provider has to have clear proof of the art object’s present-day monetary value so that they can calculate the price of insurance accurately. This means that you must provide a recent art appraisal or a bill of sale showing the purchase price of your artwork.

A review of the art object’s current condition is also vital for recording any existing defects and signs of natural deterioration. This way, the insurance will cover only new damage, with the condition report or photos serving as tangible evidence of the art object’s initial state.

Insurance Makes a Real Difference

Don’t underestimate the importance of art insurance when you’re preparing your art object for shipping. At Fine Art Shippers, we always take due care about insuring the shipped artwork to guarantee end-to-end protection of our client’s interests.