Finding out that your artwork has been stolen or damaged in storage or transportation is always a great disappointment. However, with proper fine art insurance, you can secure the protection of your financial interests and get full, prompt, and reasonable compensation for the damage or loss. Here are the main aspects of filing insurance claims you should know.
Intricacies of Fine Art Insurance
Art-related insurance policies differ, and you should double-check what aspects your policy covers before filing a claim. Comprehensive insurance coverage usually includes theft, loss, accidental damage, and some natural disasters. While an all-in-one insurance plan may be too expensive, you may limit coverage to specific aspects of your interest, such as transportation or storage. You may get an insurance policy from a private dealer or seek it from the art logistics company for the purposes of safe shipping, storage, and installation.
Step-by-Step Guide to Filing an Insurance Claim
The first stage of filing a claim is to notify your art logistics company or the corresponding services about the accident. In case your art has been stolen from your premises, you should call the police and obtain a police report. If your art was damaged or destroyed by fire or flood, you need to contact emergency services and wait for them to take action. Don’t forget to take photos and videos of the art’s condition in case of damage before emergency services start acting.
Second, if the insurance case is not handled by your art logistics company, you should send a notification to your insurance provider directly. Attach a copy of your insurance plan, provide the details about the accident, and ask the company to give you the claim reference number assigned to your case.
The third phase includes gathering all documents vital for quick and effective claim processing. These include the artwork’s proof of ownership, proof of value, condition report, and the incident report. After that, you will have to negotiate the claim with the insurance adjuster to arrive at mutually satisfying compensation. You may also want to consult a third-party expert to understand how much you can get.
How to Avoid Accidents with Your Art?
While having a fine art insurance policy is a great protective measure, you should still take extra steps to maximize your chances of avoiding such situations. Experts recommend doing the following:
- Always keep your insurance policy updated and make sure it’s comprehensively covering all risks.
- Enhance the security of your art with restricted access, UV-filtering glass, and flood and fire protection systems.
- Provide regular maintenance for your collection.
- Hire professional art handlers for art packing, moving, shipping, and installation.
As you can see, filing an insurance claim may be a complex procedure requiring lots of documentation and effective communication. However, by taking the steps outlined above, you can protect your financial interests and get compensation for loss or damage in full.