Art insurance seems to be a comprehensive concept covering all actions with your insured objects. However, upon a closer look, you might see that things are not that simple with insurance plans, and each aspect of insurance coverage should be double-checked and verified separately. Some plans cover only one-site storage, while others guarantee financial protection during transportation or display. Here is a brief guide on installation insurance, showing how it works on the art insurance broker’s side.
What Types of Coverage Does Installation Insurance Involve?
While there are no one-size-fits-all insurance policies for artwork, most brokers compile several policies to protect art objects in all scenarios indicated by the client. When it comes to art installation, brokers usually offer installation and fine art transit insurance, which covers art from the moment of its removal from its permanent location until the moment of its successful installation at the destination point.
Exhibition and special event coverage is a separate type of insurance, which applies when the art object has to travel to an art event and be temporarily installed in a public place. This insurance plan usually covers installation, de-installation, and the display period.
Art owners can also choose general liability insurance, which is suitable for protecting art from third-party property damage during installation. If it goes for a six-figure artwork or some art object of exclusive value, insurance brokers may also demand professional liability coverage for all involved curators, consultants, and art handlers. This insurance policy secures an expensive object of art against incorrect handling or errors that may lead to damage.
How Do Brokers Manage Installation Risks?
When it comes to insuring expensive, delicate works of art, insurance brokers go the extra mile to protect their financial interests. They perform a comprehensive risk assessment in coordination with art handlers, conservators, curators, and site managers. Their review includes an inspection of existing vulnerabilities, evaluation of the installation environment, and an analysis of required equipment and on-site security measures. They also factor in contractual risk transfer by signing binding agreements with installers and other contractors. Insurance brokers also take proper care of full documentation and condition reporting, which serve as the main foundation for processing potential claims.
What Should Art Owners Know About Insuring Art?
When you plan to obtain installation insurance, you should notify your broker or art shipping company in advance, thus giving them time to organize everything properly. If you already have art insurance, double-check the coverage to make sure your artwork is indeed protected during handling and installation. Understanding instance policy exclusions is also key to avoiding unpleasant surprises.