Not all art insurance plans are created equal. They can vary depending on the art pieces to be insured, whether they work nationally or internationally, and, more importantly, what damage they cover. Therefore, insuring artwork for shipping can be a challenging task if you have no experience in this area and are unaware of the current trends. In this blog post, we explain what to look for in art insurance in terms of the scope of coverage.
What Is Usually Covered?
Accidental damage is the main type of unforeseen event typically covered by artwork insurance. It can be caused by improper packaging, handling, or transportation and typically includes:
– Damage due to extreme temperatures or high humidity
– Fire
– Accidental cracks and chips
– Defects caused by the lack of protective coverage
The aim is to make sure that in case you need to repair your precious item, the insurance plan will cover all restoration expenses. If the object is damaged beyond repair, the insurance reimburses its cost.
Furthermore, insuring artwork for shipping helps protect it from accidental loss and theft. The latter is a serious threat if you transport a very expensive, valuable piece. Thieves can be surprisingly creative when it comes to stealing high-end objects, so make sure you have an insurance scheme that covers this risk.
Art insurance can be tricky, as there are always exceptions not covered, which you may be unaware of. So, make sure you read the agreement carefully before signing.
What Is Not Included in Insurance?
What is covered and not covered by insurance depends on its type. For example, scheduled coverage uses a pre-determined amount for each object. If the value of the item decreases due to market fluctuations, you will still be paid the agreed amount.
In contrast, blanket coverage works more flexibly and can increase the covered amount if the price of the art piece goes up. For example, the death of an artist can lead to a spike in prices, so you can expect to get more money if you need to make a claim.
Is It Worth Insuring Artwork for Shipping via an Artwork Transportation Service?
The nuances of insuring an artwork can be overwhelming. If you prefer to rely on professionals in these matters, you can use art transportation companies such as Fine Art Shippers. We have vast experience in selecting insurance plans for artworks in transit and will ensure that you do not pay more than you have to in order to secure your belongings.