Shipping fine art is always a high-risk procedure, no matter how well you organize everything. For this reason, you can sleep better at night if you secure a fine art transport insurance plan for your collection. This insurance policy is typically provided by the shipping company; otherwise, you can obtain it from a third-party insurance broker. Let’s revisit the main principles of insuring your art and refresh the reasons for not ignoring it altogether.

The Financial Risks of Neglecting Fine Art Transport Insurance

The cost of art isn’t tied to its physical components and can sometimes stretch far beyond common sense. That’s why collectors, galleries, and museums may face devastating financial losses due to damage, theft, or loss of art objects in transit.

Shipping art without proper insurance is akin to gambling – you will either save the cost of insurance or lose tons of money. If your art object is exceptionally valuable, its accidental damage in transit won’t be adequately covered by the standard liability coverage of the shipping carrier. Besides, the incidence of art theft is on the rise, and losses from stolen art may reach millions of dollars. Thus, art insurance will always work as your safety net, giving you an opportunity to receive reasonable compensation from the insurer instead of bearing the full burden of losses alone.

What Insurance Plan Should You Choose?

So, which type of insurance should you choose to make sure your financial interests are adequately protected? Here are several options suitable for fine art transport insurance goals.

• All-risk coverage. This insurance policy usually covers the full list of risks, ranging from accidental damage to theft to natural disasters. It costs more than an insurance plan with specific conditions, but it guarantees the highest degree of protection and the shipper’s liability in all cases.
• Agreed value. If you want to avoid a valuation dispute, it makes sense to acquire insurance for the sum of the agreed-upon value of the artwork. You can’t just make up the cost; it should be based on the art object’s appraisals and purchase records.
• Worldwide protection. This policy is suitable for art owners who ship art across borders. Worldwide insurance prevents the hassle of buying multiple policies and taking care of jurisdictional nuances.

Work with Professionals to Get Comprehensive Insurance Coverage

While insurance is often a must-have for art transits, you can also add a safety layer to this task by working with reliable and trusted art logistics companies. For instance, in addition to art handling and shipping services, Fine Art Shippers offers art shipping insurance, providing comprehensive coverage to our clients and assuming full responsibility for the objects you entrust to us.