The Process and Intricacies of Organizing Art Shipping Insurance

The Process and Intricacies of Organizing Art Shipping Insurance

Moving art always comes with many risks and uncertainties. Your precious belongings will change many hands in that process, and each touchpoint comes with potential hazards. That’s why art shipping insurance is a vital part of the shipping process, as you need to ensure that all your artworks are under comprehensive protection from emergencies and unpredictable risks in transit. Here is a definitive guide on getting your art objects insured, with a brief overview of available options.

What Options for Art Shipping Insurance Are There?

As soon as you proceed to art shipping insurance, it’s time to determine the policy types available for you. Those who ship several objects of art in one bulk shipment can choose between scheduled and blanket coverage.

Scheduled coverage presupposes dealing with each object separately. You get an individual insurance policy for every artwork based on its appraised value. This insurance policy is more typical for high-value pieces, the cost of which by far overwhelms the cost of the rest of the shipped items.

Blanket coverage involves cumulative insurance for the entire shipped collection. The policy size and premium are determined based on the estimated total value of included objects. In this case, you get a refund if something happens to the entire shipment or even a part of it.

You can also select between the “all risks” and “specified risks” policy variants, which means the following:

  • All-risk coverage means a general insurance policy protecting your items from all hazards.
  • Specified risks policy guarantees compensation only in cases of damage resulting from pre-indicated risks, such as, for instance, fire or theft. The owner who insured their belongings from these perils won’t get compensation if their artworks are damaged as a result of a flood.

What Documents Are Required from You?

Getting comprehensive art shipping insurance is not a walk in the park; you should do extensive preparatory work and provide a full documentation package to prove the artwork’s value, condition, and ownership. Here are the documents you will be asked to present:

  • Art appraisal and evaluation. You will need to provide a recent appraisal from an art expert, which documents the artwork’s current market value. This information will be used to determine coverage limits and premiums you will pay for the policy.
  • Data about security measures. The insurer assumes responsibility for repaying the full cost of your fine art property if it’s damaged, destroyed, or lost. Thus, the company should be 100% confident that you’re entrusting its shipment or storage to a reliable service provider. The staff may require proof of compliance with security requirements, such as alarms and a climate control system, to ensure your art will be adequately protected from theft and damage.
  • Authentication documents. You may also be required to provide authenticity certificates and provenance for all insured items.

Use these tips to choose the best insurance and pay for the services precisely matched to your shipping terms, the artwork’s type and condition, and other parameters that determine your risks.