Fine Art Insurance

Fine art insurance provides coverage for physical loss or damage that occurs during the policy period while the art is at the designated location(s) or within the specified territorial limits. This policy is designed to meet the needs of corporate collectors, individual collectors, fine art dealers, museums, antique dealers, and art exhibitions. Coverage includes:

  • Sculptures
  • Visual Art: ceramics, murals, works on paper
  • Antiques
  • Collectibles: rare stamps
  • Vintage vehicles
  • Any object that appreciates in value due to age, description, history, and rarity

Coverage

The policy provides comprehensive All Risk coverage against accidental loss or damage while the artwork is:

  • In named premises
  • At unnamed premises (optional extension)
  • Within 60 days of acquiring new artwork (optional extension)
  • In transit (both within India and abroad, optional extension)
  • At exhibitions/art fairs (optional extension)

Add-on Coverage

  • Worldwide cover for transit
  • Worldwide cover for new acquisitions
  • Exhibition cover
  • Defective title
  • Automatic reinstatement
  • Replacement of keys and locks
  • Temporary storage costs

Exclusions

  • Natural aging
  • Gradual deterioration
  • Inherent defects
  • Rust, oxidation, moths, vermin, warping, shrinking
  • Loss during repair, reframing, restoring, or retouching
  • Damage due to aridity, humidity, exposure to light or heat, unless caused by fire, storm, or frost
  • Loss due to collusion by a partner or director
  • Inventory loss
  • Loss at fairs unless notified
  • War or warlike activity
  • Terrorism (unless opted as an extension)

Key Benefits

  • All Risks Coverage: Covers loss or damage caused by fire, lightning, natural disasters like storms and floods, riots, strikes, and malicious damage. Theft, burglary, and defective titles are also covered.
  • Financial Protection: Offers repair costs for art pieces, antique furniture, and sculptures damaged by various risks. Covers damage during handling and improper packaging.
  • Security for Businesses: Provides a financial cushion for businesses impacted by uncertain events like damage to valuable artwork.

Claim Process

In the event of a loss:

  1. Notify the insurer about the loss and submit a full written statement detailing the claim, including the nature, extent, and estimate of the loss. Delay in reporting may jeopardize the claim.
  2. Take steps to minimize further loss/damage and liability.
  3. Assess the proximate cause of the loss to determine if it falls under the scope of the policy.
  4. Cooperate fully with the insurer and surveyor for proper assessment of the loss.
  5. Provide all necessary documents, including a claim form, bills, policy copy, artwork evaluation, FIR (in case of theft), and any other records the surveyor or insurer requires.
  6. Keep the damaged property in safe custody until advised by the insurer or surveyor regarding disposal.
  7. Identify the insured artwork as needed for claim processing.