Fine art insurance can be complicated. It all depends on how much there is, how much it is worth and what kind of coverage you want.
There are generally two types of art insurance coverage: title and property. Title insurance provides coverage in the case of a defective title. Title insurance would respond in the event that the artwork had been previously stolen or looted, which would render the current title inapplicable. This is an important coverage to have if a high valued piece of art has been through many owners, or has an unclear history.
Property insurance is kind of like homeowner’s insurance — it insures against theft or damage. In fact, your homeowner’s policy might respond to a fine art loss, up to your policy limit per item minus the deductible. For really valuable art, however, additional fine art insurance should be placed, or your homeowner’s policy should be endorsed. If you have a large collection, specialty art insurance should be considered.
Insurance for works of art is especially important if the owner loans any pieces out for display at exhibitions.
Otto Insurance Brokers, a member of the Axis Insurance Group, specializes in fine arts insurance. We will work with you to find the right kind of coverage for your works of art.