Art Insurance: Definition
Art insurance is a specific and tailored solution designed to protect works of art against various risks that could compromise their integrity or value. This insurance is intended for private collectors, cultural institutions, galleries, museums, and even the artists themselves.
It provides coverage for artworks in the event of incidents such as:
- Physical damage: fires, floods, natural disasters, or other unforeseen incidents.
- Theft or loss: protection against the risks of disappearance or theft.
- Damage during transport: breakage, scratches, or deterioration during handling or transit.
Why take out art insurance?
Due to their precious, unique, and often irreplaceable nature, works of art require specific coverage. Art insurance helps to:
- Preserve patrimonial value: insured works are financially protected in case of damage.
- Facilitate exhibitions or loans: many galleries or museums require insurance before lending or displaying artworks.
- Ensure peace of mind: owners and institutions can manage their collections with complete confidence.
