How Does Art Insurance Work?

If you look around, you will notice that almost everything in your life is legally protected. No matter how menacing it sounds, this is how it works. Insurance is an indispensable part of modern-day life, and yet many people don’t even have a clue how it works. It is especially true for the fine art industry where coverage is a must, whether you want to buy, sell, or just ship artworks and other valuables. Let us get all this straightened out.

Art insurance: meaning, purpose, types

You probably know that art insurance is designed and meant to protect & insure artwork against different perils, risks, and scenarios. In fact, there are two basic policies: insurance that covers restoration and insurance that covers replacement. The first one implies coverage against partial and often insignificant damage, which means that your artwork can still be repaired. As for the replacement, it is for those rarer yet quite possible situations when a piece of art is either stolen or broken completely. 

When you start working with art shippers, they are likely to ask you whether you want additional insurance or not. Then, it’s up to you whether to go for full coverage or get along with minimum coverage. If you are not a risky person, you will certainly need insurance. Shakespeare’s “to be, or not to be” is still relevant. 

When you opt for additional protection, you should know how to properly insure your artwork, which may be challenging for beginners. In reality, there is nothing fancy here. The only thing you should do beforehand is to get your art appraised by professional appraisers. Thus, you will know how costly your art is and how much money you can save if something nasty happens. Without it, art insurance makes no sense. 

In such a way, you can insure your art and don’t get messed up. With time, you can try different insurance strategies. Though for now, you have to consolidate this rudimentary knowledge. Good luck!

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