Hienfeld · compared independently · advice from Finass
Commercial fine art insurance through Hienfeld
Commercial fine art insurance covers works hanging in an office, practice or institution, including the moments when they come down for transport, restoration or a loan.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
This insurance is intended for organisations that own art or hold it in their care: offices with a collection, institutions, galleries, collectors with a corporate structure and parties that receive works on loan. The cover is comprehensive property cover on named items and goes further than business contents insurance, which usually includes art only to a limited extent.
What is distinctive is that the cover moves with the work. Packing, transport, temporary storage, exhibition elsewhere and the journey back all fall within the same policy, provided this is properly arranged in advance. This product also has an element that is not found elsewhere: payment for loss of value after damage has been repaired.
We set Hienfeld's structure alongside that of other providers and look at the valuation period, the requirements for carriers and restorers and the cover during loans. See also our page on musical instrument insurance.
The structure of the cover in three parts, with an overview per situation below.
Basic cover
The basic cover insures the core of your commercial fine art insurance. We show what Hienfeld and other insurers offer within it.
Fire & lightning strike
Burglary & theft at home
Explosion & smoke
Water damage at home
Extended cover
As well as the basic cover, also protection against loss, damage and theft away from home, including from external causes.
Theft outside the home
Loss
Damage from dropping or knocking
Valuation & appraisal
Comprehensive worldwide
The most complete cover. We compare Hienfeld's extended version with the market.
New-for-old settlement
All risks: any sudden damage
Worldwide cover
Disappearance without a cause
What is covered
Situation
Extended
Comprehensive
Fire, smoke and water damage in the home
Yes
Yes
Theft after forced entry
Yes
Yes
Knocks and falls at home
No
Yes
Loss or theft away from home
Provided that
Provided that
Damage during transport, repair or exhibition
Provided that
Provided that
Wear, shrinkage, damp and insect damage
No
No
A home contents policy has sub-limits: for jewellery, audiovisual equipment and collections a lower limit applies than for the rest of the contents. If your items exceed that, you insure them separately on a valuables policy, usually on the basis of a valuation (7:960 DCC). Underinsurance leads to a proportionately lower payout.
What we do
What we do
At Finass
Direct with Hienfeld
Comparison across several insurers
Yes
No
Advice based on your own situation
Yes
Sometimes
One point of contact for claims
Yes
Sometimes
Cancellation with your current insurer arranged
Yes
No
We determine whether Hienfeld is the best choice
Yes
No
Advice fees for you as a customer
No
No
This overview concerns our service, not the cover. What is actually covered is set out in the policy conditions and on the insurer's insurance card (verzekeringskaart); you receive both before you take out cover.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Nail to nail, provided the transport meets the requirements
The cover runs from the moment a work comes off the wall until it hangs again: packing, transport, storage, exhibition and return. The condition is almost always that a specialist art carrier is engaged and that the packing is suited to it. If you carry the work yourself or use an ordinary carrier, the cover during that journey often lapses entirely, even though the work is otherwise on the policy.
Loss in value after repair is a separate element
After damage, a restored work usually fetches less than it did before, even where the restoration is technically successful. That difference can only be claimed if the policy includes loss in value. Insurers also require restoration to be carried out by a restorer they accept. If you set someone to work yourself, the claim lapses, including for the cost of the repair itself.
Valuation and keeping the collection up to date
The insured value follows from a valuation per item or per collection. Under Article 7:960 of the Dutch Civil Code a valid agreed value valuation binds the insurer to the amount established. The valuation has a term; once it expires, settlement is at market value. New purchases only fall under the policy after being declared. So ask for an arrangement for new acquisitions with a notification period and an interim limit.
What is not covered
Inherent defect and inherent fragility fall outside: craquelure, fading from light, drying out, the acidification of paper and the disintegration of materials that simply tend that way. Gradual climatic effects, unskilled handling or restoration, and a fall in value through the market are also excluded. Damage during building work without prior notification is regularly refused, as is theft without signs of forced entry where works are on open display.
Theft & loss
New for old
What does your premium depend on?
Valued amount of the collection. The sum of the declared items forms the basis of calculation.
Composition of the collection. Works on paper, photography and textiles are more fragile than bronze or stone.
Location and security. Burglary resistance, fire detection and climate control of the space weigh heavily.
Accessibility of the space. A hall or waiting area open to the public carries a different risk from a closed office.
Frequency of transport and loans. The more often works are on the move, the more heavily the transport risk counts.
Excess and claims history. A higher excess lowers the premium; earlier claims carry through into acceptance.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your activities, turnover and wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Is the collection covered during transport and loans as well?
Yes, provided this has been arranged in advance. The cover runs nail to nail: packing, transport, storage, exhibition and return. Almost always the requirement applies that a specialist art carrier is engaged. If you arrange the transport yourself or through an ordinary courier service, there is usually no cover during that journey, whatever else is on the policy.
What happens if a work is worth less after repair?
That difference is called loss in value and can only be claimed where the policy includes that element. Without that cover you are paid only the restoration costs. The further condition applies that the restoration was carried out by a restorer the insurer accepts. If you set someone to work yourself, payment of the repair costs can lapse as well.
Do I have to declare new purchases?
Yes. A policy covers the items that have been declared and valued. A newly acquired work only falls under it once declared. So agree an arrangement for new acquisitions, with a notification period and an interim limit within which a purchase is automatically covered. Also keep track of the term of the valuations, because an expired valuation takes you back to market value.
Are works in a space open to the public insured?
That calls for a separate arrangement. If a work hangs in a hall, waiting area or restaurant, there is more risk of being touched, of vandalism and of removal without forced entry. Insurers impose requirements for that: barriers, secured hanging systems, cameras or supervision. Without those measures, theft without signs of forced entry from an open display is often excluded.
Read more
Within Art on home contents or valuables insurance
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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