A damaged work of art has no replacement value, and that is why this policy turns on a value established in advance and on showing when the damage arose.
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In brief
With almost every kind of cargo the question of loss is a calculation: what does it cost to buy the same thing again. With a painting, a sculpture or a historical object that answer does not exist. There is no second copy and no market price that can be established without an expert. That is why art transport starts not with the insurance but with the valuation.
That valuation has a legal function. Article 7:960 of the Dutch Civil Code provides that an insured may not receive more than his actual loss, but expressly leaves room for a value established in advance by an expert and accepted by the parties. On such a valued policy the value is no longer open to argument when a claim arises. Without a valuation, an incident is followed by a negotiation in which you come off worst.
The second document is the condition report: a detailed record of the state on departure and again on arrival. That is the only means of showing that a crack, a dent or craquelure arose in transit and did not already exist.
What does transport insurance for works of art cover?
The structure of the cover in three parts, with an overview per situation below.
The basis
Actual value
What the cargo is actually worth.
Not capped per kilogram
Regardless of who is liable
Including freight and costs
The difference
Liability
What a carrier bears at most.
CMR: 8.33 SDR per kilo
AVC: € 3.40 per kilo
Rarely the actual value
Optional
Type of cover
From limited to all risks.
All external perils
Limited perils
Storage in transit
What is covered
Situation
Carriers' liability
Goods in transit
Damage from an accident, up to the weight limit
Yes
Yes
Damage above the weight limit
No
Yes
Theft of the cargo
Sometimes
Yes
Damage with no identifiable fault
No
Yes
Storage during the journey
No
Sometimes
Inherent defect or inadequate packaging
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Have a valuation done in advance by a recognised expert
A valued policy fixes the insured value on the basis of a valuer's report, and that value is the starting point when a claim arises. Note the period of validity: insurers generally accept a valuation for a limited number of years, after which revaluation is needed. In a fast-moving market that is not a formality but the difference between watertight and outdated cover. Keep the report with the policy.
The condition report determines who is responsible
Record the state of the work at the moment it comes off the wall and again on arrival, with detailed photographs of edges, corners, frame and reverse. Without those two moments, every mark becomes an argument about whether it was already there. Have the report signed by both parties and make sure the series of photographs carries a time stamp. With art damage this document matters more than the policy conditions themselves.
The cover has to span the whole chain
Lenders and museums generally require nail-to-nail cover: from the moment the work comes off the wall, through packing, carriage, temporary storage and unpacking, until it hangs again at its destination. It is precisely the packing and unpacking and the brief storage in a depot where things go wrong. Check whether your policy names those operations literally and whether temporary storage is included without a separate declaration.
Restoration repairs the damage but not the value
A restored work is worth less in the market than an undamaged one, even after expert repair. A good art policy therefore pays the demonstrable loss in value alongside the restoration costs. Outside the cover remain inherent defect and ageing of the material itself, such as natural craquelure or discolouration, damage caused by restoration work, and climate damage where the prescribed packing was not used.
What does your premium depend on?
Valued amount per work and per consignment. Both the value of the most expensive object and the total in one vehicle at any one time.
Material and fragility. Paper, glass, textiles and mixed media react differently to vibration and changes in humidity than bronze.
Method of packing. A climate case with shock absorption is assessed differently from simple wrapping.
Number of handling and transhipment moments. Every lift, packing operation and transfer is a separate moment of risk within the same journey.
Temporary storage. The duration and security of the depot where the work stays between two legs.
Who does the packing and unpacking. Specialist art handlers present a different risk picture from general transport staff.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your situation, your risk and your 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.
A detailed description with photographs of the state of the work at a particular moment: small tears, retouching, damage to the frame, marks and the state of the reverse. It is drawn up on departure and repeated on arrival. The difference between the two reports shows which damage arose during the carriage and is therefore the basis of any claim.
Why is a valuation in advance so important?
Because there is no replacement value for a unique object. With a valuation in advance the insured value is fixed and does not have to be proved after a loss. Article 7:960 of the Dutch Civil Code expressly allows such a value agreed in advance. Without a valuation, an argument between experts begins at the moment the work is already damaged.
Is loss of value after restoration reimbursed?
With a good art policy yes, as a separate item alongside the restoration costs. The thinking is that a repaired work fetches less in the market than an undamaged one. The amount is established by a valuer. Check whether your policy has this section, because cover that pays only the repair costs leaves a real part of the loss with you.
Is temporary storage in a depot included?
Only if the policy names it and within the period it states. With exhibitions and removals a work often stands in a depot for days or weeks before travelling on. That period is not carriage but storage, with its own requirements as to security, fire prevention and climate. Declare the storage period in advance, even if it seems short.
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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