Insuring fine art
Most damage to art does not arise on the wall, but during moving, packing and hanging. Fine art cover is therefore above all cover for the moments when a work is on the move.
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In brief
A work hangs still for years and then moves a great deal in a short time: to an auction, to a restorer, to an exhibition or to a second home. It is in those weeks that things happen. Fine art cover describes that as nail-to-nail cover: from the moment the work comes off the wall until the moment it hangs again elsewhere, including packing, driving, interim storage and unpacking. Without that extension, your cover stops at the front door.
When a work is moved, conditions apply that have nothing to do with value but everything to do with execution. Almost every policy excludes damage from defective packaging, and many policies require transport above a certain value to be carried out by a specialist art carrier. If you carry the work yourself, or have an ordinary courier service drive it, the damage falls outside the cover, even where the cause is a collision. For regular transport there is a separate transport insurance for art.
If you lend a work out, set out who insures it and at what value. A borrower often insures on its own policy, but with an excess and sometimes at a lower valuation than yours. If you continue the cover yourself, report the location and the duration. See also the art insurance for the basis of value and insuring art for the main outline.
This page deals with one situation. The full overview is on Compare valuables insurance.
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What to look out for
Four provisions that only come to light once a work leaves the home.
Packing and the carrier as a condition of cover
Inadequate packing is a standard exclusion, and it is assessed after the event by an expert. A canvas without a crate, glass without tape, a sculpture without anchoring: what is then assessed is not the collision but the preparation. Check whether the policy imposes a carrier requirement and whether it also applies to the last leg to the exhibition space.
Parts of a set
With a diptych, a series of prints, a dinner service or a pair of candlesticks a provision about parts of a setoften applies. Without that clause only the damaged part is paid for, while the rest is worth far less without it. With that clause the insurer can take over the whole set at the insured value.
Storage, stores and work with third parties
If a work is in a store, at a gallery or with a restorer, the location of the risk changes. Many policies cover storage away from the home only if that location has been reported and accepted, and sometimes with a lower sub-limit. Commercial storage is also subject to a regime of its own; see warehousing and storage.
Provenance, authenticity and ownership
A fine art policy covers physical damage, not title or authenticity risk. If a work turns out to be a forgery, wrongly attributed or encumbered by a claim from an earlier owner, that is not an insured loss. Fraud on a sale on approval also falls outside. Keep documentation of provenance separately from the work itself.
What does your premium depend on?
- Number of moves per year: collections that stay put are cheaper
- Method of transport: a specialist art carrier or handled in house
- Loans and exhibitions: spaces open to the public increase the risk
- Storage locations: a store, studio or gallery must be known
- Fragility of the works: glass, ceramics and paper weigh more heavily
- Area of cover: the Netherlands, Europe or worldwide, with a sanctions clause
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Extended | Comprehensive |
|---|---|---|
| A painting falls off the wall because the hanging system comes loose | Yes | Yes |
| A sculpture is damaged during transport to a gallery | Provided that | Yes |
| Theft of a piece of jewellery from a hotel safe abroad | Provided that | Yes |
| A work on paper distorts through damp during the summer months | No | No |
| A canvas tears while it is being treated at the restorer's | No | No |
| A restored work is worth less after repair than it was before | No | Provided that |
With these losses a valid valuation determines the payment. An expired report brings the argument back.
Frequently asked questions
This is what people ask us most.
What does nail-to-nail cover mean?
It is the usual term for cover that continues throughout a work's whole journey: taking it down, packing, transport, interim storage, unpacking and rehanging. The term does not appear in legislation and the precise scope is set out in the conditions. Ask whether transport you carry out yourself counts and whether interim storage has a maximum duration.
Who insures a work that has been lent out?
That is an agreement between you and the borrower and belongs in the loan agreement. If the recipient insures it, ask for evidence of cover with the insured value and the excess. If you continue the cover yourself, report the location to your insurer. If neither is done, there is often nobody providing cover.
Is damage during restoration covered?
Damage caused by the treatment itself is excluded on virtually every policy. Fire or theft at the studio may well be covered, provided the location has been reported. The restorer should have his own liability and care, custody and control cover. Ask about that in advance and record the value of the work in writing when you hand it over.
Do I have to report a sale or purchase?
Yes. The composition of the collection is a fact on which the insurer accepts the risk and calculates the premium. New acquisitions often fall under temporary automatic cover of limited duration and amount. After that they must have been declared. Failing to report changes affects the duty of disclosure in Article 7:928 of the Dutch Civil Code and can reduce the payment under Article 7:930 DCC.
Every situation is different. For these situations we have a separate page.
- Compare valuables insuranceThe main page
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