Fine Arts insurance provides protection against sources of direct physical loss or damage, except for the sources of loss that are specifically excluded. Items that are eligible for coverage include the following:
- antique furniture
- pictures and paintings
- art glass windows and rare glass
- tapestries and ornamental rugs
- marbles, bronzes and porcelains
- rare books and manuscripts
- antique silver
Fine Arts insurance protects privately owned articles, private collections belong to individuals, firms, corporations, and associations, auction rooms, museums, art galleries, or art institutions ordinarily open to the public. Universities, colleges, schools, and hotels are considered to be private collection risks.
Insurance typically covers property while it is located in the United States and Canada and protection usually extends to exhibited property (excluding the premises of fair grounds or of any national or international exposition).
Fine Arts policies usually include a schedule
(area for describing property) containing the following information:
- property class
- detailed property description
- insurance limit
- list of property locations
- appraised value
Fine Arts insurance does not cover:
- Wear and tear, gradual deterioration, insects, vermin, or inherent vice
- Damage caused by exposure to harmful levels of light, humidity or temperatures.
- Damage caused by any repairing, restoration, or retouching process,
- Damage caused by an electronic or mechanical fault or breakdown.
- Breakage of art glass windows, glassware, statuary, marble, bric-a-brac, porcelains, and similar fragile articles
- loss or damage to property while it is either in or on an unattended vehicle.
Because of the nature of fine art and the special exposure to loss they represent, there are a number of conditions that must be met such as:
- The insured agreeing to use professionals to pack and/or move their property
- The insurance will not be extended to protect other parties (such as professional movers) who should have their own source of insurance
- The insured agreeing to special claims handling for articles that belong to a pair or set.
Documenting property value is important. It is the only way to secure the right amount of coverage. Documents such as bills of sale, receipts, or appraisals are often required. If an appraisal isn't provided, an insurance company may reject the request for coverage, or offer limited protection (such as a flat dollar amount or taking a discount for appreciation).
If you are not sure about how adequately your prized possessions are protected, discuss the matter with a Towne Insurance professional.