Insurance for Art Collectors | Full Time Cover

Why Art Collectors Need Specialist Insurance


If you’re an art collector, then it’s a given that your collection will be your pride and joy. And just like anything you own, it’s always wise to have insurance just in case your items get stolen or damaged. And when it comes to art collections, you can find specific art insurance that takes into account the risks when owning a sizable collection of artworks.

Why Do I Need Art Insurance?


If you own one or two pieces of artwork, then general home contents insurance might be able to cover you in case of damage or theft, but if you have high-value pieces or a large collection, any payout from that kind of cover would be nowhere near the actual value of the artwork affected. Therefore it’s important that you take out a specific art insurance policy that considers a lot of factors related to your artwork and the risks surrounding them, as well as giving you the correct payout if your artwork is destroyed or needs repairing.

Protection from Galleries


One unique factor that art insurance policies can take into account is the handling of your artwork by third parties, namely galleries that would display your art to the public. There are many aspects that cover can take into account, including damage in transit, improper storage, theft and even artwork being sold without the owner’s consent.


If you’re planning on having your artwork on public display in a gallery, then that can be taken into account in your policy. And when you are covered, you’ll be protected from things like fraud and malpractice from galleries as well as property damage.

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Protection at Home


As well as damage being possible in a gallery, there’s also the potential for your collection to be damaged at home too. Things like fires and floods can happen, as can knocks, scrapes and other breakages. And despite theft always being a worry, the most common claims are from water damage, with heat and sun damage being other regular claims.


Art insurance can take into account the common hazards when displaying or storing your artwork at home, and can ensure you’re covered in case any of those scenarios do appear.

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Knowing Your Collection


Having insurance can also help you to get your house in order, as any cover you do take out requires valuations to be made and documentation in place, proving the provenance of your artwork. Having regular valuations will ensure that if you do require a payout, it’ll be accurate to the current market value of the piece, rather than the price you originally paid. Keeping an inventory with a paper trail is advisable to make it as easy as possible for the broker to find a policy that suits your artwork collection.

Have Comprehensive Cover for Your Artwork


As every art collection is unique, Full Time Cover can work with you to create an art insurance policy that covers every item in your collection, ranging from small pencil sketches all the way up to large oil paintings. And if you have remarkable pieces that are incredibly rare and valuable, then you can even get specific cover for that high-value item.


Any insurance policy can also take into account where and how your pieces will be stored, as well as where your artwork is displayed, be it at home or in a public place like an art gallery. With accurate valuations, we can use them to ensure the policy you have is well-suited to your collection, so you don’t want to be at risk of losing the value of your richly-curated selection of artworks by not taking out a specific art insurance policy.

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