When it comes to insurance for fine arts, whether you collect for investment purposes or for enjoyment at your home or business, it's important to understand the risks you face. Most collectors automatically request to insure their art against risks like fire, flooding, and theft.
The truth is surprising
However, according to AIG Private Client Group, a review of insurance claims for fine arts by policyholders with art collections, revealed that 60 percent of losses are actually caused by breakage and accidental damage. In fact, only 3 percent resulted from fire or smoke damage, 3 percent from theft, and 13 percent from water damage.
Furthermore, instances like shipping and emergency planning are just a few additional considerations when looking into insurance protection for your art collection.
Robust insurance coverage
As an art collector, it's important for you to have a thorough understanding of the risks associated with owning a fine arts collection. Coupled with robust insurance coverage, provided by an insurance agent and insurance carrier who both have experience insuring fine arts collections, you should be able to rest easy at night.
Knowing that your art collection is protected, regardless of what tomorrow brings, is the peace of mind that every collector deserves. Art collections are a labor of love, as most take years to pursue and build.