Fine arts Insurance
InsuranceManager.com carries many years of experience offering a wide variety of antiques and fine art insurance to commercial dealers. Our Private Art Collectors Insurance packages are tailor-made in order to include the individual insurance components that your business needs. We offer the best ways to protect your property, business, staff, stock and customers – and all at competitive premiums. Whether you own a small independent art gallery, restore & repair, take your stock to fairs and exhibitions or run a chain of antique shops, InsuranceManager.com covers insurance for art galleries, dealers & artists, offering reliable advice for the best priced fine art insurance policy for your requirements.
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The basis of valuation would depend on the type of cover being sought as per,
- Insuredown property –value agreed
- Sold item not delivered -selling price- fee commission
- Purchased item-cost price +fee/commission
- Property in Care Custody and Control-market value/liability, whichever is less
- Usually, the following % are used as Valuation for Dealers & Gallery owners
- Cost price +20% or Selling Price -30%
- Fixation of SI would be at least actual value of the property as agreed mutually above for private collectors and the highest value of the stock at any given point of time for dealers and gallery owners.
- Antecedents of the proposer/art dealers
- Moral hazard of the client
- Art warehousing activities
- The trade in fakes
- Natural aging.
- Gradual deterioration.
- Inherent defect.
- Rust/oxidation, moth, vermin, warping, shrinking.
- The loss during repairing, reframing, restoring, retouching.
- Aridity, humidity, exposure to light, heat unless caused by fire, storm/frost.
- The loss by collusion of a partner or director.
- Inventory loss.
- At fairs, unless notified.
- War and warlike activity.
- Terrorism unless opted as an extension.
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