Insuring Your Artwork

Insuring Your Artwork

Your art collection is something you hold very dear, and you may consider it priceless because they’re paintings or sculptures you selected; insuring them is the best way to protect their integrity.

Art insurance is something that you may have thought of and something that you may have already purchased. Read your policy again—for what is your artwork covered? If you already have art insurance, you may only see your coverages are against common things like fire, and flood/water damage—which are good to have—but if you’ve ever seen films like “Ocean’s 11” you know there exist thieves whose expertise is artwork. If your insurance doesn’t cover theft, you may be left in the dark should they ever be stolen.

“Theft insurance is way too expensive!”

The cost of theft insurance is rather expensive, but only if you protect an entire collection. Research shows that thieves rarely ever steal entire collection. They only steal parts of them, and usually pretty small parts. So insuring the value of an entire collection is not necessary. Theft insurance doesn’t cover specific works of art, rather, it covers “incidents.” Your insured for a set amount, no matter what gets stolen.

Insurance Tips:

  • Photograph and document your collection. Include current appraisals, original sales receipts, and any additional paperwork that speaks to the value of your art.
  • Make sure you understand your policy. That means that you understand the fine print and should ask any questions regarding your policy you’re still unsure about.
  • Invest in a quality security system. That means security cameras, motion sensors, pressure sensors, and frames that fasten on the wall well.

There’s no excuse for not purchasing theft insurance because you never know when your artwork will be targeted by Ocean and his boys to be stolen. Contact Miller Insurance Associates, Inc. for all of your insurance needs to be protected against any threat that poses a risk to your safety.