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I’ve seen martini glasses placed on a Donald Judd sculpture by unaware party guests. A sculpture shouldn’t be cleaned with all-purpose cleaning spray, for example. It’s one of the most important documents a collector can have, along with purchase invoices, and an insurancepolicy of course.
Some policies specifically cover transportation risks and will not only compensate for the loss in value, but often the substantial cost of restoring the piece is also covered. Since Homeowners and Renters policies typically have dollar limits, specialized policies for coverage of art, antiques, or luxury goods (like that new Birkin bag!)
Part Three: An Interview with a Fine Art Insurance Provider Most insurance is underwritten by an insurance provider. A provider evaluates the risk, provides a quote, issues coverage, and, in the event of a covered loss, pays the coverage set forth in the policy.
Caseys presentation broke down insurance essentials alongside various types of insurance T Block offers. The Fine Art Insurancepolicy offers coverage starting at $75,000, with careful consideration given to the potential maximum value of artwork.
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