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FineArt Insurance FAQs
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Q- Who all can buy art insurance ?
A- Fine art collectors, investors, art galleries, auction houses, restorers, artists, art movers, restaurants, corporates, individuals, trusts, in fact anyone, with an insurable interest in the art.

Q- Why is Fine Art Insurance written as an agreed value policy ?
A- Standard Fire and burglary policies do not compensate the fair value for artworks as paintings, sculptures etc., do not have an index to measure their worth like bullion or equity. So it is difficult for everyone to determine its correct value. To overcome this problem all insurance of Fine Arts is underwritten on an evaluated and agreed value. The Fine Art insurance policy recognises the agreed worth of the objects, and compensates adequately for all risks of physical loss or damage to these precious items.

Q- What does the Fine Art insurance Policy cover ?
A- It covers artworks/ art objects like paintings, sculptures, etchings, drawings and such like against all risks of physical loss and damage. All Risk policies normally name the Policy exclusions, covers or perils which are not excluded are covered.

Q- What are the exclusions of an “All Risk” Fine Art Insurance policy ?
A- Any damages or losses occurring due to -
• Moth, vermin, mildew and insects attacks,
• Gradual or normal wear and tear and deterioration,
• Water damages due to seepages, humidity,
• Damages due to temperature variations,
• Wilful misconduct of the insured,
• Any inherent defects or vices,
• Defects arising from any process of cleaning, repairing or restoring, unless advised by the insurers
• Mechanical or electrical derangement, breakdown of any article unless caused by accidental external means
• Loss or damage occurring outside the geographical area stated in the policy
• War and nuclear risks.
• Theft from any unattended car or vehicle unless securely locked

Q- Will transit risks be covered under the art insurance policy ?
A- Yes, transit risks can also be covered under an annual art insurance policy, if intimated to the insurers at time of taking the insurance cover. Alternately, transit risks can be Insured in stand-alone marine cargo insurance policies as well.

Q- Can multiple risk locations be covered under one policy ?
A- Yes, multiple risk locations or multiple premises can be covered under a single insurance policy, provided they are declared to the insurers when insuring.

Q- What are named and unnamed locations ?
A- Premises which house the artworks can be named and unnamed as well. Named locations are those of which you are aware, which belong to you or the family or the business, and should be declared at the time of buying the insurance cover. Unnamed locations on the other hand are more relevant from the transit insurance angle and are temporary resting spots for the artworks of which you may never be aware.

Q- What should be the correct value for insuring art ?
A- The current market value is the most appropriate value in most cases, this value should be certified by an art valuer.

Q- Should art be insured at any other value besides market value ?
A- Art can also be Insured at cost price or selling price, etc., depending perhaps on the Policy being issued. E.g. a gallery which sells the artwork should insure it for transit at the selling price as the buyer has paid that amount to the gallery and is exposed for the sum paid during the phase of transit.

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