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The artworks insurance Protect your collection

The main insurance companies have policies designed specifically for art collections, in order to protect them from multiple risks.

Although artworks are not replaceable after theft, damage or destruction, insurance is an effective way to protect its value, with customised solutions based on the contractor’s requests, which can be a collector or a industry operator.

The need for art insurance was born in the 1960s, as an extension of  the policies already active on the goods shipped by sea, the floaters, stipulated by the then Nordstern Versicherungs AG, today called AXA.

Artworks and antiques, intended for exhibitions and exhibitions, were thus protected, as is still the case today thanks to ad hoc insurance solutions.

But what are the necessary steps to ensure an artwork? They are mainly three:

  1. Risk management, that is to identify all the risks that can directly or indirectly threaten the assets
  2. Understanding which policy is most suitable for the collection
  3. Draw up an inventory with all the documentation accompanying the works in order to certify their value

To make this possible, the policy contractor can avail of the help of a team of insurance experts who will evaluate and make an appraisal of the collection and draw up a Risk survey, or an assessment of the effectiveness of the current safety systems in place at the designed exhibition and conservation space.

Insurance companies offer two main types of policies:

  • Named perils: traditional policy where all the risks assumed by the insurer are listed. What is not explicitly listed is not covered
  • All risk: they cover all possible risks, only the exclusions are mentioned

The all policy risk can include the extension called nail to nail, fundamental in case of temporary loan of the work, which is activated from when it leaves its original location, until his return.

It is interesting to remember that the insurance on artistic assets notified by the State enjoys exemption from taxes, pursuant to Law n. 53 of 28/02/1983.

In order to really protect your collection, it is essential to always have all the updated documentation of your works, the certificate of authenticity, but also those related to the origin and the ownerships transfers.

Why risk? There are many companies specialised in fine art insurance that can help you to draw up the best insurance solution. Among the most known we can mention AXA Art, Allianz, Zurich, Helvetia, Aon or also Lloyd’s e Willis.

And you, are you ready for insuring your artworks?


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