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Art insurance is a specialized form of coverage designed to protect valuable artworks, antiques, and collectibles from various risks like theft, damage, and destruction. Unlike standard homeowners' or renters' insurance, which often has low limits for high-value items, fine art insurance policies are tailored to the unique nature and high value of art.
All-Risk Coverage: This is the most comprehensive option. It covers physical loss or damage from any cause, except for those specifically excluded in the policy (common exclusions include war, nuclear accidents, or gradual deterioration/vermin).
Agreed Value: Most specialist fine art policies are based on an "Agreed Value." You and the insurer agree on the artwork's value upfront, usually based on a professional appraisal or recent receipt. In the event of a total covered loss, the insurer pays this set, agreed-upon amount, without depreciation (Actual Cash Value).