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What and Why of Art Insurance

Gunjan Tripathi 18th Feb 2016

Just bought expensive painting for your home, inherited some antique treasures or been gifted a valuable sculpture? With every acquisition comes a risk. In case of your artwork, the risk lies in damage, theft, natural disaster or even terrorism. In such situations, insuring your art is one smart decision to take especially for those collectors who look up to art as long term investment. An insurance cover provides for unforeseen and sudden loss or damage, except, for otherwise, specifically excluded ones. Insurance also covers any risk to artwork while in transit with the specified geographical location. Another benefit of art insurance is the conservation, restoration and storage assistance provided.

Women Playing Sitar By MF Husain

Women Playing Sitar By MF Husain

Most insurance companies have an expert valuation team that evaluates the artwork and cover it for losses. Additionally, valuation aids in getting better retail value when you resell the work in future. Tata AIG General Insurance, HDFC ERGO General Insurance, Bajaj Allianz, Bharti-AXA and ICICI are some of the key players for art insurance in India. Before making a final decision, one should compare the prices of sum insured, extension of cover and other facilities provided, along with the list of risks covered by the insurance provider. It is also advisable to have a look at the client portfolio of the company; the one with bigger names automatically comes with a higher credibility. Despite the benefits and necessity of art insurance, it is still not popular in the Indian art world as it is in the West. Currently, the providers aim to Art Galleries, Auction Houses, Museums, Exhibitions, Art Warehousing Companies, Cultural Institutes and private collectors as potential clients. So consider art insurance once you buy a valuable piece, simply because you can never be careful about the things you love. 

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