What Is Art Insurance?

Art insurance policy basically secures the most valuable work created and developed by an artist against financial damage. The art insurance coverage is applicable for all of the insured risks or perils. Since Fine Art, Musical Instruments, Antique Furniture, Statues and Sculptures and other significant collectibles are increasingly viewed as an asset nowadays, it’s very much important to safeguard them with the best fine art insurance policy.
Fine art insurance policies are designed to meet the requirements of Individual Collector, Corporate Collector, Museums, Fine Art Dealers, Art Exhibitions and Antique Dealers. Art insurance online in India provides comprehensive protection and security to the insured property as well as to the insured property while it is in transit within the country. There are a number of fine art insurance companies in India from which you can easily buy the best art insurance as per your needs online.
The Sum Insured of art insurance policies chiefly depend on Fair Market Value which is to be agreed by the Insured and the insurance provider; accordingly supported with a valuation certificate from a professional valuer.

How Is the Premium of Fine Art Insurance Calculated?

The premium of fine art insurance online depends on a number of factors.
• Sum Insured.
• Type of Fine art, Musical Instruments, Antique Furniture, Statues and sculptures etc. You are insuring.
• Security measures available at the premises.
• Geographical Limit.
• Type of collector.
• The type of fine art insurance coverage you choose.

Fine Art Insurance Coverage

Art insurance coverage in India includes any sudden and unforeseen physical damage or loss due to any cause, other than those that are specifically excluded under the plan. Art insurance policy also covers all Insured property at the same time as in transit on “wall to wall” basis while on premises on display including storage within the territorial limits mentioned in the schedule for the principle of any profession or business.
Art Insurance Policy in India is basically subject to below inbuilt coverage:
• New Acquisitions Clause- Up to 25% Claim Amount Payable.
• Debris Removal Clause – Up to 10% Claim Amount Payable.
• Sue and Labor Clause – Up to 10% Claim Amount Payable.

Add-on Covers Available With Fine Art Insurance Policies Online

You can extend your art insurance coverage with the payment of additional premium. The art insurance policy, therefore, can be extended to cover the following.
• Automatic reinstatement.
• Defective Title.
• Temporary Storage Costs.
• Replacement of Keys and Locks.
• Exhibitions Coverage.

What Does Art Insurance Policy Not Cover?

Similar to any other insurance policies in India, fine art insurance plans also have a number of exclusions. Exclusions mean that the art insurance policy will not offer any coverage under the following circumstance.
• Art insurance policy in India does not cover loss to the insured article caused form the aging of its intrinsic material.
• Fine art insurance policy doesn’t cover loss to insured art due to sudden temperature change, unless it is caused from an insured natural peril like a tempest, storm or snowing.
• Loss from unattended vehicles.
• Inventory losses are not covered under the policy.
• Loss to insured art resulting from third-party vandalism or trespassing, unless it happens even after taking the required safety measures.
• Wear and tear, inherent vice/ defect, gradual deterioration , moth or vermin, rust or oxidation, warping or shrinkage etc. are not covered under art insurance in India.
• Mechanical or electrical faults or breakdown.
• Loss to insured art that is below the pre-agreed deductible amount in the Art insurance policy.
• Loss during the process of making changes or improvements in the art.
• Art insurance online doesn’t cover loss or damage at any Exhibition, unless specifically notified to and agreed by the company in advance.
• Damage during repairing, retouching, restoring or any similar process.
• Art insurance online doesn’t cover humidity, aridity, exposure to extreme temperature or light, unless such loss or damage is caused by storm, frost or fire.
• Damages from nuclear reaction, nuclear radiation or radioactive contamination are not covered under art insurance plans.
• Willful act of insured and its representative working in collusion with the insured.
• Consequential loss of any kind is not covered under fine art insurance online.
• Mysterious disappearance or unexplained loss doesn’t come under art insurance coverage.
• War, invasion and allied peril.
• Fine art insurance plans do not cover the damages following any government action.
• Biological or chemical contamination caused by or resulting from an act of terrorism.

How Can GIBL Help You Find the Best Art Insurance Policy?

GIBL is one of India’s most renowned insurance broking portals that have the general insurance solutions for all your needs and that too within a fair price that is affordable for anyone. We focus on providing our valuable customers with the best insurance policy there is and in return we gain a peace of mind – yes that’s how we work. When it comes to art insurance policy in India, we have policies and plans from a number of art insurance providers nationwide. Since we understand all your needs, we only fetch you the best art insurance online. You can get instant art insurance quotes online from different companies to decide and choose your art insurance coverage type and premium. This way we help our customers countrywide unearthing the best art insurance policy online.