Fine Art Insurance
Perth, Sydney, Melbourne, Brisbane & Canberra

Fine art insurance starts with a clear description of the collection and how each work is kept or used. An oil painting in a private residence differs from a fragile installation travelling between exhibitions. Record the artist, title, medium, dimensions, photographs and distinguishing features. Include frames, plinths, display cases or integrated equipment where their value forms part of the proposed cover. Mixed media and digital works can raise additional questions about what constitutes the insured object. Ownership, custody and responsibility should be clear, particularly where a gallery holds work on consignment or a collector lends it to a venue.

Values need a considered basis. A purchase invoice, a current valuation and a hoped for sale price can represent different amounts. Ask how the policy establishes value and how a partial loss, restoration cost or reduction in value after damage would be assessed. Keep provenance and valuation records accessible away from the collection itself. Describe the building, security, environmental controls and any display locations that differ from normal storage. If an item has previously been repaired or is unusually sensitive to light, vibration or humidity, provide that information so the insurer can consider the actual condition and exposure.

Transit is more than time in a vehicle. Packing, collection, temporary storage, unpacking and installation can all expose a work to damage. Give the broker a typical movement plan and identify the packer, carrier and installer. Ask when transit cover begins and ends, whether overseas movement needs prior agreement and how values accumulate in one shipment. A carrier’s liability terms may be limited and should not be assumed to match the value of the artwork. Clarify whether an annual arrangement covers routine movements or whether a particular exhibition or acquisition needs to be declared separately.

Loan, exhibition, consignment and conservation agreements can allocate responsibility for the same object to different parties. Check who arranges insurance and whether the agreed terms address damage during mounting, handling or restoration. Ask how the wording treats inherent deterioration, poor condition, changes in market value and unexplained disappearance. Environmental damage can be particularly fact dependent. A statement that a policy provides broad cover is not a substitute for understanding the relevant exclusions. Keep condition reports at each handover, with photographs of existing marks and any packaging instructions that accompany the work.

If a work is damaged, secure the area and seek suitable specialist advice before attempting cleaning or repair. Ordinary household methods can worsen an artwork’s condition or obscure the cause. Photograph the work, packaging and surroundings, and retain the pieces where it is safe to do so. Record who last handled the item and any unusual environmental or transport conditions. Tell the broker or insurer promptly and ask about approved conservators, movement and storage. Where urgent action is needed to prevent further deterioration, keep a record of the advice received and the reasons for acting.

Review the collection when works are purchased, sold, loaned or moved, rather than relying only on an annual total. A renovation, new storage facility or change in display arrangement can alter the risk without changing ownership. Update valuations on an appropriate basis and check that the largest shipment or exhibition value is reflected in the arrangements. Consider the time and expertise needed to recover after a serious event, including access to records and specialist handlers. Clear inventories and condition documentation support a careful assessment; they do not predetermine whether a particular loss will be accepted under the policy.