Generally, home insurance cannot protect a high-value work of art. The warranty offered by this one cannot cover everything in your house. You are obliged to choose a work of art guarantee

What is an insurance of an art work?

A work of art guarantee constitutes a specific cover solution for artistic objects. In the event of a claim, it provides the opportunity to benefit from better compensation. Artwork insurance offers guarantees to protect art objects against risk, damage and theft. Many homeowners risk paying a heavy price following a burglary because they don't think about insuring their high-value artwork. However, the current value of the valuables to be insured must be indicated. This allows the insurer to determine the guarantee value and to offer a suitable formula that can protect them.

The guarantees proposed by the insurance of art works

The insurance contract for artistic objects is established according to 2 formulas. There is the fair market value policy. For this type of contract, the amount to be hedged is based on the fair market value, which must be determined by an expert. For the approved value policy, this is the most common because some owners of private collections tend to choose this insurance contract. The amount offered by this policy is based on an estimate. Next, artwork insurance offers two types of guarantees or cover. For extended and comprehensive insurance, it is possible to benefit from "all risks except" cover. For a burglary, water damage, fire, work of art insurance can offer "multi-risk" coverage. Through various options with specific pricing, depending on the type of activity and needs, all guarantees can be extended.

The type of insurences for declared work of arts?

It is necessary to take out art insurance as home insurance cannot cover artistic objects. So, the owner or the holder can choose between three types of coverage. He has the option of taking out approved work of art insurance, declared value art insurance or comprehensive home insurance. These formulas are intended to cover and protect artistic works. In addition, for temporary exhibitions of artistic objects, they can be covered by two guarantees with optional extensions. There is the “single stay” coverage and the “nail to nail” guarantee for complete insurance.