Why collect art? It could be to preserve the past, because of an emotional connection, or even a financial investment. Regardless the reason, the goal of most collectors is to preserve collections for future generations of family or community. To assist you in preservation of the collection, and your financial investment, HTB offers Fine Art Insurance policies and experienced insurance and risk counsel.
Your fine art insurance placement is critical to collection preservation, and deserves more than a generalist’s approach. With HTB specialists on your side, we can work together to cover your collection with the broadest coverage, easy administration, and at a competitive price.
Why choose Huntington T. Block for your Fine Art Insurance?
At Huntington T. Block, we share your passion for art. Our in-house brokers, claims professionals and underwriters are immersed in the world of art. They subscribe to trade publications, visit exhibitions, and interact with dealers, collectors and artists. They excel at helping protect your collection down to the finest detail, and are your strongest advocate with the insurance industry.
Our Fine Art Insurance is our work of art. It’s been carefully crafted with professional associations like the American Alliance of Museums (AAM) and with the input of insurance leaders in the London market. Our goal: protect your treasures no matter where they are in the world, whether it is on a wall in Manhattan, a truck to Chicago or a plane to Paris.
What types of collections and collectors are eligible for coverage?
Fine Art Insurance covers a wide variety of art collections, from visual arts like paintings and sculptures, to rare books, historical artifacts, and archaeological specimens.
Below are the classes of fine art collectors that we insure:
To learn if your collection is eligible for our Fine Art Insurance, please talk to your HTB representative today.
What types of claims does your Fine Art Insurance cover?
Our Fine Art Insurance provides broad “all risk” coverage. This is a widely used insurance term, meaning, that all perils are covered, except what the policy specifically excludes. The list of exclusions on our Fine Art Insurance policies vary, depending on whether it is for a museum, art gallery, individual collector, etc. Typical policy exclusions include:
- Moths & Vermin
- Gradual deterioration
Speak to your HTB representative for information regarding coverage offered, and exclusions within your policy.
What is the difference between Scheduled and Blanket coverage?
If you are a personal collector, there are typically two structures available for insuring your art collection:
- Scheduled: Each piece of artwork is listed individually and insured for a stated amount. Insurance carriers may require an appraisal or a recent bill of sale to determine the specific value. This type of coverage ensures you receive a pre-determined value for each piece of art that is damaged or stolen, but the scheduled values should be periodically updated as the artwork values may change over time.
- Blanket: This type of coverage allows the collector to cover their collection with an overall policy limit. There is no per-item maximum and no co-insurance. Insurance carriers will require an appraisal or a recent bill of sale to determine the appropriate blanket limit for the policy. This coverage method can make it easier for you to manage your insurance, as smaller items will not need to be added and deleted, but may require extra work when a loss occurs, since the current market value of the artwork will need to be determined.
Speak to your HTB representative about the options available within your policy.
How does the Valuation Clause in the policy work?
Within a Fine Art Insurance policy is a ‘valuation clause’ that determines how damaged artwork will be valued at the time of a claim. Typically, artwork:
- Owned by the insured is settled at the current market value at the time of the loss;
- Held for resale is settled for the selling price or the original cost (whichever is greater); and
- Owned by others in the custody of the insured is settled for the consigned value (the amount agreed upon by the owner and insured prior to the loss).
HTB’s in-house claim adjusters specialize in fine art valuation and are your greatest advocate with the insurer for ensuring the claim is settled promptly, fairly and to your satisfaction.
Speak to your HTB representative about the specifics of your policy’s valuation clause.
Can your Fine Art Insurance policy be customized to my needs?
Yes. The wording and coverage within a Fine Art Insurance policy can vary from insurer to insurer and client to client. At HTB we work with several insurance carriers, including the London market. Our long-standing relationships with our carrier partners give us the ability to customize your insurance policy language to meet your specific needs.
For example, the previous section discussed the ‘Valuation Clause’ within the policy. This may be an area where your HTB representative can work with you and the insurance carrier to customize the language of the Fine Art policy to fit your requirements
- Premium Discounts: American Alliance of Museum (AAM) institutional members may be eligible for 5% off their annual premium, while AAM accredited institutions receive a 10% credit.
- In-transit Coverage: Our Fine Art Insurance policies provide coverage for your artwork while in transit, whether by vehicle, express shipper, boat or plane. Speak to your HTB representative to learn about any limitations on property while in transit.
- Artwork on Loan: It is important to protect yourself by spelling out in your contract with the party loaning the art (or that you are loaning it to) who is responsible for what in the event of a claim.
Your HTB representative can help you review contracts for insurance provisions, when you have property on loan or when you loan your property to others. Speak to us before signing your next loan agreement.
- Exhibitions: HTB offers a proprietary Exhibition Insurance policy for short-term and traveling exhibitions.
There are multiple advantages to considering Exhibition Insurance. While at different venues, the exhibit is outside your control, putting it at higher risk. Claims made on the Exhibition policy do not affect your Fine Art Insurance, loss history, or premium rates.
If you are planning an exhibition, speak to your HTB representative.
- Coverage Territory: Our Fine Art Insurance policies provide worldwide coverage (some countries excluded) with separate limits of coverage for artwork in international transit or located outside the U.S. and Canada. Speak to your HTB representative to learn more about your policy’s coverage territory.