commercial property fine art

Commercial Property Insurance for Fine Art

Businesses often have art and other valuable decorations around. Art can set the feel, make a statement, or be a piece of conversation. If you have fine art and other art-related valuables in your business, you should consider getting commercial property insurance for fine arts. You can’t predict what may happen in the future, so it’s a good idea to prepare for the worst-case scenario.

What is commercial property insurance for fine art?

This coverage is for those who own expensive or valuables pieces of art. Usually, fine art is excluded from commercial property coverage and so an additional coverage is required if you want these items protected. Adding on commercial property for fine arts can help you protect your nicer art pieces if an incident occurs.

What does fine art insurance cover?

Fine arts coverage can include:

  • Valuable artwork
  • Collectibles
  • Similar items

Keep in mind that this coverage has limits. The limit to your coverage can vary. Work with your insurance agent to get the right amount of coverage for your business.

What does it exclude?

Fine arts coverage typically does not cover

  • Change in temperature;
  • Dampness
  • Dryness
  • Scratching
  • Infestation of insects, birds, and rodents
  • Water or moisture seepage of 14+ days
  • Water leakage from freezing

There are also breakage limitations. For instance, if you accidentally drop a vase, then that would not be covered. However, if someone broke in, tried to steal the vase, but ended up dropping it, that could be covered. Each situation is unique and talking to your agent is the best way to figure out what is and is not covered in your policy.

How much coverage do I need?

The coverage you need depends on the value of your art. Most times, the value of your art is determined by the cost to replace it, not by the actual cash value. This is important to note as you figure out how much your art is worth! If you are unsure about the value of your art, then have an appraiser take a look. That way, you will have a more accurate idea of the coverage you need.

Variations in Coverage

Each policy is different. Make sure to talk to your agent about the specifics of your policy so that you are best prepared. For instance, your coverage may be a blanket coverage. Or other times, it could be a scheduled form for specific pieces.

You should also ask about property that is owned by someone else but is in display in your business. While usually covered by commercial property fine arts coverage, it is best to double check. Additionally, inquire about items in transit, or art that you own and is being displayed or held elsewhere.

If you have any questions, concerns, or other inquiries about fine arts coverage for your commercial property, ask your insurance agent! They are there to help you protect your small business from the unexpected! If you have fine art in your home, check out our personal insurance coverage for fine art!

Call an Encharter agent today at 888.754.8299!

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