What you should know

Insured costs are the costs, specified in your insurance contract, which are reimbursed by the insurer in addition to the actual compensation. In case an insured loss has occurred or threatens to occur.
 

Taking into account the cost of removal and disposal of debris after a fire, of securing doors or windows and of replacing locks after a burglary. Taking into account expert costs, or transport and storage costs, as long as your domicile is unusable. Taking into account loss-related travel expenses, finder's fees, packaging and customs costs or import sales tax demands.
 

It is important that you do not have to shoulder these costs. Your insurance contract should therefore contain additionally insured costs with sufficient cover. Even above the total sum insured. Here, accurART provides assistance.

Works of art do not have a binding catalogue price. Prices vary massively even with frequently traded artists. Depending on the format, the technique and last but not least the quality, supposedly comparable works often achieve significantly different prices.
 

After a total loss, conventional insurance policies oblige you to conclusively prove the value of the insured object at the time of the loss. This is referred to as the declared value. Proof is not always easy.
 

Where did you buy the work of art? At an auctioneer or from a private owner? In a gallery or from an art dealer? The sales channel also has an impact on the price.
 

So that there is no discussion about the value of a stolen or damaged artwork, our insurance is based on agreed values. These are already documented when taking out your fine art insurance policy and, of course, can be adjusted according to the value development of your art collection. Therefore, a proof in case of loss is not necessary.
 

If it is not possible or reasonable, in the case of extensive museum collections, trade or the insurance of a group of works of art, to agree on individual values in advance, it is essential, that your insurer, as the risk carrier, is familiar with the mechanisms of the art market.
 

accurART, your specialised fine art insurance broker, has the right connections. Since in the event of a claim, payment commitments must be complied with by the insurer.

An all-risk insurance is also referred to as all-risks cover or insurance against all risks. It is much more advantageous to you than a household or commercial insurance, which usually only covers the listed insured risks. Often limited to the risks of fire, (pipe) water, burglary and vandalism associated with burglary, robbery or natural hazards.

As art and collectibles are valuable and precious, the far more comprehensive all-risk insurance should be your choice.

Insurance cover is thus generally provided for physical loss and damage due to causes of all types to which your collection is exposed to during the insurance period. Except in the case of the explicitly agreed exclusions.
 

An all-risk insurance, for example, also covers simple theft and not just burglary. It also pays for trick theft and not just robbery.
 

In addition, almost all damage and even mishaps, such as dropping or knocking over, are insured. The jewellery insurance even covers lost or left valuables, the so-called wearing risk.
 

A glance at accurART's general terms of insurance shows, that not every all-risk insurance coverage is nearly as extensive. The few exclusions are clearly enunciated. Insurance cover will still apply even if common all-risk covers have already thrown the towel.
 

Political risks are largely included. The coverage for works of art in the open air is also more extensive than market standard. Settlements for the enlargement of pre-existing damages or damage in the context of restoration also exceed common standard.
 

Where most insurance brokers are satisfied with the standard terms and conditions of insurers, accurART develops its own terms of insurance. You should not content yourself with less.

Your deductible is the portion of a claim that you have to bear yourself. It is also referred to as excess, personal contribution or cost sharing. The insurance company only compensates the amount exceeding your deductible.
 

Fine art insurance policies usually do not require a deductible. The complete loss will thus be reimbursed.
 

However, deductibles can be agreed on if it makes sense and if you expressly desire us to.
 

As your fine art insurance broker, accurART, together with you, will figure out the option which is best suited to your needs.

If your artwork is damaged, it has to be assessed whether a reduction in value remains after the accomplished restoration.
 

How massive was the restorer's intervention in the original substance? How relevant are the damaged areas in the overall context of the artwork? Has the restoration been successful?
 

In the event of insured theft or total loss, the matter is clear. The agreed value is paid out.
 

Discussions about the amount of depreciation of damaged artworks, on the other hand, can prove tricky. There are no tables that could provide clear values, and even the assessments of renowned art experts are often widely differing.
 

In order to ensure that objective criteria are applied, it is important to know accurART, your fine art insurance broker, at your side, to represent your interests with expertise and commitment. Thanks to the careful selection of art insurers, a professional and objective claims settlement is guaranteed.

First risk insurance limits the maximum indemnification to be paid to a previously agreed contractual value.
 

The sum insured by a full value insurance policy, on the other hand, is the sum of the individual values of insured objects. Basically, it offers the greatest possible security.
 

Under certain circumstances, however, a first risk insurance policy may also be sufficient and even more economical.
 

Whenever you do not expect a total loss in the worst case, because your art objects are distributed to multiple locations or you have clearly separated fire areas.
 

The amount of the sum insured at first risk must be based on the largest expected loss per loss event. The determination of this so-called PML (probable maximum loss) requires know-how and experience. As the agreed sum insured at first risk is the maximum indemnification payment you can expect, besides the additionally insured costs.
 

Professional advice and analysis of the loss potential are indispensable to ensure that there is no shortfall in coverage in the event of a loss. This is what accurART offers you.

In addition to a complete insurance cover from nail to nail or from site to site, it is also the subtleties that matter in the insurance of your loan circuit.
 

What happens in the case of an accidentally omitted declaration? What happens if the borrower makes a mistake or disregards a concluded agreement? What if the packaging of your artwork does not comply with your order or if the alarm system in the museum fails?
 

A mere oversight cannot be treated as an equivalent to a conscious omission. Incorrect behaviour of third parties must not be to your disadvantage. Circumstances beyond your control must not harm you.
 

The well thought-out accurART insurance concept ensures this.

If your works of art are moved or transported, such as loans to exhibitions, it is important, that beginning and the end of the insurance cover are clearly stated.
 

Your insurance cover needs to begin as soon as the artwork is moved for the first time, in preparation for transport. This is precisely the situation where the artwork is exposed to a higher risk of damage. Especially during packaging.
 

Your insurance coverage should cover all transports and interim storage, the installation and dismantling of the actual exhibition, and all pre- and post-storage operations. Until your artwork is back at its original location, unpacked and installed or hanging. Insurance cover from nail to nail or from site to site. Without interruption.
 

It is also important, that an accidentally omitted declaration, an unexpected transport delay or a late communication of a prolongation of an exhibition do not lead to a loss of your insurance coverage.
 

The well thought-out accurART insurance concept ensures this. Our comprehensive insurance conditions provide security.

Risks due to politically motivated actions such as terrorism, war, strikes or civil unrest generally are not part of an all-risk insurance.
 

This must not necessarily be true. Comprehensive insurance policies should fundamentally also cover political risks such as terrorism, strikes and civil unrest during all transports. In the case of air and sea transport, additional war cover should be provided.
 

The insurance of political risks, within the art museum, the gallery, your business premises, your art storage facilities or in other places where your loans are located, has to be agreed from case to case or all inclusive.
 

Because political developments are difficult to predict, accurART's up-to-date fine art insurance policies even go beyond and include stationary terrorism, strikes and civil unrest coverage at your private residence or in your holiday home.

Provisional insurance avoids or reduces underinsurance. It even closes coverage gaps for an interim period.
 

To ensure sufficient insurance cover in the event of an increase in value or an expansion of your collection, every fine art insurance policy should include a provisional cover.
 

You spontaneously buy a work of art at a vernissage and cannot immediately submit it for insurance. An artist you collect dies or his solo exhibition in an important museum raises prices. However, you have not had the opportunity to adjust the agreed values.
 

All of this should be considered to an appropriate level by the provisional insurance.
 

Sufficient and comfortable provisional coverage, as offered by accurART, is essential. If your collection area is extremely volatile or if you are in the phase of a rapid development of your collection, this must also be taken into account.

If your sum insured, at the time of the insurance event, is lower than the actual insured value, there is underinsurance. Conventional policies punish underinsurance by paying out only a proportionate compensation after an insured event.
 

The responsibility for determining the correct sum insured lies completely with the policyholder. However, a specialised fine art insurance broker will not leave you alone.
 

Together with you, we determine your actual insurance needs and will document them in your fine art insurance policy.
 

To ensure that you are additionally covered for all eventualities, fair fine art insurance conditions include a general waiver of underinsurance, generous provisional insurance or the option of insuring your art at first risk.

Recourse means, the right of the insurer to institute proceedings directly against the perpetrator of the loss.
 

After the settlement of the claim, the insurer usually examines whether the causer of the loss can be taken into recourse or even you, the policyholder. The aim is to recover the settlement payment or at least part of it by way of recourse.
 

This may meet your interests regarding the causer of loss. But not necessarily.
 

The well thought-out insurance policies of accurART include an extensive waiver of recourse for these cases. For the protection of your employees or your service providers. And, last but not least, for your own.
 

Because the best insurance coverage will not help you, if you are subsequently asked to pay up for carelessness or mishap.

The so-called wearing risk in the insurance of valuables also covers your lost, left, misplaced or forgotten insured valuables.
 

Watches and jewellery are worn and thus are exposed to a higher risk of loss as for example art objects.
 

A defective catch of your necklace or earring, a broken folding clasp or watch bracelet can quickly lead to the loss of your jewellery or your wristwatch.
 

The comprehensive accurART watches and jewellery insurance will offer you this coverage as an option.