Companies offering insurance services of artworks

The following companies offer the possibilities to insure your artwork individually or your entire collection.  

Remember:

• Insurance companies offer their services through brokers. For example, Assurart is a broker, AXA Art, Chubb, Hiscox and XL Insurance are insurers.
• Each of the insurers listed here offers its "package" with its own specific characteristics. Chubb offers "Fine Art",  AXA Art provides "Private Collections Coverage" covering art collections, Hiscox offer "Fine Art" and XL Insurance "Fine Art".
• Hiscox "Fine Art" is only available in some European countries.
• Most home insurance policies provide protection for artworks and other valuables such as furs, jewelry and electronic items. However, coverage is generally limited to $ 5,000. This amount may vary from one company to another. If you have objects whose value is greater than that allowed by your police, remember to include them in your contract (if possible) or subscribe a specialized insurance.
• Some companies also offer to insure your property rights through "Title insurance" in the event of any legal challenge. The interest, however, is contested.
• It is important to understand the limits of the contract you intend to join. See the range of choices and vocabulary associated (text in French).
• Assurart has recently published in Parcours (June 18, 2015) an excellent text "Une assurance pour vos œuvres d’art? Comment savoir s’il est nécessaire de souscrire" which presents the options in art insurance as well as the answers to some commonly asked questions by collectors. (text in French)
• The proportion of private collections actually covered by an adequate protection is estimated at 15-20%.
• The ratio of premium versus the value of the work carried out is about 1-2%/year.   Note that this ratio will decrease with the assured value of your collection. The more the insured value, the lower the ratio.
• Hiscox has developed a simulator for a summary assessment of costs involved depending on the type of collection.
• Most companies in the sector require a minimum value assessment as the threshold for entry.  This assessment should be performed by a competent person, often accredited to do so by the insurance company.  Insurable minimum value: about $ 30 000.00.
• It is extremely important to you that you maintain an updated and documented inventory of your collection and this, in a safe place. This inventory, in addition to the full description of each piece, must include one or more photographs of your work.
• For additional information, consult the website of the Insurance Bureau of Canada  (IBC) or the magazine Canadian Underwriter.

Additional Information

• Kaplan, Isaac.   "5 Things Every Collector Needs to Know about Art Insurance".   Artsy.   Nov 11th, 2016.
• Gouttenoire, Marie.   "Comment assurer ses œuvres d"art?"  Le Figaro.  Juin 06, 2009.   
• The Art of Insuring Art: A Practical Guide for Insuring Your Art Collection