6th January 2010
When a business holds an art exhibit they usually think about the beauty of the event as well as the prestige that may be garnered by such an event. However the nightmare of an event like this can become a reality unless your business has acquired paintings insurance.
For most of the world’s renowned collectors it is common place to have coverage. However some businesses may be under the impression that their normal coverage will cover claims brought by from their artwork. This is not the case, of all the many things that could happen most of them are not covered by simple business coverage.
Your business needs to acquire paintings insurance to cover any accidents that can be expected as well as any that may come about unexpectedly. When adding this type of coverage it is common for a business to know exactly why it may be needed, here are a few good reasons:
● Art Theft
● Damage by Fire
● Damage by Flood
● Damage by Weather Related Accident
● Transfer Damage from one site to another
It is important to think about these things as well many others. The other reasons may not be blatant to your business at this time but at least sit down and give an agent the time to explain what you may need and why. Paintings insurance is complicated to someone who has never thought about it but once you have it explained it to you there really is not a good reason for not having it.
When holding an art exhibit it is not just in the movies that pricey art is stolen and/or destroyed. Not having the appropriate coverage can cost millions and destroy a business monetarily as well as destroy their image. Each type of coverage is important and the business should make sure to cover any type of accident that they believe may happen. If your art is covered for fire and water damage but not theft and your art is stolen then your business is out of luck.
Obviously when an agent is sent by the company to assess the risks for your artwork they will be looking at many different factors to determine whether or not the artwork is insurable and at what price. The more expensive the artwork the more expensive the paintings insurance will be. Usually theft coverage is very expensive as this should cover the entire cost of the art.
Paying for as much coverage as your company can afford can save your business an absurd amount of money later. However be sure not to over insure your art so as to cause financial problems later on for your business. This can happen and will happen if your business is ill-prepared for any event, even unforeseen ones.
Make sure that your business has their act together when planning your next art exhibit. Acquire paintings insurance and get the proper coverage that your business needs so that your exhibit can be great without worrying about incurring losses.