How to insure artworks?
According to reports by insurance companies, only 15 to 20% of artworks in circulation are insured. Yet insurance is essential to prevent loss resulting from theft or likely deterioration. Furthermore since 2004, however, insurance companies are held to confidentiality towards tax authorities.
Be aware that home insurance does not does cover the original value of your property if it exceeds €80,000. To insure items worth more than this sum, you must take out insurance specifically intended for artworks; often this means a supplement to your home insurance. By taking out insurance, your property is protected against water damage, accidental damage, theft, and fire, but also when the work is in transit (move, loan, or restoration). In the event of damage, your insurance company will always offer to pay to restore the work before it offers a refund. Moreover, if the artist is still alive, you may even consider asking them to reproduce the artwork for you. Such insurance most often works on the basis of brokerage; an expert (broker) decides the amount for which you are insured.
Be aware that home insurance does not does cover the original value of your property if it exceeds €80,000. To insure items worth more than this sum, you must take out insurance specifically intended for artworks; often this means a supplement to your home insurance. By taking out insurance, your property is protected against water damage, accidental damage, theft, and fire, but also when the work is in transit (move, loan, or restoration). In the event of damage, your insurance company will always offer to pay to restore the work before it offers a refund. Moreover, if the artist is still alive, you may even consider asking them to reproduce the artwork for you. Such insurance most often works on the basis of brokerage; an expert (broker) decides the amount for which you are insured.