I’ve had a couple of queries lately about insuring art and I really don’t know how to respond.
Who insures your art? Care to share what you pay for it and the terms?
Who insures your art?
- Alyson Stanfield
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6 thoughts on “Who insures your art?”
I don’t normally have a large enough inventory of art in my studio/home to feel it’s worth insuring. All of my galleries insure the work that they hang (I wouldn’t sign on with a gallery that didn’t), so the majority of my work is covered there. When I ship, I pay for insurance with the shipper – it’s worth every penny. At last year’s OPA show someone talked about being able to pay for an insurance policy that would cover a set amount of $ – I think they said they paid about $150/yr for $30,000 worth of coverage. This protected their work in the home, in galleries, and during transit. Now, if only I could remember the company name!!!! If I can find my notes in the next few days, I’ll look it up and post it here…
I’m just self insured. I sure wish I knew who would insure my work from “wall to wall” as I was told you could do. I’d like to have about $40,000 – $50,000 worth of coverage if I could afford it like the previous post. I was told a long time ago all the work being shipped now without an “art shipper” is not insured over $100. They take your money for insurance but you’ll never get it. So now, I don’t insure for over about $500 per box. Most galleries SAY they have inurance but sometimes they just say that(or so I’ve been told). I’d love to keep up with this thread to find out more.
I insure my art in my home through a rider on my home owners insurance. It also covers the equipment and supplies. Not sure what it costs as it’s not broken out as a separate item. I don’t carry business liability insurance for my home as I’ve never taught or have people come to my home to see my art. If I did this on a regular basis I’d add liability, which is more expensive. I also have a policy for $10K that covers my art no matter where it is (the wall to wall coverage Cheryl was talking about). It’s part of a group policy for fiber artists/quilters only and costs about $150 a year for the $10K and has a $500 deductible. The details are still packed in boxes sorry I can’t give a contact. When I ship I insure for $500 to cover my deductible from the insurance.
Ipay State Farm $200 for $15K of coverage and $1K deductible…I had to shop hard to find anyone who would cover it….if others here can pass along the insurer’s names, it would be very helpful! I guess it could also be the area where you’re being insured, too. As it turns out I found State Farm through a friend; they insure my house but the first time I approached they wouldn’t cover me. Then I told them I had a friend at another State Farm that was ready to, and that’s how I got what I have.
Cheryl: Re insuring shipped art, I think it depends on who the carrier is. Every carrier has its own rules and regulations. Lisa: Thanks for chiming in. This is why it’s so valuable to belong to artist organizations. Many of them have insurance options for artists. Everyone should look into their member organizations and then compare rates. Tammy: Good point! Ask. Ask again. Be persistent and don’t accept the first No.
In movies you see the thug come in to the nice business …The nice business owner hands over an envelope stuffed with cash … the understanding is that this is ‘protection’ money …If the nice business owner does not pay , the viewer gets to see a lovely beat-him-up scene … I only experienced theft After I got involved with art insuring … I bought a pricey plan from an insurer who had added art to their packages …When I moved to a better gallery , I did not renew , as the cost didn’t make sense against sales, & there had been a theft at the first gallery …( a computer )… Then one of my bronzes was stolen … My accountant had a computer stolen … A charity volunteer had her home broken into … Galleries I worked with started acting irrationally , possibly associating thefts with me – incorrectly … I still had not put it all together … With a new gallery grand opening last summer , I went to a video security installer to spec out costs of elaborate systems … Several weeks later , the owner had his laptop computer stolen … Now, I am aware of artists creating false insurance reports or ‘creative’ reports to get funds for unsold art …Perhaps this is retaliation on the part of art insurers … I , for one, have always endeavoured to be on the losing side of a financial deal if anything is ‘in question’ , thus ensuring my innocence , for the sake of reputation … It appears to me that by telling an art insurance company about your valuables & your personal location & location of such valuables , that you are opening yourself up to theft … perhaps it is not the company itself , but an disgruntled employee … so … that is my experience with art insurance …