Private Art Collectors and Art Foundations

Our insurance concepts for art collections and art foundations offer extensive insurance cover. In principle, all risks of physical loss of and damage to artworks are insured, regardless of the cause of loss or damage. Only a few, clearly named risks are not covered by insurance. The type and number of risk exclusions are a measure of the quality of the insurance cover. With only a few precisely defined exclusions, we offer the highest degree of security.

Due to their compact, clear insurance terms and conditions, our insurance concepts stand out in a market comparison. In the interest of comprehensibility and clarity, we avoid any of the cross-references to additional sets of conditions that are customary in the market. The insurance conditions are easy and quick to understand and do not contain any hidden exclusions.

Unlike standard policies, the special provisions of our insurance concepts are freely negotiable. This opens up variable options for drafting insurance contracts corresponding to your individual insurance needs.

Insurance values are the heart of an art insurance policy. They are the basis for the insurer’s compensation payment. The works of art in your possession are an essential part of your assets. That is why we offer advice on insurance values and the compilation of an inventory list to your collection. Insurance can be based on agreed or declared values. The basis for settlement in the insurance contract can be current market values, replacement values or other individually agreed value categories, depending on your personal risk philosophy.

Provident insurance is available for new acquisitions and increases in value of artworks, so that the sum insured is adjusted to the development of the value of your collection.

A lively approach to art is important. Transports are insured worldwide nail-to-nail against all risks. There is also insurance cover for temporary stays of art at unnamed locations – for example at galleries, museums, photo studios, restorers or with experts for research.

Losses can also affect working materials such as technical operating equipment, the reference library, furnishings and exhibition equipment. In order to protect you from financial loss in this case as well, the technical and commercial equipment is also insured at replacement value.

If works of art are partially damaged, the insurance benefit will not only cover the costs of professional restoration. Any remaining decrease in value will also be included in the compensation payment.

Decrease in value is an important issue in the event of a claim. Assumption cannot be made that damages will be accepted by parties active on the art market, where the monetary value of art is formed through the interplay of supply and demand. Restoration may mitigate damage or almost eliminate it visually, but the integrity of an artwork and its original condition are destroyed.

Many factors influence the diminished value of damaged works of art. In particular, it is important to provide a detailed and balanced analysis of the respective sub-market, market participants, price structures and collecting preferences, and the artist’s characteristics.

We accompany claims settlements in a committed and qualified manner from A to Z. If, in the case of total loss or partial damage, the amount of the loss has to be determined, the contracting parties – policyholder and insurer mediated by Preventum – appoint an expert by mutual agreement. Well-versed art experts who do not only possess the respective art expertise, but are likewise familiar with both the art market and the art historical background and restoration issues will be commissioned to assess the damage.

The true value of a policy becomes apparent in the event of damage. We guarantee fast and competent help in settling a claim. This also includes the necessary costs incurred as a result of the loss, such as clean-up costs, transport and storage costs and repairs to building damage.