If you are an artist, an art dealer or part of an institution with an art collection, you should have insurance for the fine arts. In almost every case, whatever other insurance you have will not even begin to cover a valuable collection of art. Whether your collection is large or small, losing fine art can create a large dent in your assets.

Working hand in hand with an insurance company specializing in fine art coverage, there are several important steps you should take. First, make detailed notes about your art (title, artist, date of creation, size, medium, serial numbers and condition) and keep photographs of each piece. Some insurance companies will also send you to a specialist who'll help you take extra steps to protect your art from theft and similar dangers. As you research fine arts insurance information, keep in mind that insurance companies often limit their coverage to certain types of individuals or groups. Broadly, these are:

1. Individual artists seeking fine arts insurance,

2. Dealers needing fine arts insurance coverage,

3. And institutions (like museums or corporations) desiring fine arts insurance policies.

Action Steps
The best contacts and resources to help you get it done

Find a fine arts insurance policy for artists

Artists often don't insure their work--largely because it's difficult to put values on art that has not been placed on the market. Nonetheless, several insurance companies specialize in covering artists, working closely with art appraisers. The cost of insurance for the fine arts may also discourage you from covering your art work, but many insurance providers offer reasonable rates and policies that can save you huge losses should something happen to your art. Usually, coverage includes theft, destruction and damage.

I recommend: Arthur J. Gallagher & Co. provides insurance for art works that are in progress or completed; they also offer general liability and property insurance for artists' studio space. Thomas & Pratt also offers insurance for artists.

Buy dealer insurance for fine arts

It's easier for art dealers to find coverage through fine arts insurance companies. Typical coverage includes theft and destruction by fire or natural disaster, but when you request a fine art insurance quote, be sure to find out if coverage also includes damage caused by mold or other difficult-to-control possibilities.

I recommend: R K Harrison Insurance Brokers provides insurance to art dealers, as does Advanced Insurance Services. The latter offers an especially wide range of policies, from theft to mold damage.

Purchase institutional insurance for fine arts

Whether you help run a museum, a corporation with an art collection or another type of business that is displaying fine art, it's unwise to do so without good insurance coverage. Many insurance companies provide policies for institutions, with a broad range of coverage.

I recommend: AXA Art is a fine arts insurance company providing policies for institutions such as museums, corporations and most places that hold exhibits. FineArtInsurance.com offers coverage to museums and public places displaying art; click on "coverage options" in the left-hand menu to learn more.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Many people are slow to inform their insurance company when they acquire new pieces of art. This is always a mistake. Inform your fine arts insurance agent immediately upon buying new pieces, and be sure to update your records with photographs and pertinent information about each piece, too.