Art insurance
In the field of individual insurance , art insurance belongs to the group of property insurance , which provides special insurance conditions for the insurance of pictures, photos, collections, sculptures, but also furs and jewelry. Ordinary household insurance does not adequately cover specific risks in terms of amount and scope for these items. Art insurance can be viewed as a mix between household and marine insurance.
Types of art insurance
Some specialty insurers are able to offer a subset of commercial insurance for museums , art shops , galleries , collections, etc. ( combined property insurance ). In the case of greater risks, an insurance pool is formed between the companies or the insurance company is reinsured with a reinsurer.
It may be advisable to provide additional protection during transport, for example for loans to museums or galleries, or for transport between the various private locations of their owners. A common term for art transport insurance is: From nail to nail . This means that the work of art is insured from where it was hung to where it will hang again.
Scope of insurance
Insured items are antiques, works of art and collectibles as well as the associated frames, protective glazing including hanging devices, plinths and showcases.
Insured risks: Art insurance is an all-risk insurance, the works of art are insured at the risk locations specified in the contract against damage, destruction and loss as a result of all the risks to which the insured objects are exposed. This is the principle of all-risk coverage, although this must not be taken too literally. The all-risk coverage is limited by including exclusions in the AVB.
Exclusions
The exclusions restrict the all-risk insurance. A distinction can be made between the exclusions due to hazards and the exclusions due to damage.
Exclusions through danger
- War, civil war and events similar to war, presence or use of tools of war, terror
- Labor unrest and civil unrest
- Confiscation or other interventions in high hand
Damage Exclusions
- Gradual exposure
- Condition, wear and tear
- Pests and vermin
- Machining, cleaning, repair and restoration
- Enlargement of old damage
- Misappropriation, embezzlement and fraud
- blackmail
- poor packaging
Insured costs
The insured costs are insured financial losses. In the event of an insured event, the policyholder receives the following costs that have become necessary so that the compensation is not used up to the detriment of the policyholder due to consequential financial losses in the form of incidental costs. For each insured event, the costs are reimbursed according to the insurance conditions, unless otherwise agreed, up to a maximum of 10% of the total sum insured:
- Clearance costs: Necessary costs for clearing up as well as for clearing away and transporting the remains of insured objects.
- Movement and protection costs: Costs because other things have to be moved, changed or protected in order to restore or replace insured objects.
- Transport and storage costs: Transport and storage costs for insured objects as long as the place of insurance is unusable or storage in a usable part of the insured cannot be reasonably expected.
- Damage avoidance and damage minimization costs: Costs incurred for appropriate measures that the policyholder may consider necessary to avert or reduce the damage.
- Restoration costs: the costs that have become necessary for the restoration and documentation as well as the necessary transport to and from the restorer as well as the insurance costs during the stay with the restorer.
- Other costs:
- Costs incurred in order to regain lost art objects or to repurchase comparable art objects (e.g. travel expenses, transport costs, legal fees, public fees, security deposits and the like)
- Costs for the restoration or replacement of damaged frames and protective glazing (framing additions), but without depreciation.
- Costs for experts and experts.
Obligations
Obligations prior to the claim
- Obligation to provide information
- Safety rules
- Cold season
- Default clause
- Transport Regulations - Additional Clauses for Works of Art
- Mode of Transport
- Packaging and load securing
- Transport escort
Obligations in the event of damage
- Reporting the damage
- Police report
- Instructions from the insurer
- Investigation of the damage
- Transport damage
Exemption from performance by the insurer
- Willful, grossly negligent induction and fraudulent misrepresentation
- Behavioral attributions
- not judicial enforcement
Increased risk
- Uninhabited risk location
- Failure of the agreed backup
- Construction and scaffolding work
Others
Art insurance providers can often use their own art history departments to assess the value of the artwork. In addition, they make use of a network of specialists ( restorers , auctioneers , universities ). The Cologne Art Insurance Talk has been held at Art Cologne since 2012. The first conversation on April 18, 2012 dealt with the topic of sea transport.
literature
- Alexandra Gerrer: The art insurance. 2007.