Fine arts floater insurance
A floater follows the property. For art, that means the same coverage applies on your wall, in a crate on a truck, at the framer and on loan to another institution.
Who buys a fine arts floater
Galleries and dealers
Inventory changes week to week, pieces go out on approval to buyers, and consigned work belongs to someone else. A floater with a blanket limit handles the turnover without a new schedule for each sale.
Artists and studios
Finished work travels to fairs, framers, photographers and buyers. Many artists also want coverage for work in progress, which should be valued carefully since there is no sale price yet.
Businesses and offices with art
Corporate collections, hotels, restaurants and design firms with valuable pieces on display often find their property policy limits art to a small amount. A floater schedules the pieces at agreed value.
Request a quote
There is no separate application for this class, so start with the short inland marine quote request. Someone will follow up with any underwriting questions specific to your risk. Insurance agents can also request an appointment.
Scheduled or blanket
Higher-value works are scheduled one by one at an agreed value. A blanket limit can cover the rest of a collection, or a gallery's changing inventory, up to a per-item maximum.
Blanket coverage may settle on market value or on a valuation method stated in the policy, rather than a set number. Read the valuation clause, and know the per-item cap, since a single piece above it is only covered up to that cap.
Transit is where losses happen
- Ask whether coverage applies with any shipper or only professional fine art shippers
- Check whether packing by the owner is allowed, or must be done by professionals
- Know the per-shipment limit, separate from the overall limit
- Confirm coverage while the art is at a framer, conservator or photographer
Galleries and consigned work
Galleries holding consigned work need coverage for property of others, at the value set in the consignment agreement. The floater can cover both owned inventory and consigned pieces.
Check how the consignment agreement handles a loss. Some agreements make the gallery responsible for the full consigned value, and others split the risk. The floater limit for property of others should match what the gallery has agreed to.
Fine arts floater or property policy
A business property policy covers contents at a listed address, usually at actual cash value or replacement cost. Neither works well for art, which cannot be replaced and does not depreciate in the ordinary way. A floater sets the value up front and follows the work off premises. Many businesses keep both: the property policy for furniture and fixtures, the floater for the art.
What to do after a loss
- Protect the work from further damage. Do not try to clean or repair it yourself.
- Photograph the damage, the packing and the location before anything is moved.
- If it was stolen, file a police report and ask about listing it with an art loss registry.
- If it happened in transit, note the damage on the delivery receipt and notify the shipper in writing.
- Report the loss to your agent with the schedule entry, appraisal and any loan or consignment agreement.
- Wait for the insurer's approval before choosing a conservator or agreeing on a loss in value.
Common questions
Does a fine arts floater cover damage from restoration?
Usually not. Damage from restoring, repairing or retouching is a common exclusion. The conservator's own coverage is the first place to look.
What happens if a damaged work is restored but worth less?
Many fine arts forms pay the cost of restoration plus any loss in market value after restoration, up to the scheduled amount. Ask whether your form includes loss in value and how it is measured.
Are newly bought pieces covered before I add them to the schedule?
Many floaters cover new acquisitions automatically for a set number of days and up to a percentage of the schedule. Report them before that window closes.
Is art covered while on approval with a buyer?
Some floaters cover work out on approval or on consignment to others, often with a separate limit. Confirm it before you send a piece to a buyer's home or office.
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