Fine art insurance is a bespoke policy providing coverage which is better adapted to the risks of owning art and collectible items than a conventional household policy, even with declared values. It starts from the premise that owners want to keep the items they have and not replace them with some equivalent, so in the event of an insured peril it offers:
- Worldwide all-risks cover
- Compensation for depreciation
- Specialist knowledge on transportation and storage
- Advice on restoration and access to skilled restorers
- The opportunity to buy back a missing item that is found later for the value of the claim if the reduction in value to a set from the loss or damage of individual items.