A collector or Museum consigns a work to a dealer to sell. The dealer does his job and sells the work, but does not pay the Collector or Museum. This is now considered a loss of property and if your current policy does not address this type of loss you may not have coverage.
Now if the consignment date has expired and the dealer is not willing to return the work, in many incidences this would be classified as theft and be covered by your fine arts policy.
For more information on Conversion Exclusion call us at 1.800.921.1008, visit our website at www.ArtInsuranceNow.com or fill out one of the applications below for a fast and easy quote.
• Art Dealers
• Artist Transit/Exhibition/Studio Insurance
• Personal Collections
• Museum Collections
• Business Owners Liability
If you are involved in the art world, I can insure your exposures.
• Commercial Art
• Art and Antique Dealers
• Restore and Conservators
• Private collectors
• Large or Small inventories.
• Domestic or International.
• Art Fair transportation, while at fair,
shipped to collectors
• Art loaned to Museums or non- profits,
• Art being shipped or carried on board,
• Coverage for special events, Parties,
• Non-profit organizations and more
There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss.
The premiums begin around $2,500 for about $250,000 worth of protection.
Recent successes: An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy
$300,000 premises limit
$300,000 unnamed location
$300,000 while in transit
We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage.
Premium is $3100 with $1,000 deductible.
for applications Click Here