As representatives of the top Insurance carriers that insure exhibitions locally, in multi-states and internationally, we know coverages.

Each company has their own distinct forms to insure the unique exposures related to exhibitions. Coverages while in transit, at the exhibition venue, and in storage vary by company.

Below are some highlighted coverages to consider when placing insurance for an exhibition, how to protect the lenders, and what is the right valuation method.

About Exhibition Coverage

Most Art Insurance policies not only insure the work on exhibition, but also the didactic and ancillary materials such as vitrines, hardware, technology, and supportive structures.

A typical Policy I use with my insureds exhibition policy includes:

• Agreed Value: We usually require a schedule prior to binding, but different terms can be negotiated.
• Worldwide coverage for transit: is important when gathering works from overseas collectors.
• Named Location: some policy covers only named location and excludes transit
• Scheduled or Blanket: 
  • The schedule:  Establishes the price of the work to be insured.
  • Blanket: policy usually has a per item cap along with the onus of proof of value is on the insured.
•  Loss Payee Certificates: These are issued if a lender requires proof of coverage and insures the check will be made to them in case of a loss.

• Additional Important Exhibition Coverages one should verify if covered:
  • Packing crates, catalogs, and brochures included
  • Nail to Nail coverage:Coverage from point of pick up until returned.
  • Goods in transit
  • Art in storage in-between transit

• Broad, all-risk coverage
• Blanket limits on propertyin your care, custody, and control at scheduled locations and any other unnamed locations. Beware of sub-limits.
• Domestic and international transit: To/from list of Exhibition Locations
• No coinsurance clause penalty
• Valuation clauses: important to know how a loss will be settled. Our policies are designed for the art industry
• Coverage for jointly-ownedworks of art should be disclosed and understood how a loss will be paid in those instances.
• Special clauses for “loss buy back” or “pairs and sets”
• Relaxed appraisal requirements with most companies
• Based on Consignment value established at time of pick up.

About Exhibition Exclusions and Conditions:

These policy forms usually include the standard and not so standard Exhibition polices.

Wear and tear, moth, vermin, and insects.

Damage resulting from any repair, restoration, or retouching process.

Nuclear, radiation, biological or chemical contamination.

War, invasion, an act of foreign enemies, hostilities, military or usurped power.

Confiscated, damaged or destroyed by or order of any government or public or local authority, except if taken at the time of a fire to prevent it’s spread.

In Conclusion: Art insurance has many variables and sections which can be negotiated, if you are a knowledgeable Art Insurance broker.