The transport of a work is insured at its value, by specialist carriers, and we take care of it. From the moment the crate is opened in your home, that insurance stops. Your household policy takes over, and that is where the unpleasant surprises begin.
Here is how it works, without the jargon.
What your policy already covers, and how far
Almost all household policies include cover for what insurers call valuables: jewellery, watches, silver, paintings, sculptures, musical instruments, collections.
That cover exists, but it is capped twice. First by an overall cap, often between five and fifteen thousand euros for all the valuables in the household. Then, frequently, by a per item cap, sometimes far lower.
In other words: if you already own jewellery and you add a sculpture worth six thousand euros, the overall cap can be reached without anyone warning you. In the event of a claim the compensation is shared out, and each item gets a fraction.
How to find out where you stand
Take out your policy and look for three words in the particular conditions: valuables, cap, and exclusions.
If you cannot find them, call your insurer and ask exactly these three questions. What is my overall cap for valuables. Is there a per item cap. Does a contemporary sculpture fall into that category with you.
The third question matters: some policies classify works of art separately, others file them with the furniture, which changes everything.
The specific declaration
Above the cap, the work has to be declared. It is a simple step, generally free or inexpensive, and it takes a quarter of an hour.
The insurer will ask three things: what the object is, what it is worth, and how you prove it. The artist’s name, the title, the year, the dimensions and the material are on the work’s page. The value is the one on your invoice. And the proof is that invoice, together with the certificate of authenticity where the artist issues one.
Once the declaration is made, the premium rises slightly and the cap is lifted for that particular object.
Declared value or agreed value
Two regimes exist, and the difference shows on the day of the claim.
Under declared value, you state a figure. In the event of a claim the insurer can dispute that figure and call for an expert opinion. You then have to prove the value, which is harder once the object has been destroyed.
Under agreed value, the insurer accepts a figure in advance, on the basis of an invoice or an expert report. In the event of a claim that amount is paid without discussion. This regime costs a little more, and that is what it is for.
For a
The exclusions worth actually reading
Three exclusions come up in most policies and deserve your attention.
Damage while the work is being moved. Many policies only cover the object at the insured address. If you move house, or lend the piece for an exhibition, cover can lapse. A temporary extension exists, you have to ask for it.
Objects placed outdoors. A garden sculpture is often excluded, or covered up to a derisory cap, precisely because it is accessible. If your piece is outside, say so explicitly.
Inherent defect and wear. A patina that evolves, wood that moves, a colour that fades in the sun are not claims. That is the normal life of the material, and no insurer covers it. It is also why where you place the work matters, a subject we cover in our guide to placing a sculpture.
The file to build, once and for all
A quarter of an hour today saves weeks of argument later. Gather five items and keep them somewhere other than the room where the work stands, ideally in online storage as well.
The detailed invoice, naming the artist, the title, the dimensions, the material and the price paid. The certificate of authenticity, where the artist issues one, bearing in mind that not all of them do and that no law obliges them to. Three or four photographs of the work in place, from different angles, with an everyday object beside it for scale. The dimensions and the weight. And the work’s page printed from our site.
This file serves three purposes: insuring, being compensated, and reselling.
What it costs
The orders of magnitude vary between insurers, but the logic is stable. A specific declaration for a work worth a few thousand euros generally means a few tens of euros a year. A dedicated collection policy, taken out with a specialist insurer, only becomes worthwhile from a group of several tens of thousands of euros.
For a first acquisition, a specific declaration with your usual insurer is enough in the vast majority of cases.
What we do on our side
We insure every work during transport, up to its sale price, and the risk is ours until you physically take possession. The terms are set out in our Terms and Conditions of Sale.
We always provide the detailed invoice, and on request we send a full technical sheet for your insurer. If you need a particular document, write to us and we will prepare it.