Frequently asked questions

• When do you need art insurance?

  You need art insurance when the value of your art collection surpasses the limits of standard homeowners insurance. It’s particularly important if your collection includes blue chip prints and editions and/or high-value works, or if your art is frequently exhibited, loaned, or transported, as these scenarios require special coverage.

• Who is MyArtInsurance’s art insurance provider?

  MyArtInsurance partners with Stanhope, a trusted insurance brokerage with expertise in luxury assets and fine art insurance. As part of the Ardonagh Group, Stanhope provides bespoke coverage for fine art and luxury assets, ensuring a high level of expertise and reliability. They offer direct access to insurers, agreed value settlements based on expert valuations, and comprehensive protection worldwide.

• Do I need art insurance or will my art be covered under my house insurance?

  Standard homeowners insurance may not provide adequate coverage for high-value art collections. Specialised art insurance offers broader protection, including coverage for transit, exhibitions, and storage, ensuring that your investment is properly safeguarded.

• What are the benefits of an art insurance policy?

  An art insurance policy offers comprehensive coverage for theft, damage, loss, transit, and exhibitions. It provides tailored protection based on expert valuations, often with no excess, and can include defective title cover and worldwide protection. This ensures that your collection is fully safeguarded against a range of risks.

• Do I need an art valuation for my stand-alone insurance policy?

  If you claim an insurance policy for loss, damage, or theft, you may be asked to provide a valuation or receipt. This largely depends on the value of the item(s) insured and the type of policy you’ve selected. A market value basis of the settlement policy will cover your item(s) for the item’s market value the day before the loss, up to the amount shown on the schedule. An agreed value basis of the settlement policy will cover your item(s) for the agreed amount as shown on the schedule and supported by the approved valuation document. If you have an agreed value product, then you must supply a valuation to us within 28 days of policy inception and/or at the point of making a claim.

  Further consideration should be given to the specified limit on your high-value home insurance policy. If the item(s) being covered is less than the specified limit, then you may only need to supply a proof of ownership document demonstrating the item exists. For more information, please contact your broker or consult your policy wording.

• Do you have any tips on safeguarding artwork?

  Some top tips from the Stanhope team:

  1. Photograph everything and/or have an inventory of your items. These photographs will serve as a record and further proof of ownership should your artwork become lost or stolen.
  2. Use a specialist firm to hang/install your most valuable artwork items on the wall or on display.
  3. Always use specialist transit companies who are experienced in transporting artwork. Remember, your artwork is most vulnerable when it is in transit.
  4. Keep your artwork away from direct sunlight. This will protect against discolouring.
  5. Check to see if your artwork is close to or under any significant water pipes. Escape of water is one of the most common claim types.