Art insurance is essential for any art collector because it safeguards both the investments in art and the artworks themselves. It also protects both the current owner and future owners. The Clarion List recently published a useful reminder about the importance of art insurance, available here [1]. To summarize:
- Specialized art insurance is best evaluated on a case-by-case basis but often has advantages over simply including your collection in your regular homeowners or renters policy. Factors to consider are the overall value of your collection, the value of individual works, and what the specific policy offers.
- Although insurance cannot replace a one-of-a-kind work of art, it can help you rebuild or restore your collection after a calamity.
- An insurance policy may also be cheaper than paying a conservator to restore damaged art after a disaster.
- If artwork is stolen, destroyed, or damaged beyond repair, an insurance policy may allow you to purchase a comparably valued work of art. Although this solution may not restore your original artwork, it provides the option to buy a comparable work.
To learn more about the Art Law Practice at CASTAYBERT PLLC, click here [2].