Definition: Art insurance is a specialized policy that protects works of art against physical loss or damage. It covers events like theft, fire, natural disasters, and damage during transportation or exhibition. Coverage can apply to individual collectors, galleries, museums, and art shippers.
Policies are typically based on appraised value, and major insurers often require condition reports, provenance, and secure storage protocols. Some policies include restoration coverage or depreciation protection if a work is partially damaged but retains value.
