Fine Art Insurance Ontario

Insurance for Fine Art Collectors in Ontario

Fine art is a financial investment that can also be incredibly personal and nostalgic. It has the power to move us emotionally, which puts it in a different category than other, more pedestrian items in our homes. Whether you’ve got a new collectors’ piece that is the envy of the art world or you are particularly attached to a certain piece of art for sentimental reasons, you want to know that you can at least recoup the financial loss in the event of a disaster such as fire, flood or theft. That’s why fine art insurance is the investment you need to protect your investment. Rely on the experienced fine art insurance brokers at Morison Insurance to seek out the right coverage so you can rest easy knowing your fine art collection is backed with solid protection against financial loss. 

What Is a Fine Art Insurance Policy?

A fine art insurance policy is specialized protection for valuable fine art, including sculptures, statues, memorabilia, sports collections, antiquities and other items or collections. Fine art insurance is not one-size-fits-all; it is carefully curated to the specific requirements of individual art owners. Fine art insurance is security for prized art against losses such as fire, theft, accidental loss, accidental damage, natural disasters, shipping and more.

There are two options for fine art insurance

Schedule your art on your homeowner's policy. Scheduling art objects on your home insurance or high-value home insurance policy involves listing these items separately and purchasing coverage for each scheduled item. Scheduling is sometimes also called a floater or an insurance rider. Scheduling items increases your insurance coverage and costs; however, your art objects can be better protected in the event of an insured loss.

Purchase a stand-alone fine art insurance policy. Purchasing stand-alone fine art insurance involves purchasing a policy specifically for your fine art. A fine art insurance policy can be uniquely crafted for your art and needs. Coverage can be blanket for a whole collection, scheduled to list and insure items separately, or a combination of these two. Signature fine art insurance policies can offer a wide range of options such as:

• Worldwide coverage
• No deductible
• Automatic coverage for new art for up to 90 days
• Access to in-house art services from the insurance company
• Appraisals may only be required on items valued at more than $250,000
• A risk assessment of your home
• Risk mitigation tips
• Restoration of items
• Transportation coverage, such as when in transit to another location, a gallery or auction house

Who Is Fine Art Insurance Right For?

Fine art insurance is for owners of valuable art objects. While a homeowner's policy does provide coverage for art, protection is in the contents portion of the policy and coverage is limited. If you have valuable fine art, standard residential insurance will fall far short in providing adequate financial protection. Fine art insurance is finely tailored to meet your particular requirements—it can protect one item or an entire collection, and protection can be global.

Assistance from a fine art insurance broker is highly recommended. A fine art insurance expert can guide you to insurance suited to your unique items. Your broker will ask about your art, its value, where it is kept, potential risks and more. Purchasing fine art insurance is very much a collaborative effort between a policyholder and a specialized fine art insurance broker who has the expertise to ensure suitable protection.

Why Do I Need to Insure My Fine Arts Collection?

Fine art can be precious both monetarily and sentimentally, and fine art insurance provides financial protection in case of events such as theft, fire, damage or accidental loss. For example, if you are a private collector with a large or small private collection of exceptional, one-of-a-kind art, you will want to be sure your investments are protected. Or, perhaps you own valuable art that is priceless to you for nostalgic reasons. In these situations, having your items suitably insured is essential. Protecting your valuable collections and expensive pieces with fine art insurance can provide both financial security and peace of mind.

Is My Art Collection Protected By My Homeowners Insurance?

A typical homeowner’s policy is designed primarily to protect your home, personal liability, and the general contents of your home. Relying solely on your homeowner’s policy may mean paying significant out-of-pocket expenses if your artwork is lost, stolen or damaged. Fine art insurance policies provide “all-risk” coverage for most causes of loss, with no deductible. Homeowners insurance protects art under the contents portion of a residential policy up to a specified limit. If you have expensive art, you will probably need more coverage than is provided in a standard homeowner's policy. It’s worth noting that some residential policies may exclude fine art. Additionally, some home policies have a per-item maximum, meaning claims can be capped to a specific amount of money per item as outlined in the policy. Suppose you have expensive art and experience an insured loss such as a fire. In that case, you will receive monetary compensation only to the limit as stated in the policy, which may be far less than your contents' value, particularly if your contents include expensive fine art. Many homeowner’s policies exclude coverage for breakage of fragile items, like crystal, china and porcelain. The right insurance policy will automatically cover you for breakage.

If you need to know if your home insurance will cover your collection, creating a home inventory list is a significant first step. This list will house all essential items in your collection and property. This list will allow the expert brokers at Morison Insurance to ensure your fine art is covered correctly.

What's the First Step in Insuring My Art Collection?

The first step to insuring your art collection is to speak with a fine arts insurance broker for advice on the best protection for your items. Depending on your art and protection needs, scheduling items on your home policy may be appropriate. However, if your fine art requires special insurance care and broader coverage, a fine art insurance specialist is trained to assist you. Our fine art insurance experts provide personal signature service. Expect us to focus on you, your art and your protection needs. Include a full description of each piece, including artist title, medium, dimensions, year of creation, source, date of purchase, current location, and a high-resolution photo of the artwork.  We will contact leading fine art insurance markets to get you numerous coverage options and quotes, and our brokers will discuss each of these with you. We will explain the coverages provided by each company and the pricing that is offered so you can make an informed choice. We aim to secure fine art insurance tailored to your needs at a competitive price to deliver peace of mind protection.

How Much Does Fine Art Insurance Cost?

The cost of fine art insurance depends on the art—value and collection size, for example—that is being insured. Additional considerations can include security for your fine art, whether you loan out your art and more. A broker can help you with coverages and pricing. 

What Does Fine Art Insurance Cover?

Fine art insurance offers various coverage choices with policies crafted for your individual needs. Coverage options and services can include:

• Protection after a loss due to accident, fire, theft, natural disaster, accidental loss, accidental damage and more
• Coverage to the appraised value of an item or items
• Blanket coverage or individualized coverage
• No deductible coverage
• Agreed-value protection
• Appraisals are not required on fine art valued under $250,000
• Flexible, global coverage
• Coverage during shipping and transit
• Repair and restoration
• Protection while an item or items are loaned or stored
• Protection for items or items when not in your home
• Trusted and timely claims support
• Automatic coverage for new items
• Appraisal support
• Guidance and tips for caring for your art
• Advice about displaying, storing and moving your art
• Guidance from art insurance specialists on risk mitigation, including fire protection and security
• Tips to avoid water damage, a significant risk source of loss for fine art
• Tips to prevent damage, accidental breakage and transit losses—significant sources of losses to fine art objects

Should I Have My Fine Art Appraised?

Insurers and owners of fine art get appraisals to establish the value of an item or items, and to determine suitable insurance coverage. Appraisals should be done by qualified appraisers. A fine art insurance broker can discuss appraisal needs for insurance purposes with you. 

How Does Fine Art Insurance Work?

Insuring your fine art can be straightforward and efficiently done with the help of a fine art insurance broker. Your broker is your guide and your expert. Our fine art insurance service starts with a discussion about your art and your protection needs. Questions you’ll be asked when your broker is investigating the appropriate insurance for your art items include: 

• Are you an art collector? 
• What types of art do you own—old masterpieces, contemporary art, sculptures, a collection, or other art pieces? 
• Do you keep your art at home, in storage, or on loan for display? 

Following this, we will reach out to the best fine art insurance companies to get you numerous quotes. We will review each quote with you and help you secure the fine art insurance that suits you.

Why Should I Work With a Fine Art Insurance Broker?

As brokers, we are independent insurance experts. We do not work for insurance companies. We work for our clients and provide insurance choices in a competitive sector. We review all quotes with you, and you can select the policy that best meets your needs. 

At Morison Insurance, you have a dedicated, customer-focused broker who personally looks after you. Your broker is your trusted insurance specialist and is available whenever you need to make changes to your policy, have questions or have any concerns. We are also your advocates in case of a claim. We will communicate with the insurance company to help resolve your claim correctly and quickly. Your art is valuable, and your fine art insurance should provide peace-of-mind protection and hassle-free claims service. We are here for you.

Where Can I Buy Fine Art Insurance?

You can buy fine art insurance from Morison Insurance. We are fine art insurance experts who strive to provide the best insurance coverage and exceptional service. Get in touch by calling 1-800-463-8074 or filling out the form on our website. We look forward to helping insure your fine art is properly protected.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking with a Morison broker.