The 10 Questions You Need To Ask About Fine Art Insurance by Chubb Insurance

  1. Guaranteed Values – Will you be able to list each item in your collection and get a guaranteed value for it?
  2. Managing Your Collection – Are descriptions and values required for lower value items (under $10,000)? Or can you simply select a “blanket” coverage amount to cover all the lower value items?
  3. Acquiring New Items – Does your insurer allow you to acquire new items and have them covered even if you are traveling away from home when you do so? How long will this coverage last?
  4. Appraisals – Does your policy require appraisals on fine art items? What is the minimum value for which an appraisal is required?
  5. Title Protection – Does your policy cover issues with defective or unclear title, such as legal costs made against you for lack of title or defective title of a covered fine art article?
  6. Works in Progress – Will your policy cover the costs you incur relating to uncompleted works of art by an artist commissioned by you that are damaged or destroyed or cannot be completed by the commissioned artist?
  7. Market Value Protection – What kind of coverage does your policy allow for changes in the market value at the time of loss?
  8. Deductible – Does a deductible apply to your policy when you suffer a loss? Chubb’s fine art policy does not include a deductible.
  9. Settlement Options – Does your policy allow for the choice of replacement, repair or cash settlement options?
  10. Fine Art Capabilities – Does your insurer have experience with coverage for valuable articles and collectibles? Do they have knowledge and experience in the area you collect?

And one more… does your insurer have on-staff art experts to assist you with any questions? Ask your broker these questions about your coverage. Visit for more.