ARTRIGHT provides you with an overview of the types of insurance that are useful for the visual arts community.
What is Insurance?
Insurance is a way of protecting your assets such as your car, house or artworks against a range of specified unforeseen events. Broadly speaking those events are normally classified as damage, theft or a loss.
For example you can take out car insurance on your car. If you are in a car accident or if your car is stolen the insurance company will pay for the reparations or reimburse your loss.
Assets can be insured by taking out insurance through an insurance broker. For the money that you pay every month, the insurance broker promises to reimburse you in the case of damage, theft or loss of that item under the agreed upon conditions.
Types of Insurance covered by ARTRIGHT
There are many types of insurances that you can use. There are three which are of value for the arts community. ARTRIGHT will focus on art insurance for works of art at exhibition, in storage or in transport.
Insurance for your works of art or for a collection of art against damage, theft or loss is called art insurance.
Insurance for yourself and for your employees against illness is called health insurance.
Insurance for your property and car against damage, theft or loss is called property insurance.
If you have a family to support and you die, your life insurance will pay money to your family so that they may continue to survive.
"The largest art heist in European history took place in February 2008, where nearly R1bn worth of famous works were seized in a daytime robbery from a Zurich museum and experts believe they have been taken for ransom [...] The four paintings stolen at the weekend were by Vincent Van Gogh (Chestnut in Bloom); Claude Monet (Poppies near Vetheuil); Paul Cezanne (Boy in a Red Jacket) and Edgar Degas (Count Lepic and his Daughters)."
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