Insurance protections tailor-made to answer the specific needs of art galleries.
Members of the Association of Contemporary Art Galleries can benefit from a 15%* discount.
Coverage for artworks
- Coverage for artworks you own or on consignment, at the gallery, in transit and at fairs. Limits of insurance can be temporarily increased if a higher valued artwork is entrusted for sale or if you are organizing a special exhibition.
High limits of coverage available.
Basis of valuation for artworks can be the selling price less 20%, at cost, at cost plus 30%. Other basis of valuation are available according to the type of art you sell. Basis of valuation for artworks on consignment on the basis of the consignment agreement.
Coverage for your gallery to protect yourself from the financial consequences of a physical loss due to fire, theft, breakage, water damage, etc. Property insurance can cover your:
- Furniture, displays, computer, etc.
- Improvements made to your gallery
- Building
Business interruption covers extra expenses and loss of revenue following damage to insured property.
Coverage in case of a lawsuit
- General liability insurance to cover the legal costs to defend you should you be sued for having caused bodily injury or physical damage to a third party. If the Court finds you guilty of negligence, the Insurer will also pay the indemnity to the harmed person.
Example: the owner of your rented shop sues you for damages to the building following a fire that started in your shop.
- Errors & Omissions insurance because if you do appraisals no one is immune from a lawsuit, whether it is justified or not, for having caused a financial loss resulting from a professional error. The Insurer will pay legal expenses to defend you in case of a lawsuit, and the indemnity if the Court finds you responsible for the loss suffered by the plaintiff.
Example: An artwork appraised too low might cause financial damage to a client resulting in a lawsuit, whether the claim is true or alleged.
*some eligibility criteria may apply.
