Insuring Your Artwork
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Insuring your artwork for art and craft shows is
important; to protect you from any liability associated
to loss or damaged artwork.
Almost every event you participate in will stipulate in
their guidelines that the event organisers are not
responsible for any liability regarding loss from
damaged or stolen artwork.
Therefore, it is the responsibility of the artist
exhibiting their work, to insure their artwork against
any liability. Many artists opt to simply keep their
fingers crossed and hope it all goes without a hitch.
Although this is probably not the right approach, it is
kind of understandable to a certain degree. Insurance
can be expensive, particularly when it comes to art that
is constantly being transported around from exhibit to
Insuring Your Artwork
Some insurance companies may be quite vigilant when it
comes to dealing with items that are not in one place
for any given length of time. They may place this type
of scenario in the "very high risk" policy category -
with a policy fee to match.
However, that's not to say you will have trouble getting
adequate insurance cover for your artwork. The best
place to start is to pick up the telephone and ring
Contact a few local insurance agents (brokers) and
enquire about getting some kind of commercial coverage
for your artwork.
(For example, in the US there is an insurance policy
called Inland Marine Insurance, which may be suitable
for your requirements. Likewise in Australia, there is a
policy called "transit insurance" that helps to cover
people travelling with high priced or high valued
It is often better to get as much coverage as you can
afford. Being covered for some of your work is better
than not being covered at all.
Perhaps consider the amount of time and energy that has
gone into producing your work. If you can justify it's
worth in that regard, then chances are you can then
justify it as a good reason to insure your work.
How Much Should You Be Insuring our Artwork For?
Coverage should be based on the actual retail value of
your artwork. So if you have established a sale price of
$500 for any given piece of work, then that is the
amount of insurance cover you will require for that
If you have ten pieces and each piece has a retail value
of $500, then your insurance cover will be for $5000.
However, because art is somewhat of a speculative item
in terms of retail value, you will need to have your
insurance agent structure a policy to ensure that you
are getting the best value in terms of insurance cover.
Also, it may be worth asking your insurance broker if
your transit insurance policy can be extended to cover
your work during the entirety of each exhibition and in
the event that you need to ship a sold piece of artwork
to the buyer.
Finally, make sure you clearly understand your policy
agreement and what you are actually being covered for.
Don't be afraid to ask as many questions as you can, so
there are no ugly surprises in the event that you may
have to make a claim.
Insuring your artwork is kind of like buying some
peace of mind. It's great to have, even though you may
never need it. It can be most tragic if you need it and
don't have it!
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