Why insure art?

Valuable art is not ordinary household goods. Household contents insurance usually covers art up to a low insured sum. But for protection of more valuable objects such as contemporary and historical paintings, drawings or even sculptures, the coverage of such policies is often insufficient.

Art insurance protects your valuable art objects

The terms and conditions of standard household contents insurance policies are not adapted to the special requirements of art. The risk of underinsurance is very likely, since art objects are frequently deemed to be valuables. Household contents insurance policies limit compensation for art objects – typically 20 percent of the insured sum, which is only a fraction of their actual value. Moreover, terms such as restoration and impairment are rarely mentioned in a household contents insurance policy.

Art insurers are aware that unique art objects are not readily available on the art market; art insurance therefore allows for what it would cost to acquire a comparable work of art of the same kind and quality.

All-risk insurance coverage for works of art

The coverage concept for art is not limited to single risks, as is the case with standard household contents insurance. An all-risk policy covers all possible risks not explicitly excluded by the insurer’s terms and conditions.

To ensure outstanding protection of your works of art, MRH Trowe assists you in carefully selecting the insurer and in calculating a sufficient insured sum for your art collection. We maintain excellent contacts with all art insurers in Germany, so we can create a custom-tailored coverage concept for you.

Coverage in case of mishaps

The coverage of art insurance policies is much broader than that of standard household contents insurance: It includes damages caused inadvertently by the insured party or a third party. For example, if a painting on the wall falls while cleaning. Such mishaps are covered by all-risk policies.

Coverage in case of art theft and damage

Every theft of art is a reminder to collectors and museums that their treasures are at great risk. According to Interpol, annual losses from art theft total about 5 billion euros. Among cases of art theft, there has been a drastic increase in armed robbery. However, art works are also subjected to less spectacular risks. It is noteworthy that more than half of all damage is a result of the complexity and challenges of everyday museum operations, due to incorrect storage, or during exhibits or transport. That is why individual insurance coverage is essential.

Why should you choose us?

Our service does not end with the provision of insurance coverage, but continues daily with intensive support in the event of a claim. Of particular importance to us, however, is the intelligent prevention of claims.

The MRH Trowe “Art & Lifestyle” team of insurance experts, art historians and risk and claim managers ensure that you receive highly professional and individual insurance solutions.

State liability

Public museums rely on the liability of the state. However, state liability applies only to damage or loss of art objects on loan for exhibits.

For public museums, state liability is attractive because they do not have to pay any insurance premiums. On the other hand, public museums or their sponsors generally bear the risk of damage to in-house collections. Since private lenders rarely accept state liability, public museums also need art insurance. For this purpose, we offer special art loan insurance policies.

Special policies for galleries, art dealers, and antique dealers

Galleries and art and antique dealers face diverse risks in their everyday business operations. In-house exhibits and those entrusted to galleries are exposed to many risks – on their business premises, but also at trade fairs, exhibitions, private viewings, and restoration/frame shops. Risks also occur during photography, appraisal, auctions, or trial hangings at customers’ premises, and also when in transit.

Coverage highlights for galleries, art dealers, and antique dealers

• All-risk coverage
• Protection at trade fairs, exhibits, private viewings and customer appointments
• Protection during restoration, framing, auctions, photography
• On all transport routes
• Optionally for your business facilities, glazing, interruption of business and business liability insurance

Coverage highlights for auctioneers

• All-risk coverage for goods up for auction
• Protection for the entire auction process from delivery to acceptance of the bid: in business premises, art warehouses, at restoration shops, assessors, frame makers and photographers
• Protection for commissioned and proprietary art objects
• Protection for exhibits on tour
• On all transport routes
• Optionally for your business facilities, glazing, interruption of business and business liability insurance

We offer custom tailored insurance solutions for your art business.

Why insure valuable household effects and jewelry?

Valuable private assets include not only luxury household items, but also jewelry, timepieces, and gold or silver. The insured sum can therefore easily run into five or six figures.

In the case of conventional household contents insurance, the inclusion of coverage for valuable art is non-existent or limited to named risks (such as fire, water, burglary, theft, damage by natural forces).

Special coverage needs

The insurance needs for luxury household goods and valuables, as well as luxury property, is as particular as the coverage concepts that are created based on our individual insurance solutions. Unlike standard household contents policies, custom tailored all-risk coverage concepts offer extensive insurance coverage for all damage, destruction, and loss of household contents, art, collections, and jewelry/timepieces.

Insurance for jewelry when worn

Customers who own a lot of jewelry benefit most of all from the all-risk coverage because in addition to coverage within living quarters, safes and safe-deposit boxes, the “wearer’s risk” can also be insured. If you lose your watch or a stone from your ring, you are covered, just as in the case of robbery or theft involving deception.

Take advantage of all-risk coverage for your luxury real estate

Within the framework of a modular concept, you can also insure your first-class property. The coverage concept accounts for the furnishings, such as high-quality marble tiles, artistically designed windows, pools, including outdoor pools, as well as custom tailored interior conversions. With the building module, all damage to the building – except damage that is explicitly excluded – is included in the insurance coverage. Even mansions and listed buildings, as well as vacation homes, can be insured individually.

Mission

Whether in your private residence, while traveling or during transport – insurance protection for your valuables requires highly individual solutions. As a specialist insurer with an extensive network of national and international art insurers, we offer you custom tailored insurance protection within the framework of individual concepts with a high level of coverage. Our experience allows us to provide fast, professional assistance – from risk assessment to choosing a suitable insurance company and, of course, processing of claims.

Why insure vacation real estate?

More and more people enhance their quality of life and pursue an international lifestyle by owning vacation property. Since a vacation home is not always occupied, there is a special risk of damage going unnoticed for an extended period.

Potential risks

Vacation home insurance protects you against the financial consequences of burglary, water damage and other damage events. For example, vacation villas in high-risk foreign locations require a special solution, in the form of all-risk coverage. Any type of vacation home or vacation apartment in Germany and the rest of Europe can be insured. It is also possible to combine vacation property insurance with household contents, art, and jewelry insurance.

Convenient claim handling for vacation real estate in a foreign country

We place vacation home insurance with a German insurer. This means that the terms and conditions of the insurance policy are in German. Potential claims are settled in German and in accordance with German standards. Of course, provisions are made for any national taxes and circumstances specific to the respective country. Some insurers also offer real estate insurance for privately rented properties.

We assist you in choosing custom tailored coverage for your vacation residence, to ensure that you can enjoy a carefree vacation.

All-risk insurance covers valuable household contents as part of a multi-line concept, also in connection with art and buildings. This concept is also available internationally.

Why insure art in businesses?

Art in company buildings is not part of the ordinary business furnishings. Anything aside from purely decorative art is generally not adequately covered by business contents insurance, if at all. Some examples are contemporary and historical paintings, drawings or valuable sculptures.

Art insurance for businesses protects your corporate values

Our art insurance, which is specially tailored to businesses, allows for the exhibition of works of art from collections in public areas such as foyers, hallways, meeting rooms or restaurants. In such prominent locations, works of art are subject to potential risks, such as damage or theft. Extend your insurance coverage with a custom tailored art insurance policy for your business that allows for the unique characteristics of art. This will protect your business assets against immaterial damage or financial loss.

All-risk insurance coverage for art in businesses

Art insurance based on all-risk coverage is an important supplement to business contents insurance. Art objects are covered by business contents insurance – if at all – only to a limited extent and only for single risks.

All-risk coverage offers insurance protection for all risks and types of damage:

• Compensation in case of loss, theft, destruction, virtually any type of damage
• Damage caused by yourself or third parties, including mishaps

Excluded risks include:

• War
• Nuclear energy
• Inherent vice loss
• Deliberate intention
• Insufficient packaging

In addition, our experts will assist you with the assessment and valuation of your collection. We offer consulting services for transport, packaging, restoration, security measures and lending, to ensure optimal protection of your works of art.