Assurance Œuvres d'Art | Lussier Dale Parizeau

Fine Arts Insurance

As an art lover, throughout the years you have collected paintings, drawings, sculptures, or even pottery from all over the world. Even if your collection is not (yet) on par with the MoMA’s, it is still invaluable. Make sure it is covered!

What is fine art?

Is considered to be fine art any creation (sculpture, painting, pottery, etc.) that has significant value, rarity, and a certain uniqueness.

Lussier Dale Parizeau covers fine arts of all values ($1,000 to $250,000). Note that should a work of art be valued at several thousand dollars, an appraisal may be required..

 

What coverage for your fine arts?

In a standard home insurance policy

Fine arts coverage is generally limited to a single limit of $10,000 to $20,000 per policy.

In a high-value home insurance policy

Fine arts are covered without limitation and included in the personal property amount.

However, accidental breakage is excluded from the policy.
 

With a specific insurance

To have them protected against accidents, it is best to purchase a specific insurance. It will also cover:

 
1       Mysterious disappearance.
2 Also, there will be no deductible in the event of a claim.
3 Finally, new acquisitions will automatically be covered for 90 days, after which you will be required to notify your insurance broker of these new purchases.

 

We can also cover borrowed or on-consignment fine arts under certain conditions.

 

Comprehensive form or detailed list?

You can decide to cover your fine arts under a comprehensive form (for up to $50,000) or in a detailed list (no limit).

The second option is clearly preferable to simplify the eventual claim process, but also to better manage acquisitions and changes.

In the event of a claim, your file is processed by fine arts insurance experts.

Also, your fine art is covered for up to 150% of its assessed value, allowing for a potential replacement cost or market value increase since the purchase date.. In practice, this means that if your art cost you $25,000, you may be reimbursed up to $37,500 if its market value has increased.