Art Gallery Insurance
An Art Gallery Insurance Policy, or Gallery Insurance Policy is a package policy typically combining General Liability, Property Insurance and fine arts. Or offering them separately to maximize coverage options and minimizing pricing.
An Art Gallery Insurance Policy can include:
- General Liability Insurance to cover your commercial liability and premises liability
- Business Property Insurance for physical assets, such as contents, improvements to your space like decorations and furnishings and
- Fine Art or Artwork
- Property in Transit
- Fine Art Valuation for Artwork and Works of Art*
- The package insurance policy may also cover loss of business income and extra expense resulting from a covered loss.
- Insurance coverage for museums artist studio spaces and event spaces.
The General Liability insurance coverage of an Art Gallery Insurance Policy is comparable to a typical Commercial General Liability (CGL) policy, providing protection against claims of bodily injury or property damage for which your business may be liable.
The General Liability portion typically provides liability insurance for the cost of defending lawsuits stemming from:
Accidents that cause bodily injury and/or property damage- Trip and Fall Incidents
- Claims such as libel and slander
- False advertising
Accidents that cause bodily injury and/or property damage*General Liability insurance does not cover errors or negligence from professional services.
In addition an Art Gallery Insurance policy may include, or you may be able to select as an option:
- Outdoor Sign Insurance
- Money and Securities Insurance
- Employee Dishonesty Insurance
- Water Back Up Insurance
Not all businesses are eligible for an Art Gallery Policy.
If your business has any of the following characteristics you may not be eligible for a Standard Art Gallery Policy. But don’t worry, we can assist you with obtaining other forms of commercial insurance. Characteristics typically not eligible for Art Gallery Insurance include:
- Large Premises Operations like Museums or Auction Houses
- High risk or highly specialized operations with property values of $10,000,000 or greater
- Majority of business conducted off-premise that rely heavily on outdoor events, special functions or high media exposure activities
- Requires liability limits higher than $10,000,000
What is the average cost of Art Gallery Insurance?
Although we are often asked this, there is no set answer. Every Art Gallery has different needs, different property values, and different coverage requirements. Asking this is similar to asking “What the average cost of art work?”
Many Business Insurance policies offer ACV or Actual Cash Value for Business Property vs. agreed value or RCV, Replacement Cost Value. For Artwork, ACV will pay the Actual Cash Value of the Art. This equates to the cost of the materials i.e. canvas & paint. We can cater your coverage to offer RCV or Appraised value to properly insure your Art Gallery Insurance Coverage.
Typically, for the coverage offered, an Art Gallery Insurance policy is very competitively priced, however remember the Art Gallery Insurance Policy does not provide coverage to items such as Workers’ Compensation, Professional Liability Exposures or Commercial Auto Insurance, however they are most certainly available and our agents will gladly assist you in custom tailoring your insurance coverage to cater to your needs.