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Fine Art & Specie — Agreed Value Cover

Fine Art & Specie Insurance:
Protecting Irreplaceable Collections

Paintings, sculpture, jewellery, watches, precious stones, bullion and numismatic collections require specialist all-risks cover on an agreed value basis — standard property insurance is rarely adequate. We arrange dedicated fine art and specie programmes through the Lloyd's market and specialist insurers.

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What Can Be Insured

Fine Art, Specie & Collectibles — Scope of Cover

Fine art and specie insurance encompasses a broad range of high-value, unique or irreplaceable objects. Cover is typically written on an all-risks basis, meaning physical loss or damage from any cause not specifically excluded — as opposed to a named-perils basis.

Fine Art

Paintings, drawings, works on paper, prints, photography, sculpture, installations, video art and mixed-media works.

Specie

Jewellery, watches, precious stones, bullion (gold, silver, platinum), banknotes and coins.

Antiques & Collectibles

Furniture, ceramics, carpets, silverware, numismatic (coin) collections, stamps and other items with established collector markets.

Museum & Gallery Collections

Permanent and temporary collections, including works held on loan from private owners or third-party institutions.

Agreed Value — The Critical Difference

Agreed Value vs. Indemnity Value: Why It Matters

Key Principle

For unique and irreplaceable objects, agreed value is the standard — and the correct — basis of cover. The insurer and insured agree on the value at policy inception (supported by an independent appraisal), and in the event of a total loss, the insurer pays that amount in full, without argument over market value, depreciation or replacement cost. Indemnity value policies — standard in commercial property — can leave a collector or institution significantly undercompensated for a unique work where no comparable replacement exists.

Valuation Requirements

Insurers require independent appraisal from a qualified specialist — an accredited appraiser, auction house specialist or recognised expert in the relevant field. The appraisal should document the item's provenance, condition, attribution and current market value. For collections of significant size, a schedule of items with individual agreed values forms the basis of the policy.

Frequency of Revaluation

Market values for fine art and jewellery can move substantially over time. Most insurers and brokers recommend independent revaluation every three to five years, or following any event that materially changes value — a significant auction result, a major attribution discovery or a change in the artist's market standing. An agreed value set below current market value means the insured recovers less than the work's true worth in a total loss — revaluation protects against this outcome.

Provenance Documentation

Insurers increasingly require provenance documentation — records of ownership history — particularly for works that may have changed hands during periods of conflict. Clear provenance supports both claims settlement and the legitimate title of the insured, and may be required as a condition of cover for certain categories of works.

Sub-Covers

Transit, Exhibition & Storage Cover

Transit Cover

Transit is among the highest-risk phases of an artwork's life. Cover is available on a door-to-door basis, including loading and unloading. Policies typically require professional packing — museum-standard crating for large works, climate-controlled crates for temperature-sensitive materials, and appropriate cushioning for works on paper. Non-compliance with packing conditions may affect a transit claim. Air freight, fine art specialist road carriers and sea freight (in climate-controlled containers) are all insurable; specific terms may apply to open-truck or courier shipping.

Exhibition & Loan Cover

Works loaned to galleries, museums or exhibitions require cover to be extended beyond the owner's premises. Lenders frequently require the borrowing institution to provide a certificate of insurance as a condition of the loan. Policies can be structured to cover works while on exhibition, including during installation and de-installation — the two moments of greatest physical risk to a work in a gallery setting.

Storage Conditions

For works held in storage, insurers assess the adequacy of climate control (temperature and humidity stability are critical for works on canvas, paper and certain sculpture materials), security systems (intruder alarms, CCTV, access control), fire suppression and storage methodology. Items held in professional fine art storage facilities may attract preferential terms compared to domestic or commercial general storage.

Security Requirements: Specie items — jewellery, watches, bullion — are typically subject to minimum security requirements for storage at home or business premises: approved safes, alarm systems linked to a central monitoring station, and in some cases vault requirements for high-value items. Insurers specify these conditions in the policy; non-compliance at the time of a loss may affect the claim outcome.

Frequently Asked Questions

How is the insured value agreed for fine art?
An independent appraisal from a qualified specialist establishes the agreed sum insured. In a total loss, the insurer pays that agreed amount without deduction for depreciation or market fluctuation. Agreed values should be reviewed periodically — every three to five years — as market values change.
Does standard property insurance cover fine art and jewellery?
Standard commercial property policies are generally inadequate — they apply indemnity rather than agreed value, impose sub-limits on artworks and jewellery, do not cover transit or loans-out, and may exclude mysterious disappearance. A dedicated fine art and specie policy provides broader all-risks cover, agreed valuation and specialist claims handling.
What happens to coverage during restoration or conservation work?
Coverage during conservation requires specific underwriter agreement and must be declared in advance. The risk profile changes materially when a work is handled by conservators or transported to a restoration studio. Insurers may require details of the conservator's credentials and the procedures to be used. The insured must notify the insurer before restoration begins.
What are the packing and crating standards required for transit?
Transit cover is typically conditional on professional crating for sculptures and large works, climate-controlled crating for temperature-sensitive materials, and museum-standard packing for works on paper, photographs and textiles. Policies may specify that packing must be carried out by or under the supervision of a qualified art handler. Non-compliance can be grounds to reduce or decline a transit claim.
How often should fine art valuations be updated?
Revaluation every three to five years is generally recommended, or sooner following a significant auction result or attribution discovery. An agreed value set below current market value means the insured recovers less than the work's true worth in a total loss — regular revaluation protects against this outcome.

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