How do you insure your artwork in Australia as an artist or collector involves steps to get fine art insurance that covers accidental damage, theft and transit. First, value your artwork, for your own works use retail price or agreed value, for collection use purchase price or valuation from valuer for works over $20K. Second, decide type of cover needed, for artists you need studio cover for works in studio, transit cover for shipping to gallery, and exhibition cover while on consignment, often combined in artist pack with public liability. For collectors, you need private collection policy for works at home and worldwide. Third, choose insurer, for artists best value is NAVA insurance via Aon which offers $50K artwork cover plus $10M public liability for $400 per year, or Duck for Cover and Guild for similar. For collectors over $100K, Chubb Masterpiece offers agreed value, wall-to-wall, restoration and depreciation cover at 0.5% to 1% of value per year. For single transit, use courier insurance or art shipper insurance from Grace Fine Art or Cadogan Tate. Fourth, document artworks with photos, dimensions, medium and value list, keep invoices and certificates. Fifth, ensure proper packing, as faulty packing may void claim. Premium is 0.5% to 2% of total value, so $100K collection costs $500 to $2,000 per year. You can get quote online via Aon, Chubb or insurance broker specialising in fine art, and cover is tax-deductible if you are professional artist.
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