How much it costs to insure fine art in Australia depends on total value, type of cover and risk, but typical premiums are 0.5% to 2% of total insured value per year for private collection, plus public liability if artist. For private collectors with collection at home, Chubb Masterpiece charges about 0.5% to 1% of agreed value per year, so $100,000 collection costs $500 to $1,000 per year, $500,000 collection $2,500 to $5,000 per year, $1M collection $5,000 to $10,000 per year, with wall-to-wall, restoration and depreciation included, excess $0 to $500. For artists insuring own works in studio, transit and exhibition, NAVA insurance via Aon offers $50,000 artwork cover plus $20M public liability for $400 to $700 per year, which equals about 0.8% to 1.4% of value plus liability. For commercial galleries with stock $500K, premium is $3,000 to $8,000 per year. For one-off transit of single artwork valued $20,000 via courier within Australia, transit insurance costs $100 to $300, or 1% to 2% of value. For international shipping of $50,000 painting, transit insurance $500 to $1,000 plus packing. Factors affecting cost include security at home, such as alarm and safe, location, whether works are fragile, and whether you have claims history. Premiums are tax-deductible for artists carrying on business. So small artist $400 per year, collector $500 per $100K value.
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