What does fine art insurance cover?

What does fine art insurance cover in Australia is specialist cover for physical loss or damage to artworks, including paintings, sculptures, photographs, installations and collectibles, whether owned by artist, collector, gallery or museum. Fine art insurance covers accidental damage, such as canvas torn, sculpture knocked over, glass breakage, water damage, fire, theft, vandalism and natural disaster, both at premises and in transit. It covers works in studio, at home, in gallery on consignment, at exhibition and while in transit via courier or own vehicle. For artists, it covers own works, works of others in your care like commissions, and materials. For collectors, it covers private collection worldwide including at home and in transit, with agreed value rather than market value, so if painting destroyed you get agreed sum not depreciated. For galleries, it covers stock, consignment and exhibition. Key features include all risks cover, meaning any accidental loss unless excluded, wall-to-wall cover from studio to gallery to buyer, restoration costs if artwork can be repaired, depreciation cover if repaired work loses value, and new acquisitions automatic cover for 30 days. Exclusions include wear and tear, gradual deterioration, moth, war and faulty packing. Premium is 0.5% to 2% of total collection value per year, for example $100K collection costs $500 to $1,500 per year. Specialist insurers include Chubb, AXA XL, Berkley and NAVA's Aon scheme.