What is fine arts insurance coverage?

What is fine arts insurance coverage in Australia is specialist all-risks insurance that covers physical loss or damage to fine art, including paintings, drawings, sculptures, prints, photographs, installations, antiques and collectibles, for artists, collectors, galleries and museums. Coverage includes accidental damage, such as dropped sculpture, torn canvas, water damage from burst pipe, fire, flood, theft, burglary, vandalism and malicious damage, both at insured premises and in transit. It covers wall-to-wall, meaning from studio to gallery to exhibition to buyer, including while in transit via courier, own vehicle or professional art shipper, and while on display at gallery or fair. For artists, fine arts insurance covers own finished works and works in progress, materials and equipment, and works of others in your care like commissions. For collectors, it covers private collection at home and worldwide, with agreed value basis so you get pre-agreed value if destroyed, not depreciated market value, plus restoration costs and depreciation after restoration if value reduced. For galleries, it covers stock, consignment works and exhibition liability. Coverage includes new acquisitions automatically for 30 to 90 days, pairs and sets cover if one of pair damaged, and title disputes. Exclusions are wear and tear, gradual deterioration, insect damage, war and faulty packing. Premium is 0.5% to 2% of total value per year, so $200K collection costs $1,000 to $3,000 per year, via Chubb, AXA XL and NAVA's Aon.