Fine Art Insurance in New York

Fine art insurance in New York, compared across carriers

Fine art insurance protects paintings, sculpture, photography, works on paper and other collectibles for their full, agreed value. For collectors in Manhattan, Brooklyn, Westchester, the Hamptons and beyond, a standard homeowners policy is rarely enough: it limits theft of valuables, treats art like ordinary contents and pays what a piece is worth after depreciation, not what it would cost to replace.

Gordon Companies is an independent, family-owned brokerage working out of Midtown Manhattan since 1968. We place collections with carriers that specialize in high-value homes and fine art, including Chubb and PURE, and we explain the differences in plain English. When you call, you speak with a real person who knows your file.

What a fine art policy covers

Collections coverage can be written as its own policy or as a valuable articles schedule alongside your home insurance. The strongest programs include:

• Agreed value: each scheduled piece is insured for an amount you and the carrier set in advance, so there is no argument about value after a loss.
• All-risk protection: theft, fire, water damage, accidental damage and mysterious disappearance, subject to the policy's exclusions.
• Breakage: coverage for fragile pieces such as sculpture, ceramics and glass, which some policies exclude unless you add it.
• Worldwide and transit coverage: protection while art is being shipped, on loan to a gallery or museum, or kept at a second home.
• Newly acquired works: automatic coverage for a set period after you buy at auction or from a dealer.
• Pairs and sets: payment for the loss in value when one piece of a set is damaged.
• Market appreciation: some carriers pay more than the scheduled value if the market for an artist has risen.

Blanket or scheduled coverage

Scheduling lists each work with its value and is usually best for higher-value pieces. Blanket coverage insures a whole category up to a limit, with a per-item cap, and suits collections with many pieces of moderate value. Many collectors use both. We will look at how your collection is built and recommend the mix that keeps paperwork reasonable without leaving pieces underinsured.

What New York collectors should know

• Appraisals age quickly. Values for blue-chip and emerging artists can move a lot in a few years, so we suggest reviewing schedules regularly.
• Storage matters. Carriers look at alarms, climate control, water detection and where art hangs. Good protections can improve terms.
• Renovations are a common cause of loss. Moving art out, or protecting it in place, before contractors arrive avoids many claims.
• Art on loan, in storage or at a framer needs to be covered off-premises, and the loan agreement may set its own insurance requirements.

How we shop your collection

Because we work with several carriers, we can match your collection to the companies that want to insure it. Price matters, but so do the claims experience, the conservation and restoration services a carrier offers, and how the policy handles valuation. Fine art coverage also works best when it is coordinated with your high net worth home insurance and umbrella policy.

Questions we hear about fine art insurance

Does homeowners insurance cover art?

Usually only up to a modest limit, often with lower caps for theft, and without breakage or agreed value. A separate schedule or collections policy closes that gap.

Do I need an appraisal?

For scheduled pieces, carriers typically ask for a recent appraisal or a bill of sale. We can tell you what each carrier requires before you spend money on new appraisals.

Is art covered while it is being shipped?

Many collections policies include transit coverage, but limits and conditions vary. Tell us before a major move or loan so we can confirm coverage.

What does fine art insurance cost?

It depends on the total value, the type of work, where it is kept and the protections in place. Collections policies are often less expensive than people expect relative to the values insured.

Related coverage

• High net worth insurance
• Homeowners insurance
• Condo & co-op insurance
• Umbrella insurance
• Collector car insurance
• All personal insurance

Get your fine art quote

Start with a few details on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. A real person on Aaron Gordon’s team will review what you have, compare carriers and walk you through the options.