Premiums for art insurance in Belgium are gaining volume by 10% annually. This was revealed by a survey Vanbreda Risk & Benefits held amongst specialist art insurers including Hiscox and AXA Art. In response to the increasing demand for art policies, Vanbreda Risk & Benefits has launched a separate ‘Art Secure’ division providing improved support for art connoisseurs and museums.
According to Hiscox and AXA Art, the growing demand for art insurance policies is due to two main factors.
First of all, art connoisseurs are becoming more aware of possible risks to their collection. In addition to risks associated with manipulations within their own residence, more and more artwork from private collections is lent to museums around the world. That increases the number of claims, which attract extensive media coverage.
Secondly, the awareness has increased of the advantages of an insurance solution specifically intended for artwork. The premium rate to insure art objects is usually lower than the premium for household contents as part of a fire insurance policy. This even though the art insurance policy has much more extensive coverage than the fire insurance.
Under the motto ‘Insurance is also an art’ and in response to the increasing demand for art policies, Vanbreda Risk & Benefits has launched a separate division: Art Secure.
“With a team of account managers and claims managers, we worked out our own insurance solutions for art collectors, museums, dealers and artistic professions”, says founder and initiator Jan Van Hecke. “Thanks to the exclusive focus on art insurance within Art Secure, we can support our clients with even more expertise and dedication.”
Art Secure is putting three of its own art policies on the market: Collection, Exhibition and Trade. Jan Van Hecke: “These policies are among the most expansive art policies in the European insurance market.”
Obtaining art insurance is not an excessive precaution. That’s proven by the hundred damage claims that specialist art insurers receive on average each year. Over eighty percent of these claims are due to transport or manipulation of the artwork.
Further information on Art Secure may be found at www.artsecure.be.