Values of Items Covered by Fine Arts Insurance

Note: This article is a summary only. It does not include all of the terms, coverages, exclusions, limitations and conditions in the actual insurance contract.

  • The insurance company is not liable beyond the current market value of the property at the time any loss or damage occurs.
  • Property acquired or to be acquired by the insured as a gift or under wills or similar bequests shall be valued at the current market value at time that loss or damage occurs.
  • The policy does not cover property beyond the insured's interest as defined in the will, bequest, contract or other document executed between the insured and the donor.
  • Insured property, including items that have been loaned to the insured and others covered under the policy will not be reimbursed beyond the current market value of the property at the time of any loss or damage and never beyond the amount specified in the policy. Keeping these guidelines in mind, the insured and owner(s) should agree on the value of the property for insurance purposes.   
  • Pairs and sets: in the case of loss or damage under the policy, the insurance will cover the reduction in value of pairs or sets when the reduction in value results from the damage or destruction of other parts of the sets.