Art Insurance – Fine Art Insurance for Paintings, Sculptures & Collectibles

Lifestyle Insurance · Fine Art · Protect What Cannot Be Replaced

What Is Art Insurance?

Art Insurance (Fine Art Insurance) is a specialised all-risk insurance policy that provides comprehensive protection for valuable art objects — paintings, sculptures, drawings, printmaking, and other collectibles — against loss or damage from any cause not specifically excluded. Unlike standard home insurance which may cover art as a sub-category with severe value caps and limited perils, a dedicated Art Insurance policy covers the full appraised value of each insured piece and extends to partial losses such as scratches, stains, and accidental impacts that standard policies typically exclude entirely.

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All-Risk vs Named-Peril — Why Art Insurance Works Differently

Standard home insurance (Named-Peril):Only covers the specific risks explicitly listed in the policy — fire, burglary, flood. If the cause of damage is not on the list, the claim is rejected regardless of how significant the loss. Art is often capped at ₹25,000–₹1 lakh per item, a fraction of actual value.
Art Insurance (All-Risk):Covers EVERY cause of loss or damage EXCEPT those specifically excluded in the policy. This reverses the burden: instead of proving the cause is covered, the insurer must prove it is specifically excluded.
Why this matters for art:A wine spill on a canvas, a guest accidentally knocking a sculpture, a crack appearing during courier transport — none of these are predictable events you can list in advance. All-risk coverage is the only appropriate basis for insuring art.
Partial loss is covered:Home insurance typically ignores partial damage to art. Art Insurance specifically covers partial losses: scratches, stains, impacts, mould from unexpected moisture — because even partial damage can significantly reduce the value of an original work.

Key Features at a Glance

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All-Risk Coverage

Every cause of loss or damage is covered except specific exclusions. Not limited to listed perils — covers accidental, sudden, and unforeseen events that standard policies miss entirely.

ALL PERILS

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Full Appraised Value

Each piece is insured for its agreed current appraised value — not subject to sub-limits or depreciation. In a total loss, the full agreed sum insured is paid without deduction.

AGREED VALUE

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Partial Loss Covered

Scratches, stains, accidental impacts, water damage, and other partial damage are specifically covered — including restoration costs by a qualified art conservator.

PARTIAL LOSS

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Transit Coverage

Art is covered while in transit by road, rail, air, or sea — including professional packing and unpacking. Essential for galleries, dealers, and collectors who move works regularly.

IN TRANSIT

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Gallery & Exhibition

Works on display at commercial galleries, museum exhibitions, art fairs, and cultural institutions remain covered under the policy — not just at the owner’s premises.

OFF PREMISES

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Zero Deductible

No excess or deductible applies to art insurance claims. From the first rupee of covered loss — restoration cost, replacement, or total loss — the full eligible amount is paid.

NO EXCESS

Who Should Buy Art Insurance

Who Needs Art Insurance?

Art Insurance is designed for anyone who owns, holds, or is responsible for art objects of significant monetary and cultural value — from private collectors to commercial galleries to auction houses.

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Private Individuals & Collectors

For individuals who own art of significant personal or investment value

▶ Private art collectors with pieces valued above ₹1 lakh individually or in aggregate
▶ Individuals who have inherited significant family art — paintings, sculptures, antiques
▶ High-net-worth individuals actively acquiring art as an investment asset class
▶ Artists maintaining a studio inventory of their own works before sale
▶ Individuals lending personal works to public exhibitions or institutions
▶ Collectors with works in bank vaults or professional art storage facilities

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Commercial & Institutional

For businesses and institutions with art-related liability

▶ Art galleries (commercial) displaying and selling art to the public
▶ Art dealers holding third-party inventory on consignment
▶ Museums and cultural institutions (government and private)
▶ Auction houses holding consigned art pre-sale
▶ Interior designers holding client art during project execution
▶ Art transportation and logistics companies (transit-focused cover)
▶ Corporate offices with significant art collections on display
▶ Hotels and hospitality businesses with art installations

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Does My Home Insurance Cover My Art Collection?

Most home insurance policies cover art under the “contents” section with a per-item sub-limit (typically ₹25,000–₹1 lakh) and cover only named perils like fire and burglary. Partial damage — a scratch, stain, accidental breakage — is not covered at all. If you own art worth more than your home insurance sub-limit, or own pieces where partial damage would significantly reduce value, a dedicated Art Insurance policy is essential. Call 022 4302 0000 for a free assessment of whether your current home policy adequately protects your collection.

All-Risk Policy — Comprehensive Cover for Your Art Collection

What Is Covered Under Art Insurance?

Art Insurance is an all-risk policy — every cause of loss is covered unless specifically excluded. Here is what the policy covers across total losses, partial losses, and all standard perils.

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Covered Perils — What the All-Risk Policy Includes

Fire & allied perils:Fire (including self-ignition), lightning, explosion, and smoke damage from fire — total and partial loss to art caused by fire at the insured premises, gallery, or storage location
Natural calamities:Floods, cyclones, earthquakes, landslides, storms, hailstorms, and inundation — applicable wherever the insured art is located at the time of the event
Accidental damage:Accidental drops, falls from display positions, collisions, breakage of sculptures, frame damage with canvas impact — any sudden, unforeseen physical event
Water damage:Burst pipes, flooding, water ingress through roof or windows — including staining, warping, and mould from a sudden unexpected water event (not gradual moisture over time)
Theft & burglary:Total loss from theft including burglary from private residence, gallery premises, or professional storage; attempted theft damage (forced entry damage to works)
Transit damage:Damage during transportation by road, rail, air, or sea — including packing and unpacking damage when professionally packed by art handlers
Partial losses (specifically covered):Scratches (accidental surface damage), stains (external causes — spills, splashes), accidental impacts leaving marks or fractures, mould from sudden unexpected moisture event
Malicious damage:Vandalism or deliberate damage by third parties — gallery visitors, domestic staff, or unknown perpetrators — where the insured is not the perpetrator
Exhibition & loan damage:Damage while art is on loan to or on display at an approved exhibition venue, institution, art fair, or cultural event

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Total Loss vs Partial Loss — How Claims Are Settled

Total Loss:The art piece is destroyed, stolen, or so severely damaged that restoration is impossible or not economically viable. Settlement: the full agreed sum insured for that piece is paid — no depreciation, no argument about market value, as agreed at policy inception.
Partial Loss:Damage that can be professionally restored. Settlement: the professional restoration cost by a qualified art conservator, up to the sum insured. If the restorer confirms reduced market value after restoration, the residual depreciation is also payable.
Agreed Value basis:Art Insurance operates on agreed value — the sum insured for each piece is agreed at inception and is not subject to depreciation at claim time. This protects against disputes about market value after a loss.

Coverage Summary Table

Peril / Event	Covered	Notes
Fire and explosion	✓ Yes	Total and partial loss both covered
Flood and inundation	✓ Yes	Including water stains and warping of canvas/paper
Earthquake	✓ Yes	Structural damage causing impact on art
Accidental breakage / drop	✓ Yes	Falls from display, handling accidents
Theft / burglary	✓ Yes	From residence, gallery, studio, or storage
Transit damage	✓ Yes	Road, rail, air, sea; packing/unpacking included
Stains (external cause)	✓ Yes	Spills, splashes, unexpected external marks
Scratches (accidental)	✓ Yes	Not from normal handling wear
Malicious damage by third party	✓ Yes	Vandalism; insured must not be perpetrator
Exhibition / loan damage	✓ Yes	At approved venues and art fairs
Wear and tear / gradual fading	❌ No	Gradual deterioration from ageing is excluded
Pre-existing damage	❌ No	Must be disclosed and noted at policy inception

What Types of Art Objects Can Be Insured

Art Categories Covered Under Art Insurance

Art Insurance covers original works of art and limited-edition collectibles across all major art categories. Each piece must have documented provenance and a current valuation or purchase invoice.

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Drawings & Paintings

All two-dimensional works on paper, canvas, board, or fabric:
Drawings: charcoal, crayon, chalk, pastel, pencil, pen, and ink drawings on paper or card.
Paintings: acrylics, gouache, ink, watercolour, and oil paintings on canvas, board, or paper.
Includes miniature paintings, traditional Indian folk art (Madhubani, Warli, Pattachitra), Tanjore paintings, framed fine art prints of established value, and mixed-media works. All media and styles are eligible provided the work is original and has documented value.

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Printmaking

Works created through established printmaking techniques:
Woodcuts and stencil prints | Engravings (intaglio) | Etchings | Screen-printing (silkscreen) | Lithography | Monoprints | Linocuts.
Important: Limited-edition signed and numbered prints by established artists carry significant value and are specifically eligible for art insurance. The edition size, the artist’s signature, and the edition number (e.g. 3/25) are key valuation factors that must be documented.

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Sculptures

Three-dimensional art objects in any medium:
Bronze sculptures (cast and solid) | Marble sculptures | Wooden sculptures (carved and assembled) | Clay and terracotta sculptures | Stone carvings | Cast metal and composite sculptures.
Includes antique statuary, religious idols of artistic and monetary significance, contemporary installation art, and decorative sculptures. Weight, fragility, and difficulty of replacement are key factors in determining sum insured.

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Fine Art Photography & Digital Prints

Fine art photography and archival-quality prints:
Silver gelatin photographs (black & white darkroom prints) | C-type colour prints | Archival pigment (giclée) prints | Dye transfer prints | Limited-edition prints.
Signed and numbered editions by established photographers qualify. Print quality (archival vs standard), edition size, and provenance (gallery certificate) are key valuation factors. Mass-produced decorative photo prints do not qualify.

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Other Collectibles (Subject to Survey)

Specialist collectibles assessed individually:
Antique maps and cartographic prints of historic value | Rare books and illuminated manuscripts | Tapestries and decorative textiles of artistic significance | Antique ceramics and porcelain (museum quality) | Decorative arts at auction house valuation levels.
Note: Each piece in this category requires individual underwriter assessment, professional valuation, and photographic documentation before cover is confirmed. Call 022 4302 0000 to discuss specialist collectibles.

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What Qualifies — Original Art vs Decorative Items

Art Insurance is designed for original works of art and limited-edition collectibles with documented monetary value. Mass-produced prints from retail stores, commercial decorative items, reproduction posters, and items without provenance documentation do not qualify. Each insured piece must have at least one of the following: artist’s certificate of authenticity, gallery invoice, auction house estimate, or certified art appraiser’s valuation report. If you are unsure whether your pieces qualify, call 022 4302 0000 for a preliminary assessment.

How to Value Your Art for Insurance Purposes

Art Valuation — Getting the Sum Insured Right

Art valuation for insurance is different from art valuation for sale. The sum insured must reflect the current replacement cost — what it would cost to replace the piece in the current market — not what you originally paid or what you might sell it for.

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Step 1 — Compile Your Art Inventory

Create a detailed inventory of every piece to be insured: artist name and biographical details, title of work, medium and materials, dimensions (framed and unframed), year created, acquisition date, acquisition price, and current estimated value. Photograph each piece comprehensively — full front view, back (with artist signature, stamps, and labels), details of any existing condition issues. Store this inventory securely (cloud backup recommended) as it is critical for claim documentation.

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Step 2 — Obtain Professional Valuation

The insurer requires formal valuation for pieces above a declared threshold (typically ₹5 lakh individually). Acceptable valuation documents: gallery invoice (if acquired recently), auction house estimate (current or recent), certified art appraiser’s report, or artist certificate combined with comparable auction results. Valuations should be from qualified professionals recognised by the Indian art market — Sotheby’s India, Christie’s, Pundole’s, Osian’s, or a certified independent art appraiser. Review valuations every 3–5 years as art values change, sometimes dramatically.

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Step 3 — Agree Sum Insured per Piece

Each piece is insured for a specific agreed value that reflects current replacement cost. This is not the original purchase price (which may be lower if the artist’s profile has grown) and not the auction estimate (which is a bidding guide, not replacement cost). The sum insured should reflect what you would need to spend today to acquire a comparable work of equivalent quality, medium, size, and artistic significance. Underinsurance at claim time results in proportionate reduction of settlement — ensure sums insured are current.

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Step 4 — Annual Review at Renewal

Art values change significantly — sometimes rapidly for artists whose profile grows. The Indian contemporary art market has seen some artists’ prices increase 5–10x over a decade. Review and update sum insured at each annual renewal to reflect current market values. Probitas Insurance Brokers will prompt you annually with a renewal review — but it is your responsibility to initiate a new valuation when you believe values have materially changed. An art piece insured at ₹5 lakh in 2020 may now be worth ₹15–20 lakh and critically underinsured.

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Agreed Value vs Market Value — Which Basis Does Art Insurance Use?

Agreed Value basis (what art insurance uses):At policy inception, you and the insurer agree on the value of each piece. If a total loss occurs, the agreed value is paid in full — no post-loss argument about what the market might have paid. This eliminates the most contentious aspect of art claims.
Indemnity basis (what standard home insurance uses):The insurer pays the market value at the time of loss, minus depreciation. For art, this is highly problematic — art values are subjective, market prices fluctuate, and the insurer and insured often disagree significantly post-loss.
Why agreed value matters:Replacement of a specific original artwork is often impossible. The payment must be fair and pre-agreed, not disputed after the loss. Always confirm that your art insurance policy explicitly states “Agreed Value” basis — not “Market Value” or “Indemnity.”

What to Do When Your Insured Art Is Damaged or Stolen

Art Insurance — Claim Process

Art claims require careful documentation and specialist assessment. The most important rule: do not attempt to clean or restore damaged art yourself before the insurer’s assessor has examined it. Independent restoration attempts can worsen the damage and complicate the claim.

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Step 1 — Secure and Document Immediately

Move the damaged artwork to a safe, dry, stable environment to prevent further deterioration. Do NOT attempt to clean, blot, or restore the damage yourself — even well-intentioned intervention can worsen the damage and may affect your claim eligibility. Photograph all damage comprehensively from multiple angles and distances, including overall view and close-up detail of affected areas. Note the date, time, and exact cause of damage while it is fresh.

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Step 2 — Notify Insurer Within 24–48 Hours

Contact Probitas Insurance Brokers on 022 4302 0000 immediately. We will notify the insurer on your behalf. For theft, file an FIR at the nearest police station first, then notify your insurer — the police complaint number is required for all theft claims. For malicious damage by a known or identifiable third party, a police report is also strongly advisable. Late notification can affect claim eligibility under the policy’s notification conditions.

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Step 3 — Surveyor and Art Expert Assessment

The insurer appoints a surveyor and, where appropriate, an independent art expert to assess the damage and authenticate the work. The assessment determines: (a) whether professional repair and restoration is possible, (b) the cost of restoration by a qualified and insurer-approved art conservator, and (c) any residual reduction in market value after restoration that cannot be corrected. Do not send the artwork to a restorer before the insurer’s assessment is complete.

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Step 4 — Restoration and Settlement

Partial loss: Restoration cost paid directly to the approved art conservator or restorer. If residual value reduction is confirmed by the expert assessment, the depreciation amount is also settled to you. Total loss: Full agreed sum insured for the piece is paid to you. Theft: After police investigation and confirmation, the agreed sum insured is paid, typically after a waiting period for police investigation progress.

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Documents Required for an Art Insurance Claim

Claim form:Duly completed and signed claim form from the insurer
Damage photographs:Comprehensive photographs of the damaged artwork from multiple angles — pre-loss inventory photographs are invaluable for comparison
Valuation certificate:Original valuation certificate, gallery purchase invoice, or art appraiser’s report establishing the agreed value of the damaged piece
Police FIR:FIR copy from the nearest police station (mandatory for theft and malicious damage claims)
Survey report:Report from the insurer’s appointed surveyor confirming damage extent and cause
Art expert assessment:Independent art expert or conservator’s report on restoration feasibility and cost (for partial loss claims)
Restoration quotation:Formal quotation from the proposed qualified art conservator (for partial loss settlement)
Final bill:Final restoration invoice and payment receipts from the art conservator (for partial loss reimbursement)

What Is NOT Covered

Key Exclusions Under Art Insurance

Although Art Insurance is an all-risk policy, certain specific exclusions apply. Understanding these helps you maintain your collection appropriately to avoid situations where claims may be declined.

❌ Wear, Tear & Gradual Deterioration

Gradual fading of pigments from light exposure, yellowing of varnish, natural ageing of canvas or paper, and patina development on metals are all excluded as natural processes of deterioration over time.

❌ Pre-Existing Damage or Defect

Any damage or defect that existed at the time of policy inception and was not disclosed to the insurer is excluded. All known conditions must be declared and noted in the policy schedule at the start.

❌ Malicious Damage by the Insured

Deliberate damage caused by the insured person, their family members, or any person acting with the insured’s knowledge or direction is excluded from all art insurance claims.

❌ Consequential Loss

Loss of exhibition revenue, rental income, sale income, or any other financial loss arising as a consequence of damage to the insured artwork is excluded. Only the physical damage or loss value is covered.

❌ War, Invasion & Nuclear Perils

Loss or damage arising from war, civil war, invasion, nuclear radiation, radioactive contamination, or any governmental act of confiscation or expropriation is excluded from art insurance coverage.

❌ Electrical or Mechanical Deterioration

For art installations with electronic or mechanical components, deterioration or failure of those components is excluded from the art insurance policy and requires separate equipment cover.

❌ Damage During Restoration by Insured

If you attempt to clean, restore, or repair the artwork yourself (or engage an unqualified restorer) and cause further damage, this damage is excluded. Always use insurer-approved qualified art conservators.

❌ Inherent Vice

Damage arising from inherent characteristics of the artwork’s materials — cracking of very old canvas, flaking of impasto paint from age, natural brittleness of antique paper — is excluded as inherent vice of the medium.

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Important Disclaimer

The information and product comparisons displayed on this platform are intended solely for general informational and evaluation purposes, and do not constitute a legal offer or binding insurance contract. Specific policy features, premium rates, riders, and underwriting guidelines are determined exclusively by the respective general insurance carriers and may vary significantly based on the insurer, product tier, and location across multiple Indian states. All quotes and premium calculations generated on this website are indicative estimates based on preliminary data and do not guarantee final underwriting approval or policy issuance by the insurer. For comprehensive details regarding specific coverage terms, limits, and permanent exclusions, please refer directly to the official sales brochure and policy wording issued by the respective insurance company, which will take absolute legal precedence in the event of any discrepancy or dispute.

Art Insurance Questions

Frequently Asked Questions

Art Insurance (Fine Art Insurance) is a dedicated all-risk policy for original artworks and collectibles. It differs from home insurance in three important ways. First, it is all-risk rather than named-peril — every cause of damage is covered unless specifically excluded, including accidental damage, stains, and scratches that home insurance excludes entirely. Second, each piece is insured at its full agreed current value, not subject to the sub-limits (typically ₹25,000–₹1 lakh per item) that home contents policies impose on art. Third, partial loss — a scratch, a stain, a crack — is specifically covered and settled at the professional restoration cost, whereas home insurance typically requires total loss or theft for a claim to be valid. For any collection where individual pieces exceed ₹1 lakh, dedicated art insurance is essential.

Art Insurance covers original works of art across all major categories: paintings (oils, watercolours, acrylics, gouache), drawings (charcoal, pencil, ink, pastel), printmaking (etchings, lithographs, screen-prints, limited edition signed prints), sculptures (bronze, marble, wood, clay, terracotta, stone), fine art photography (silver gelatin, C-type, archival giclée prints), and other specialist collectibles including antique maps, rare books, tapestries, and high-value ceramics. Each piece must be original or a limited edition with documented provenance. Mass-produced decorative prints, commercial reproductions, and items without documented artistic or monetary value do not qualify.

Yes — and this is one of the most important distinctions between Art Insurance and standard home insurance. Art Insurance specifically covers partial losses including: accidental scratches on canvas or panel surfaces; stains from external causes (wine spills, water, ink, coffee); impact marks and fractures from accidental collisions; and water damage including warping and mould from sudden unexpected moisture events. Settlement for partial damage is based on the professional cost of restoration by a qualified art conservator. If restoration is possible but results in a confirmed reduction in market value, the residual depreciation is also paid. This partial loss coverage makes art insurance vastly more relevant for day-to-day art ownership than standard home contents policies.

Art Insurance uses an “agreed value” basis rather than “market value” or “indemnity”. At policy inception, each piece is insured at a specific agreed value supported by documentation: the original purchase invoice (if recent), a current gallery valuation, an auction house estimate, or a certified independent art appraiser’s report. This agreed value is paid in full in the event of total loss — no post-loss argument about what the market might have paid. For pieces valued above ₹5 lakh, formal professional valuation is typically required. Art values change — sometimes significantly — so valuations should be reviewed every 3–5 years to avoid underinsurance.

Yes — Art Insurance provides off-premises coverage including while the insured artwork is on display at commercial galleries, museum exhibitions, art fairs, institutional exhibitions, or on loan to approved venues. Coverage follows the artwork wherever it goes, not just at the owner’s home or studio. When lending art to an institution or fair, inform Probitas Insurance Brokers of the dates and venue — this ensures the cover is active and appropriately noted. Some policies require prior notification for off-premises placement above a certain value threshold. Transit to and from the exhibition venue is also covered.

Yes — transit coverage is included as standard in Art Insurance policies. Art is covered during transportation by road, rail, air, and sea. This includes the packing and unpacking process when conducted by professional art handlers and shippers, as well as any damage occurring during loading, transit, and delivery. For high-value or fragile works, the insurer may specify packing standards (e.g. crating requirements for sculptures above a certain value). For international transit, the policy coverage extent should be confirmed with Probitas before shipping. Transit claims require documentation of the shipment and the specific cause and nature of damage discovered on delivery.

Follow these steps in order: (1) Move the artwork to a safe, stable environment to prevent further damage — for example, away from water if it is a water damage incident, or into an acid-free environment if it is staining. (2) Do NOT attempt to clean, blot, or restore the artwork yourself. Even seemingly gentle cleaning can fix a stain permanently or damage surface texture and will complicate your claim. (3) Photograph all damage comprehensively from multiple angles before anything else is done or changed. (4) Call Probitas Insurance Brokers on 022 4302 0000 immediately. (5) For theft or malicious damage, file a police FIR at the nearest station before or alongside notifying your insurer. Early notification within 24–48 hours is a condition of most art insurance policies.

Art Insurance should be reviewed annually at renewal, and whenever: (1) you acquire a new piece that is not yet listed on the policy, (2) you believe an existing insured piece has materially increased in value (e.g. the artist has become more prominent, or a comparable work has sold at auction for significantly more than your current sum insured), or (3) you dispose of or donate an insured piece. The Indian contemporary art market has been volatile — some artists’ prices have increased dramatically over short periods. An artwork insured at ₹5 lakh five years ago may now be worth ₹15–25 lakh. Underinsurance means you will receive only a proportionate fraction of your loss at claim time — the most common and most avoidable cause of undercompensation in art claims.

Art Insurance — Protect Your Paintings, Sculptures & Collectibles Against Damage, Loss & Natural Calamities —All-Risk Cover · Total & Partial Loss · Zero Deductible · Customisable Policy