WingedBlue Arts: Insurance for Artists

Insurance Basics for Artists

Text and Artwork:
Copyright © 2009 Beth E Peterson.
All rights reserved.

If your work should burn...

Artists have some very specific and peculiar insurance issues. You seriously need to consider your insurance needs: on your studio, on artwork in storage and on artwork that is in transit. If you are renting your studio space, find out what is and is not covered by the building's owner's insurance. You will almost certainly need to take out additional renter's insurance. If your studio is included in the fabric of your home you will need to talk to your insurance agent about riders or adjustments to your homeowner's insurance. If your studio is in an outbuilding, talk to your insurance agent as to the best way to cover it, whether as a part of your property insurance or as a separate policy. If your artwork is stored in your studio, if possible you should get it covered in your studio's insurance.

Or if floods should carry your work away...

Or if floods should carry it away...

There are problems with insuring completed artwork. Because insurance is generally rated off of monetary value, not creative value, of a piece you are often only able to insure the piece for the actual, documented cost of production. This means that you may not be able to claim anything other than the cost of stretcher bars, paint, canvas and framing....and you will have to back up these claims with receipts. Once a piece has been sold, the new owner can claim their cost...which of course includes their payment for your creative effort. Ah, the bitter ironies of life, that a buyer can get reasonable insurance on your creative effort, but that you cannot.

Or even should the demonic should eat it...

Or even should the demonic eat it...

Whenever possible, completed artwork is usually insured for the amount of money that you would receive from its sale. So, if your work is hanging in a gallery, the insured value of the piece would be the retail price less the gallery's commission. In general, you won't have to do much more than be aware of this, however. In most circumstances galleries and exhibitions carry insurance for all artwork which is in their possession, although always double check. The gallery's or exhibition's insurance is limited, though. They will almost never insure work that is in transit; that is your responsibility. Buying insurance for the piece while it is in transit can be done through most carriers or other shipping agents; however, if you do a lot of shipping of your work, you may want to explore the possibility of having works in transit added to your studio insurance, possibly as a rider. This is certainly something to discuss with your insurance agent.

Find an insurance agent and insurance company you can live with. Ask around; find out from as many people as possible who they deal with and how happy they are with both the agent and the company. But get insurance. If disaster strikes when we were ready it, it won't be nearly as disastrous, eh?