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Friday, 1. June 2012

Aims of the Art Insurer

Aims of the Art Insurer

• It is in the common interest of owner and insurer to investigate cultural assets, make them accessible to the public, and maintain them for coming generations.

• Keeping objects in a good state of preservation is part of the art of insurance. This reduces the possibility of damage.

• For cultural reasons, works of art should be exhibited as frequently as possible. Yet the more often a work is shown, the more external influences and risks it is exposed to: scuffing, impacts, climatic influences, shipping, and installation and deinstallation. Though all of these influences are very complex, they can be insured against. In this connection it is extremely important that the work be intrinsically stable, that is, restored and conserved.

• The main aim is to ensure an optimal aesthetic presentation while protecting the work.

Restoration in Case of Damage

• In case of damage, a competent restoration limits a work's decrease in value, which would cost an insurer considerable sums of money.

• As a rule, damages can be restored, despite the fact that they remain visible -- at least under ultraviolet light. The insurer bears the expenses of restoration, which generally remain within limits. In addition, the insurer compensates for any decrease in value entailed by the damage. As a result, the insurance premium can change to a quite considerable extent.

• In cases of damage, museums, collectors and foundations wish not only to have the pecuniary value of a work replaced, because that alone does not render it intact. An object must be rendered intrinsically stable and capable of exhibition. This makes it encumbent on the insurer to be cognizant of specific types of restoration.