Protection for valuable pieces of artwork and other similar items that a business owns.
The Andover Companies Fine Arts Coverage may help a business pay for repairs, restoration, or replacement of high-end artwork and other expensive decorative items if a loss occurs due to a covered event, such as a fire, water damage, accidental breakage, or natural disaster.
Many businesses and building owners invest in artwork and other upscale items to elevate the look and feel of office spaces and common areas, like lobbies or hallways. However, these valuable pieces, especially in high-traffic areas, are susceptible to numerous loss risks.
If art is damaged, misplaced while being moved or while in storage, or stolen, it is usually not covered up to its full value under Business Property Insurance, leaving the owner responsible for paying to repair, restore, or replace individual pieces or, after a catastrophic event, potentially a whole collection.
The necessary amount of coverage depends on the value of the collection or individual pieces being insured and the valuation method used to determine it. The Andover Companies Fine Arts Endorsement offers coverage on an Agreed Value basis. This is a predetermined reimbursement amount that is established using either the original price paid for items or a professional appraisal of each piece or the whole collection.
If you have any questions, your local insurance agent is a great resource. They may be able to assist you with valuing your pieces and potentially identifying ones that should be listed individually due to their high worth.
“I feel comfortable having my insurance with The Andover Companies. I know that if something terrible happens, they will be there to support my family and guide us through the process. Insurance can be confusing, especially when you have multiple policies, but they have simplified the details so we can understand everything easily!”
“The Andover Companies service team is professional, personable, and extremely helpful. We’ve had our homeowners insurance with The Andover Companies for over seven years and are happy to have recently added our secondary home with them in another New England state. I highly recommend insuring with them.”
“You can truly understand the value of your home insurance when you have a claim. My husband and I experienced firsthand how easy it was to work with The Andover Companies. A tree fell on our property, blocking the driveway. We submitted a claim with Andover and within days had a check in hand to reimburse us for the tree removal. The process was seamless.”
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