Special Collection and Fine Art Insurance
The art of protecting your special collection.
The art of protecting your special collection.
Insurance is both an art and a science.
That’s why we focus on more than numbers; we focus on people. People who have values. People who have deep industry experience. And people who truly care—about you, your collections and your business.
Our fine art and rare collectibles insurance specialists truly understand the art industry. We know how to proactively advocate in your best interest. We know how to get you competitive prices. And we know how to deliver year-round value.
By understanding your priorities, eliminating inefficiencies, and committing to transparency, Higginbotham is a place that leads with values so value leads.
To learn more about how our values-based approach drives value for you, click here.
Or visit our Insights page to learn the fine art of risk management.
You don’t have to start with a blank slate when planning coverage to protect you from the risks that threaten your fine arts and special collections.
We get to know you by name and nuance so we deliver custom insurance and risk management solutions with your needs in mind.
Our approach is more individual and less institutional. By making policies personal, we help you worry less and accomplish more.
Whatever your special collection insurance needs may be, Higginbotham has you covered.
Hear from Joy Simpson, Higginbotham’s business insurance practice leader specializing in fine arts and special collections, and learn how Higginbotham can help safeguard your treasured art and relics.
Whether you own one piece of art or a world-renowned collection, Higginbotham can cover it.
Some of the industry professionals we serve include:
We also serve nonprofits, for-profit organizations and businesses including:
At Higginbotham, we don’t take a generalized approach to your insurance policies.
Each fine art insurance policy we design is carefully crafted around your unique needs and risks.
Whether you’re a hobbyist collector looking to supplement your homeowners’ insurance or a multinational firm with many pieces of artwork or other high-value collectibles, our proprietary relationships with insurance carriers help us design the perfect policy for your situation.
While we believe your insurance policy should be designed for the specifics of your collection, operation and environment, the here are some of the more popular insurance coverage options for your industry.
Inland marine can help cover the cost of repairing or replacing a fine art collection or other high-value assets owned by you or a third party if, under your care, custody or control, it is lost, stolen or damaged in transit or while being stored at unnamed locations. Useful beyond the realm of fine art insurance, inland marine can be tailored to protect objects of rarity or historical merit.
Like inland marine, bailees is a fine art insurance coverage capable of helping with the cost of damage or loss to a piece of artwork, art collection or other collection of rare, valuable or historically important objects under your care, custody or control, but owned by a third party.
While art insurance policies can help cover fine art and other valuable collections owned by an individual or entity, many art collectors and industry professionals have additional assets to protect. With this considered, commercial property coverage may be wise to consider.
Some examples of property typically eligible for coverage include:
Generally speaking, property coverage for assets with considerable market value, such as your building and business contents, will cover loss of business revenue and operational costs.
General Liability
General liability can help pay for the cost of bodily injury or property damage to a third party caused by your operation.
Host Liquor
Host liquor liability is designed for entities that are not in the business of serving or selling alcohol but still may have exposure to liquor liability claims. Any entity that might serve alcohol at an event should make sure this coverage is included – typically within the general liability policy.
Workers’ compensation can help pay for medical expenses and lost wages for employees injured on the job. This policy also operates as a “sole remedy” coverage, meaning it’s provided in exchange for relinquishing the right to sue.
Umbrella coverage serves as an additional limit of liability that typically sits over the general liability, workers’ compensation and auto insurance policies you may carry.
If you render professional advice or consult, you should consider professional liability insurance. Also commonly known as “errors and omissions” (E&O) insurance, professional liability insurance can help cover the costs of legal defense, settlements and judgements for claims that arise due to your error or omission within your professional service that causes financial harm to a third party.
Directors and officers insurance can help pay for legal defense and other expenses stemming from claims against the directors and officers of a company alleging mismanagement of the entity resulting in financial loss. This coverage is often needed by both for-profit and nonprofit businesses.
Cyber liability insurance can extend first and third-party coverage for claims resulting from a physical or electronic data breach. In most cases, a cyber insurance policy can include coverage for regulatory fines and penalties, business interruption, social engineering and cyber extortion.
Employment practices liability insurance (EPLI) can cover the cost of remedying employee allegations of wrongful acts related to their employment and management process. This can include wrongful termination, discrimination and sexual harassment. An insurance policy with EPLI should ideally include third-party EPLI and a sublimit for wage and hour claims.
For many fine art aficionados, brokers and other industry professionals, the threat of crime is one of the most considerable risks facing their operation. While crime is a common risk om many industries, it’s especially prominent in the art market and other industries working with high-value property.
Considering that, crime insurance is widely regarded as one of the most crucial coverages to include in an art insurance policy.
Employee Theft
Theft of fine art and other rarities is often perpetrated by employees or people close to the owner or entity holding a collection. In fact, employee theft is one of the most common fine art insurance coverages purchased by fine art collectors and individuals working in the industry.
Fiduciary Liability
Fiduciary liability coverage can help pay for expenses related to employer errors or omissions within the administration of an employee benefit plan, such as a 401(k).
A foreign package policy can be tailored to your specific needs, with coverage options including:
These coverages are widely-regarded as essential for any entity with employees traveling, or even permanently located, outside the U.S.
A commercial auto policy provides liability and physical damage insurance related to motor vehicle operation. Regardless of whether you own one vehicle or a fleet, commercial auto is a critical protection to carry. This could include hired autos (typically rental cars), non-owned autos (typically employees operating their personal vehicle in the course and scope of work) or autos titled to the entity.
We curate your risk management program to put you in better control of your losses.
Our safety, contract review and loss control specialists help reduce your exposure through an in-depth review of your operations, prior claims and business agreements, and we develop programs for your needs, from condition reporting procedures to safe lifting education.
Collaborate with an insurance broker that speaks your language, understands your priorities and shares your passion.
Higginbotham is the preferred insurance broker for the International Society of Appraisers and offers custom insurance for its members.
Joy Simpson focuses on the areas of fine arts, museums, and non-profits. She has participated in industry seminars and conferences as a subject matter specialist on collection insurance, risk management, and Director & Officers’ liability. Joy has also given webinars for the Texas Historical Commission on insurance and has moderated a panel on contractual risk transfer for fine art appraisers.
Joy graduated from the University of Texas at Arlington in 2013 with a Bachelor of Fine Arts and from Texas Woman’s University in 2017 with a Master of Fine Arts with concentrations in photography and bookmaking. She earned her Certified Insurance Counselor (CIC) designation in 2011 and is currently pursuing her Certified Risk Manager (CRM) designation.
A great plan starts with a conversation. Let’s talk about what you need.