If you are interested in protecting your art collection at a museum or you run a museum, you need to make sure that the museum has purchased the proper insurance. Criminals do not often steal entire art collections on display at a museum, and they typically steal only a few select pieces of art from a museum. Theft insurance covers episodes or incidents of theft, not specific pieces of art.
Some of the most well-known museum robberies include:
- An employee stole the Mona Lisa from the Louvre in 1911
- Someone stole The Scream from the Munch Museum in 2004
- Thieves took 13 pieces worth over $500 million from Boston’s Gardner Museum in 1990
Theft can happen anywhere - even in the most respected museums. If you purchase theft insurance, you are insured for the coverage amount designated in the insurance policy - no matter what specific pieces of art are stolen. Contact FACE Insurance today to schedule a free consultation during which we can discuss the items you want to be protected by our insurance for museums and art galleries.
What Should I Do To Protect a Museum Collection?
You need to take specific steps to protect your museum’s art collection. One of the best things you can do is photograph and document every piece in the collection. Also, document any current appraisals, sales receipts, and estimates that feature information related to the value of your art collection.
You should also work with an experienced insurance company that has experience dealing with collectibles, fine art, and antiques. Boutique insurance companies are better suited to protecting your collection and crafting an insurance policy that will suit your needs.
Also, examine all consumer and client reviews so you understand how to deal with the insurance company that will be drafting the insurance policy. You don’t want to file a claim and then learn that the insurance company does not have your best interests in mind.
Buying as much insurance as necessary is the best thing you can do. Your theft insurance policy does not have to cover the entire value of your art collection. It is better to receive some of the value of your collection back rather than nothing at all. Also, remember that most thieves do not steal entire art collections but only a few select works of art.
Understand the details and provisions within your theft insurance policy. Ask questions about every scenario that may or may not be covered by your theft insurance policy. The representatives at FACE insurance can provide clear explanations of all the provisions in your theft insurance policy or every insurance related to fine art, antiques, museums, and more.
Contact FACE Insurance Today To Obtain A Theft Insurance Policy
Do not let your art collection in a museum be at risk without being protected by theft insurance. FACE insurance can provide you with exceptional theft insurance policies. Contact our office today at 916-721-2845 to speak with a representative about your collection and our theft insurance policies. Protecting your museum’s art collection will enable you to recover some of the value of your items in the event of a loss.
