When choosing your policy, it is important to make sure it covers a variety of situations that could affect your art such as fire, natural disasters, theft, and damage from accidents at home and during transit. Most Art gallery businesses also want coverage for loaning the art, such as for display at exhibitions.
Art galleries should purchase a policy that covers both replacements, which covers: the art if it is stolen or completely destroyed, and restoration.
Another factor to look at in a policy is if they will reimburse you for lost value, such as if a required repair reduces the market value of your piece. Insurance experts recommend insuring art for its market value, not for the original cost.