Hallett Independent Arranges Insurance For Art Galleries & Museums Of All Descriptions.
As well as arranging insurance for art galleries and museums, we are also involved with museums as trustees and patrons and additionally through our corporate membership of the Museums Association.
As members of AIM we have a special commitment to working with and supporting independent museums, regardless of their size.
We help you decide what and how to insure, provide advice on managing the risks to your buildings, permanent collection and exhibitions and are experienced in constructing insurance packages that provide flexibility of cover, while reducing administration and keeping costs down. Please contact us for an art gallery insurance or museum insurance quote.
The proof of any insurance is its response to a claim, and we only arrange insurances that can be relied upon to pay.
We work with underwriters who understand the nature of what they are insuring, the particular risks, and how to make good in the event of a loss.
For our part, we oversee all claims from start to finish, using our considerable experience and contacts to achieve the best possible claim settlements.We are proud of our ability to settle the most complex claims for fine art, especially those involving damage, restoration and subsequent loss of value.
We are equally well equipped to help in the aftermath of a fire or flood, from arranging appropriate disaster recovery, to negotiating the right form of settlement. The majority of claims are, however, straightforward, and we aim to settle quickly and cleanly.
What is covered within a typical Art Gallery / Dealer Insurance Policy?
Art gallery insurance policies can vary in coverage and it's essential to review the specific needs and requirements of the gallery to ensure adequate protection.
Some common coverages offered by art gallery insurance policies include: 1. Public and Employer’s Liability Insurance: Employer's liability is a legal requirement in the UK and provides cover for your employees if they are injured at work and you are found to negligent. Public liability coverage protects against third-party bodily injury or property damage claims arising from gallery operations, events, or activities. 2. Stock and property Insurance: This coverage protects against all risks of physical loss or damage to artwork, gallery premises, fixtures and other property due to risks such as fire, theft, water damage, vandalism or accidental damage. Depreciation is also included. 3. Artwork on consignment coverage: This coverage protects consigned or borrowed works in the gallery’s care against all risks of physical loss or damage (same cover as in point 2). 4. Business Interruption Insurance: This coverage can provide reimbursement for lost profits and temporary relocation costs if the gallery is forced to close temporarily due to a covered physical loss - such as a fire or flood. 5. Transit and art fair insurance. All risks cover for stock whist in transit or at art fairs worldwide. Transits must be carried out by professional fine art shippers.
Additional covers available NOT included as standard:
1. Professional Indemnity & Directors’ and/or Trustees Liabilities: These insurances provide cover for claims arising from errors, omissions, or negligence in providing professional services related to artworks. 2. Personal Accident and Travel Insurance. Personal accident and travel insurance is designed to address the financial effects of employees being unable to work because they have been injured, and to provide support to employees on business trips. It can provide cover for emergency medical expenses, delays or cancellations and lost baggage and financial compensation as a result of injury or illness. 3. Cyber & Data Insurance. This insurance provides cover for your financial losses as a result of a data breach, threat or security failure. Insurers also offer advice on cyber security and provide staff training.
Why Do Art Galleries Need Insurance?
Art galleries are unique businesses that require specialised insurance coverage to protect against the risks associated with owning and operating a gallery. Some of the key reasons why art galleries need insurance include:
1. Liability protection: Art galleries are exposed to potential liability risks, such as accidents or injuries that may occur on the gallery premises. Liability insurance can provide coverage for legal defence costs, settlements, or judgments arising from such claims. 2. Property coverage: Art galleries often have valuable artwork on display or in storage, and protecting these assets against risks such as fire, theft, or damage is crucial. Property insurance can provide coverage for the physical loss or damage to artwork, gallery premises, fixtures, and other property. 3. Business Interruption coverage: If an unexpected event, such as a fire or flood, forces an art gallery to temporarily close its doors, it can result in financial loss. Business interruption insurance can provide coverage for lost profit and temporary relocation costs during the period of closure. 4. Coverage for artwork on consignment: Many art galleries sell artwork on consignment, which means they are responsible for safeguarding the artwork of artists they represent as detailed in a contract. Art gallery insurance can provide coverage for consigned artwork against risks such as theft, damage, or loss whilst in the gallery's care. 5. Professional Indemnity Coverage: Art galleries often provide services or advice such as appraisals, conservation advice or restoration of artwork, which can expose them to potential professional liability risks. Professional Indemnity insurance can provide coverage for errors, omissions, or negligence in providing professional advice or services. 6. Art Fair insurance: If an art gallery participates in trade shows, additional coverage may be needed to protect against risks such as theft, damage, or liability during these activities. 7. A data breach or cyber event can halt your business by preventing access to crucial systems or obtaining confidential data. Cyber insurance provides financial assistance for breach costs, cyber ransom, civil penalties as a result of GDPR and data recovery costs.
"Hallett Independent is an outstanding specialist insurance broker. They combine expertise with individual care and attention, the benefit of which became evident quickly when we had to make a claim; we were supported the whole way to a successful conclusion... I have never come across an insurance broker that rivals their specialist knowledge or embodies such a genuine interest in their clients’ work or needs."
Dr Cindy Sughrue OBE
Charles Dickens Museum
"Hallett Independent were fantastic to work with, they understood the nature of our business and took the time to go through what we needed now, not just what we'd had in the past. Their personal and detailed approach was fantastic and every question we had was answered thoroughly. I would fully recommend their services."