woof, insurance for figures at a show? really? This opens a can of worms. Who pays the premium organizer or entrant? Who appraises each figure and ultimately what its worth. Art insurance premiums depend on appraisals from certified or approved appraisal agencies. Just because you think your figure is worth $1000 doesn't mean the insurance adjuster does. And insurance companies determine what is necessary for exhibitors to display to reduce the risk to the insurance company. So they may put a stipulation that in order for a policy, you'll have to keep people back 6', or put it behind glass, or you'll have to add a rider to allow judges to handle your piece for judging. After all, each time its handled it becomes a risk. Art insurance covers appraisal worth or art value and insurance value. The two rarely line up. And will depend on market forces driving worth. i.e. art values fluctuate more than the stock market. Its why its a risky investment.
You can pick up a personal article coverage essentially Coverage of individual fine arts items is on a valued basis, not an actual cash value (replacement cost less depreciation) basis as with other forms of eligible property. In other words, the amount of insurance designated for each item in the schedule is the measure of loss of that article. Blanket coverage may be written not to exceed 10% of the total schedule; specific permission is required for blanket coverage in excess of this amount. Note that coverage on blanket items is on a cash market value basis and is subject to a 100% coinsurance clause. No coinsurance clause applies to scheduled items, but underwriters usually insist upon insurance of at least 80% to value. If they are not satisfied with the submitted schedule of values, they may endorse the contract to put coverage on an actual cash value basis.
Unlike other property insured under the personal articles form, coverage of fine arts is not worldwide; instead, it is restricted to the United States and Canada (note that in territories where the exposure is great, an endorsement excluding windstorm, tornado, and hurricane as covered perils may be added). Further, there is an exclusion of property on exhibition at fairgrounds or on the premises of national or international expositions unless such premises are specifically covered by the policy to which the fine arts coverage is attached.
Also, there is a special “pair and set” clause for fine arts that differs from that of the clause applicable to other classes of property insured under the personal articles form. For articles of fine art which are a part of a set, the company agrees to pay for the full value of the set as scheduled but then takes possession of any remaining part or parts.
There is another special provision affecting the fine arts coverage in that the named insured must agree that the covered property will be handled by competent packers if and when the fine arts items are transported somewhere. Presumably, if the named insured tried to move a fine arts object by himself in the trunk of his car and the object was subsequently damaged or stolen, the insurer could use this special provision to attempt to deny coverage based on the insured’s breach of the contract.
I'll take my chances on my own. And hope that people are adult enough to at the least offer to buy me a new figure or throw me some cash for the one they broke. (If they want to make it out of the hall upright)
The other demon hiding in the insurance pandora's box is the idea that people will be more likely to walk away, since they figure "meh...its insured..." Kind of like a tourist with a rental car.
... or from the offending party's estate
