All-risks cover for the art collections of museums, galleries, auction houses and collectors across the whole exhibition, storage and transport process. From a single work to a whole collection, with agreed-value compensation based on the assessed value.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). In Korea, fine art insurance is underwritten by Chubb alone; we negotiate terms with Chubb on your behalf. Each insurer's full wording is provided at application and binding.
All-risks cover for the art collections of museums, galleries, auction houses and collectors across the whole exhibition, storage and transport process. From a single work to a whole collection, with agreed-value compensation based on the assessed value.
Loss from any accidental event unless within the wording's exclusions.
The amount is pre-agreed on the assessed value, minimising dispute.
A single wording covers storage + exhibition + domestic/international transit.
On partial damage, restoration/reworking costs are covered within the limit.
National/public/private museums — permanent collections and special-exhibition works.
Storage, exhibition and transit in trading, consignment and auction.
Corporate art assets, CSR collections, bank custody.
High-value collections — home storage + external loan. Applications in an individual name, without business registration, can now be considered.
| Private museum (permanent collection valued 20bn) | Limits: agreed value 20bn / per-work limit by discussion · key: exhibition/transit extension · restoration-cost limit |
|---|---|
| Gallery (consignment trading 5bn) | Limits: 500m per item / annual aggregate 3bn · key: trading consignment + auction transit |
| Corporate collection (HQ 1bn) | Limits: agreed value 1bn · key: storage + exhibition-loan extension |
Figures above are sum-insured (cover-limit) design examples, not premiums. (General industry example)
| Policy period | 1 year renewable / short-term (exhibition period) available |
|---|---|
| Payment | Lump sum |
| Policyholder | Company · sole proprietor · individual (non-business) — personal applications can now be considered (criteria differ by insurer; subject to underwriting) |
| Insurers | Chubb (sole insurer) |
| Turnaround | 5–10 business days after assessed-value review |
| Channel | Individual consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Risk patterns that come up often in art management — a five-scenario self-check
Both permanent display and special exhibitions expose works to damage and theft risk.
Accident risk arises when storing, exhibiting and transporting works during trading, consignment and auction.
Corporate-held art assets also bear loss risk from accidental events.
A personal collection moving between home storage and external loan also faces loss risk.
The more often works move, the greater the transit-accident risk.
The two cores of fine art insurance are "all-risks" and "agreed value". First, it is an all-risks cover compensating loss from any accidental event unless within the wording's exclusions. Second, its compensation basis differs from ordinary property insurance. Ordinary property insurance is prone to dispute when valuing the loss after an accident, but for art the agreed-value basis — fixing the compensation in advance on an assessed value — is standard. It also integrates storage, exhibition and domestic/international transit under a single wording, and partial damage where the work is not a total loss is handled through restoration/reworking costs.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
The compensation is based on the pre-agreed assessed value. Art value changes, so the assessed value must be regularly updated to reflect current value.
A work carries different risk at each stage of storage, exhibition and transit. Check that the single wording covers every stage where you keep and move the work.
Partial damage is handled through restoration/reworking costs. How the residual depreciation after restoration is assessed and compensated should be checked in the wording.
The questions decision-makers ask most when considering fine art insurance
Yes, an application can be considered. Historically insurers found it difficult to underwrite a case where the policyholder was an individual without business registration. Some insurers have recently changed their guidelines so that cases with an individual policyholder and insured can be reviewed. The insurer’s personal (credit) information consent form, signed by the policyholder and the insured, is submitted with the application. Acceptance and premium are confirmed after underwriting.
It covers, on an all-risks basis, loss from accidental events across the whole process of storing, exhibiting, transporting and lending art — paintings, sculpture, ceramics, antiquities, digital art.
An agreed-value basis — where the compensation is pre-agreed on a value assessed in advance — is the standard. It reduces the potential for dispute over valuing the loss after an accident.
A design integrating storage, exhibition and domestic/international transit under a single wording is usual. Check that every stage where you keep and move the work is included.
Partial damage where the work is not a total loss is handled through restoration/reworking costs. How the residual depreciation after restoration is assessed and compensated should be checked in the wording.
You can enrol by single work or by collection. It is designed to match the make-up of the works held and how they move.
It is advised in the insurer's underwriting process on the works' assessed value and type, the storage/exhibition/transit environment, the security level, and the cover scope and limit.
