Auction houses are fast paced and hectic environments. Items held within them are unique and often worth a significant sum. Therefore, it’s essential to have the right insurance in place.
Why do auction houses need insurance?
Adequate insurance can protect the physical assets of auction houses, including fixtures and valuable items that are being sold. If these are damaged or destroyed due to unforeseen events (e.g. fire, theft or natural disaster), insurance can cover the financial loss.
Auction houses also often need to transport items to and from their premises. Comprehensive policies cover the loss or damage of said assets while they are in transit.
Types of coverage
Miller’s Fine Art and Specie team collaborate with specialist insurers to design and place comprehensive solutions that ensure auction houses are properly protected from significant financial loss. Coverage options include:
- ‘all risks’ of physical loss or damage
- shipments worldwide
- professional indemnity
- business interruption
- terrorism
- excess of loss.
Why Miller?
We have a history of over 120 years of trading in the insurance market; with a client-first approach, we value and continue to build long-standing partnerships.
Our specialists have an in-depth understanding of the art insurance market, with professional expertise in the negotiation and management of contracts for complex risks.
Our dedicated in-house support teams work with our specialists to tailor contracts, handle claims, accounts, and payments, and ensure your complete peace of mind.
