The concept of art insurance is new in the Indian insurance market, and many companies are experimenting with this elite field.
Since last five years, the art market in India has developed rapidly and had grown more than five hundred times in sales. Prosperous young entrepreneurs, wealthy people are choosing art as an investment.
Art insurance in general covers the risk like damage during framing, restoration, transit and risks related with handling the art piece within gallery premises. It also covers accidental damages, natural disasters and damage due to terrorism.
Insurance companies are of the view that only 10-15% art insurance market has been tapped yet.
Insurers can target auction houses, galleries, private collectors and art funds. Private insurers, Tata AIG, ICICI Lombard and Bajaj Allianz are the main players in this field in India.
