Terms and Conditions: Fine Art

Insured Risk:

Ceasta Assurance Inc. (CAI) provides transit insurance coverage for Mounted and Framed Artwork, Sculptures, Stretched Canvases, and all pieces related to fine art.

Insure Limit with Proof of Purchase:

Maximum coverage up to $25,000. If exceeding the maximum limit of $25,000, please call CAI for approval.

Insure Limit without Proof of Purchase:

Maximum coverage up to $10,000. Refer to “10.3. Without Proof of Purchase”, for more details.

Coverage:

This insurance policy covers the shipping of the insured artwork from the point of pick-up confirmation timestamped to the destination against damage, theft, or loss during transit. The shipping company that is hired to transport the insured artwork must be CAI-approved.

Image of Artwork:

Clear images of the front and back of the artwork must be submitted for insurance purposes. CAI reserves the right to decline coverage if the images are not clear.

Packaging of Artwork:

The artwork must be securely packed or encased. After it’s been packed or encased, provide a clear image of the package with an attached shipping label containing the name and address of the destination to CAI.

Insured Value:

The insured value of the artwork will be determined by the declared value.

Premium:

The premium for this insurance policy will be calculated as a percentage of the insured value of the shipment and will be charged to the merchant upon the conclusion of the transit phase. If the shipment is to be returned, the paid premium is non-refundable. Our policy does not cover the return of artwork

Pick-Up Confirmation:

Wait for confirmation from CAI before allowing the pickup of your artwork. Without this confirmation, no coverage will be provided.

Deadline to File a Claim:

The insured must submit a claim to CAI within 72 hours after the scheduled arrival date, upon determination of damage, theft, or loss. Submit all necessary information, documentation, and evidence to support the claim. If the artwork has been damaged, CAI will contact the shipping company to provide a damage report and necessary documentation, to process the claim.

Required Document(s) to File a Claim

Artwork Purchased From An Auction House

Documentation must show the auction house, date, and final price.

Artwork Purchased from a Gallery or Fine Art Store:

Proof of Purchase: Provide documentation that verifies the purchase of the artwork from a gallery or fine art store.

Without Proof of Purchase:

  • In cases where there is no proof of purchase or receipt available, the maximum coverage is $10,000.
  • CAI reserves the right to engage a certified appraiser to determine the true market value of the artwork.
  • If the appraised value is lower than the declared value, CAI will only pay the appraised value and CAI will reimburse any excess paid premium on the claimed piece.
  • Customers have the option to utilize their certified appraisal, provided it was conducted within the last 12 months. CAI will accept the declared value if it is equal to or lower than the appraised value.
  • CAI will cover the cost of the appraisal and accessorial charges.

The premium of the claim must be paid before the claim can be processed.

Covered Artwork:

CAI will only honor coverage for shipments that are picked up and with the confirmation timestamped, up to the declared value.

Damaged Artwork:

If the artwork has been damaged while in transit, our Certified Professional Restorer Fine Art Solutions will provide the scope of restoration work.

If Repairable:

  • CAI will present to the customer the scope of the restoration work for approval.
  • CAI will make the arrangements to transport the artwork to the restoration company, upon the customer’s approval of the work.
  • Detailed images will be sent to the customer after restoration has been completed. CAI will make arrangements to transport the artwork back to the customer.
  • All expenses will be paid by CAI.

If NOT Repairable (theft or loss):

CAI will pay the claim based on declared value. Proof of Purchase is required. Refer to Terms & Conditions number 9.

Lost/Stolen Artwork:

If the artwork is lost or stolen during transit, CAI will conduct tracing with the transportation company. After 10 working days, if the artwork cannot be found, CAI will start the claim process

Damaged Frame:

If Repairable:

If the frame has been damaged and not the artwork, while in transit, our Certified Professional Framer Fine Art Solutions will examine and repair the damage.

  • CAI will present to the customer the scope of work for approval.
  • CAI will make the arrangements to transport the artwork to the framer’s company, upon the customer’s approval of the work.
  • Detailed images will be sent to the customer after a repair has been completed. CAI will make arrangements to transport the artwork back to the customer.
  • All expenses will be paid by CAI.

If NOT Repairable:

CAI will replace the frame with the same quality frame, by our contracted frame company,Fine Art Solutions .

Notification of Damage, Theft, or Loss:

The insured must notify CAI of any damage, theft, or loss within 72 hours, after the scheduled delivery date.

Inspection:

The insurance company reserves the right to inspect the artwork and the packaging at the point of origin or the final destination to verify the damage.

Exclusions:

This insurance policy does not cover damage caused by war, riots, strikes, confiscation by authorities, and any other perils excluded by the insurance company.

Subrogation:

The insurance company reserves the right to recover the paid amount from any responsible party or carrier.

Jurisdiction:

This insurance policy is governed by the laws of the jurisdiction where the shipment originated, and any dispute arising from this insurance policy shall be subject to the exclusive jurisdiction of the courts of that jurisdiction.

Termination:

The insurance policy may be terminated by the policyholder or the insurance company for various reasons, including non-payment of premiums or fraudulent claims.

Indemnification:

The insurance company shall indemnify and hold the policyholder harmless from any claims, damages, or liabilities arising from the loss or damage of the item during transit or shipping.