The critical role of insurance in keeping works of art safe

May 18 marks International Museum Day, a date established by the International Council of Museums (ICOM) almost 50 years ago to highlight the importance of these cultural spaces in society and how art has the power to promote education, culture and the exchange of ideas around the world. 

Timeless canvases, sculptures, ceramics and tapestries are lovingly curated in the museum halls. But who’s responsible for protecting these unrepeatable works if they are damaged in transit or if a thief tries to steal one?

Security measures in museums have become more sophisticated in recent years, thanks principally to advances in technology. But opportunistic thieves still managed to make off with famous paintings such as the La Gioconda (Mona Lisa) by Leonardo da Vinci or Munch’s The Scream. It’s a good thing that they were recovered after, and today we can all continue to marvel at the enigmatic smile of the Mona Lisa or one of the masterpieces of expressionism.

In cases such as these, art insurance comes into play, which, in addition to financial indemnification, can play a key role in research to recover stolen works. Insurance industry professionals double as fine art sleuths, helping to recover missing works, analyzing witness statements and museum security records in search of possible suspects or clues.

Art insurance isn’t limited exclusively to financial reinstatement in the event of theft – it’s also there to cover eventualities such as a flood or a fire in an exhibition space.

Ensuring adequate protection against such scenarios requires the preparation of detailed damage assessment reports, a specific repair plan, the acquisition of materials and the hiring of specialist art restoration professionals, all geared toward bringing the work back to its original glory.

Insurance also makes it possible for works to travel the world and be displayed in numerous cultural institutions. From loans between museums to temporary exhibitions in foreign galleries, art can, literally, transcend borders. 

For example, in 2019 the Prado Museum shipped several of its most cherished paintings to the National Museum of China in Beijing for the first time. The people of China, with a culture vastly different to that of Spain, were able to inspect and admire famous works by Velázquez, Goya and El Greco. The exhibition broke all records, with average daily visitor numbers of 4,000 and 12,000 on weekends. 

A loan like this would never have been possible without having insurance policies in place that guarantee the complete protection of the works both during transport and while they are on display. This is known as “nail to nail” insurance, given that it is activated from the moment a work is removed from its place of origin and remains in force all through the journey and period of time it is on display in another location until it is returned to its home gallery.

Art insurance ensures that paintings and sculptures are protected at all times and people the world over can continue to enjoy the undulating shapes of Van Gogh’s skies, the dreamlike images of Dalí, and the beauty of the color palettes of Impressionists such as Monet. 

Now that the impact of insurance on large museums and the most famous paintings in history is clear, you may be wondering what happens with smaller venues such as galleries and private collections. 

These spaces also house artistic treasures that deserve to be protected and preserved. Specific insurance coverages and services are made available, such as risk assessment and expert advice on implementing safety measures, to ensure that they are adequately protected. 

Art insurance is crucial to the preservation of humanity’s cultural heritage, exemplified by MAPFRE’s insurance cover for works of art in exhibitions, which facilitates the correct exhibition of art works held in private collections, public institutions, museums and art galleries. 

Thanks to specialist protection solutions such as this, art can continue to inspire, enrich people’s lives and bring them together every day, especially today.

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