Exhibition and valuable cargoes insurance

Exhibition Cargo Insurance

Most often museum exhibits transported for the purpose of display at exhibitions are insured. In such case the insured property is covered on ‘wall to wall’ or ‘nail to nail’ basis (if paintings are transported, for example). These include packing, loading onto vehicles, transportation (with or without transhipment), unloading, unpacking, assembly, period of exhibition, disassembly and transportation back).

As a rule, insurers offer several options: policies covering ‘all risks’, or ‘free from particular average‘. Vandalism or terrorist attacks could be included as additional cover. Sometimes, the policy may include clauses about duplex exhibits or sets of exhibits (in case of loss of the item/items constituting a pair or a set, the insurer covers full value of such pair or set of objects); clauses about loss insurance resulting from the decline in value of cultural valuables as the result of damage (in such case the damage resulting from the decline in value of the insured object is also covered besides restoration expenditures), etc.

Among compulsory requirements set forth by the insurers as related to exhibition goods transportation are armed escorts during the transportation, report about the state of the exhibits, packaging of the exhibits by museum employees.

Valuable Cargo Insurance

This category of goods includes cash, jewellery, precious metals, precious coins and precious stones.

Coverage period includes transportation period, safekeeping period as well as ‘cash in transit’ (period when valuables are being carried to and from the vehicle).

‘All risks’ insurance category is applied in such case. In some cases, the coverage may be extended by including loss resulting from negligence by employees and/or representatives of the insured.

Among standard conditions listed by the insurers to insure valuable cargoes are the use of armoured vehicles and armed guards.

Feel free to approach us for help in exhibition and valuable cargoes insurance on the Russian market by e-mail: polaris@polaris.broker