Exhibition Insurance
What Does Exhibition Insurance Mean?
Exhibition insurance refers to a policy that protects either the contents of an exhibition (such as artwork) or the venue, or even both, in the event of damage. It may also cover financial losses due to circumstances like poor box-office attendance or cancellations resulting from natural disasters that occur on the day of the exhibition.
Insuranceopedia Explains Exhibition Insurance
Many artistic works, such as paintings or sculptures, can be quite valuable. For instance, Lucian Freud’s Benefits Supervisor Resting sold for nearly $34 million in 1994, during the artist’s lifetime—a remarkable feat, as most living artists do not price their work at such figures. Due to their high value, artists or exhibitors who wish to display these works may want to insure them to protect against financial risks associated with damage during transport or while on display.
Exhibition insurance can also benefit the exhibitor by including clauses that transfer liability for damages to the venue during the exhibition to the insurance company.
Additionally, if the exhibitor depends on attendance for profitability and faces poor turnout—perhaps due to a natural disaster like a storm occurring on the day of the exhibition—exhibition insurance may cover that risk as well.
