XL Group has launched Key Artworks insurance coverage in the U.K. to cover cancelled or abandoned fine art exhibitions and their financial losses in cases where a star attraction art piece is damaged, stolen or otherwise unfit to be publicly displayed.
Key Artworks, which is already available in Europe and Asia, goes beyond normal event cancellation products by offering cover not only for the art works, but also for the loss of revenue should visitor numbers be affected when key pieces can’t be exhibited.
The product is aimed at protecting a large expanse of potential artworks; the U.K. is a hub for the global art market, with more than 200 museums and galleries in London alone, and 29 million annual visitors to its top six cultural and fine art establishments, such as the British Museum, Tate Modern and the Victoria & Albert Museum.
XL Group has already offers its Key Artworks products across continental Europe and Asia, as overseas exhibitions and traveling exhibitions are increasing, the company said in a statement.
Moreover, there is a “strong international demand” for art from Britain, which in itself brings more exposure to the risks of lost, stolen or damaged works, according to XL.
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