Press release 19 September 2016
ERGO Versicherung is expanding its art insurance segment. Private collectors can now also insure their artworks and collectibles with the new “ERGO Private Art Insurance”. Until recently, ERGO only provided insurance for art exhibitions, museums and galleries.
The art market is experiencing an ongoing boom. The global art market achieved total sales of 57.5 billion euros in 2015 (cf. TEFAF Art Market Report 2016), which is more than three times as much as in 2003 (18.7 billion euros). Private collectors buy art for many reasons, whether it is a tradition, a passion, or an investment. Many are not aware that home contents insurance only offers limited protection for valuables. Consequently, private collections are often not covered by insurance, or they are insufficiently covered. Valuables are generally only covered as a single item up to 25 percent of the total sum insured under home contents insurance. Cover is limited, however, and only includes explicitly stated hazards such as fire, theft or burglary.
In contrast to home contents insurance, the new ERGO art insurance for private collectors provides coverage encompassing all risks, and offers collectors comprehensive and individual protection. Art insurance also pays out for minor damage or simple theft, even when there is no sign of a break-in. For those who invest in art, the art insurance cash option is a major feature. If a work of art is damaged to the point that its value is reduced by more than 40 percent, this is considered a total loss. In such cases, the collector can request the full insurable value in exchange for the damaged Piece.
There are only a few insurance companies in Germany that offer art insurance for private collectors. In order to adequately insure art risks against damage, an insurance company requires special financial strength. This information is reflected in the insurance capacity. ERGO’s insurance capacity is 100 million euros per insured risk, meaning that ERGO is in a position to insure large collections worldwide. Art collectors also have just one contact partner, even if their collectibles are located in different parts of the world.
ERGO is a member of the Art Loss Register, the world’s biggest database for stolen and missing works of art. This means that ERGO’s customers are able to register their works of art in the database if they have been stolen.
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About the ERGO Group AG
ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. ERGO offers a comprehensive spectrum of insurance, provision and services. In its home market of Germany, ERGO ranks among the leading providers across all segments. About 43,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2015, ERGO recorded a premium income of 17.9 billion euros and rendered benefits to customers of 16.8 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
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This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.