The critical role of insurance in keeping works of art safe

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.