XL Group has launched Key Artworks insurance product in the UK, which is intended to cover cancelled or abandoned fine art exhibitions and the financial loss in the event when star piece gets damaged or stolen.
The UK is considered to be center of global art market, with over 200 museums and galleries in London alone.
While the cover for cancellation of event existed for several years, XL has extended this further by offering cover for not only the art works but also for the loss of revenue if visitor numbers get reduced when star pieces cannot be displayed.
XL Group regional manager for UK for fine art and specie Steven Lawrence said: "We have seen the success of our Key Artworks product across continental Europe and Asia as the art industry is recognizing the opportunities for exhibitions overseas and travelling exhibitions are increasing.
"There is strong international demand for art from Britain and with that comes more exposure to the risks of lost, stolen or damaged works. Now we are able to bring this carefully crafted insurance coverage to the UK market to help art organizations manage the associated risks when planning an exhibition."
XL Group’s insurance firms offer property, casualty, professional and specialty insurance products across the world.