Reviewed as of 10 October 2026. This guide provides general information and does not replace the terms of a policy or professional advice. If you spot an error, write to me.
A domestic policy may offer insufficient coverage for a specific work, particularly if its value exceeds per-item limits, leaves the home, or is lent for an exhibition. Before taking out a policy, you need to identify the piece, declare its value, and check what the policy actually covers.
Two expressions worth knowing
«Clavo a clavo». Es la cobertura que acompaña a la obra desde su recogida en el lugar de origen hasta su devolución al lugar designado, incluidos el transporte y la estancia. Es la referencia habitual cuando una obra se presta para una exposición.
«Todo riesgo». Suele designar una cobertura amplia frente a daños o pérdidas accidentales, salvo los supuestos excluidos. Su alcance depende del contrato: el nombre comercial no sustituye la lectura de las condiciones generales y particulares.
How value is determined
The policy must state the criterion used to value the work and the indemnity limit. In practice, formulas such as agreed value, market value, or replacement cost may appear, but they do not mean the same thing and do not serve equally well for a unique piece.
Ask in writing:
- what value is accepted by the insurer;
- what documentation justifies it;
- whether a new valuation will be conducted in the event of a claim;
- whether the indemnity includes depreciation that persists after the restoration of the work;
- what limits, excesses, and sub-limits apply.
Keep the invoice or acquisition document, any available appraisals, sufficient photographs, and a condition report. If the value or the situation of the work changes, tell the insurer.
If you lend a work: the State Guarantee
The State Guarantee is a public system that applies to works of significant cultural interest lent for public viewing. It is not granted automatically because a piece is lent: it is requested by the borrowing institution and must be granted by means of the corresponding order.
Royal Decree 1680/1991 allows museums, libraries, and archives, public or private, that receive the work to request it. The application must identify the exhibition, describe and value the pieces, provide for conservation reports, and set out the packing, transport, security, and insurance measures.
When granted:
- the value of each work is declared by the lender and accepted by the institution's management;
- in the event of loss, theft, or destruction, the indemnity is calculated based on the value recognised in the granting order;
- if there is damage, it may include the reasonable cost of restoration and subsequent depreciation, without exceeding that value;
- the State does not cover an initial portion, which the organising institution insures privately.
The guarantee has legal exclusions, including inherent vice of the asset, the mere passage of time, certain deliberate acts by the lender, certain seizure or attachment measures, and nuclear explosion.
If the institution proposes this system, ask in writing for:
- confirmation that the guarantee has been granted for your work;
- the recognised value;
- the dates and routes covered;
- the private policy covering the excess;
- the procedure for documenting the condition of the piece before delivery and upon its return.
What to ask before signing
- ¿La cobertura es «clavo a clavo»?
- Does it cover packing, handling, transport, installation, stay, and return?
- What value is recognised and how is it substantiated?
- What are the exclusions?
- Is there an excess, and who bears it?
- Is depreciation covered following a restoration?
- What security and conservation measures does the insurer require?
- Who must report a claim and within what timeframe?
For an exhibition loan, set these obligations out in writing in the loan agreement.
If the work has already suffered an accident, see what to do if a work is damaged.