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Are You Overlooking a $25,000 to $500,000+ Property Exposure?

Author: Chris Boggs

In mid-2018, the VU introduced a property insurance topic few agents have ever considered – murals. Although probably a part of your everyday commute, you probably don't notice or pay much attention to this building art. But from an insurance perspective, ignoring this urban art could result in a major out-of-pocket expense in the even of a loss.

A mural is a very real insurance exposure. One underwriter reported writing $500,000 coverage on an exterior mural. Just for the mural, NOT the building. Just an “average" mural (painted by a local, unknown artist) can cost the building owner between $10 and $20 per square foot. Meaning that even a relatively small mural (20x20) could cost up to $8,000 to have redone.

A mural painted by a known artist (regionally, nationally or internationally) will cost much more than average. These could cost $100 per square foot or more to have painted. That same 20x20 mural could cost $40,000.

Are you ignoring or overlooking some potentially expensive art simply because it is on the side of a building or on an interior wall? If, after the loss, the insured has to pay to replace the mural after the loss, they may ask you why you didn't mention the exposure.

Click here to link to a 15-minute webinar on the topic of murals. In addition to this webinar, we wrote a follow-up article with a few additional details; you can find it here.

Fair warning, don't underestimate the cost or value of a mural. Hopefully you will be better prepared to point out this exposure to your insured and give them options for insuring these works of art.

Last Updated:  July 5, 2019

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