Wheaton, Ill., Sept. 14, 2011--Insurers now have access to a revised, expanded set of policy forms for covering fine arts collections and individual works of art.

The American Association of Insurance Services (AAIS) recently released three updated base forms, 10 endorsements, and corresponding coverage schedules under the Fine Arts Floater class of its Inland Marine Guide.

AAIS is a national advisory organization that develops policy forms and rating information used by more than 700 property/casualty insurers of all sizes through the U.S. The Inland Marine Guide is a leading industry resource of forms, rating procedures, underwriting guidelines, and other information for the traditionally nonfiled classes of inland marine insurance.

The base forms provided under the Guide's Fine Arts Floater are:

• A Fine Arts Floater, which covers scheduled items of fine art for loss or damage at their assigned locations;

• A Comprehensive Form, which offers broader coverage and covers scheduled items at any location identified on the schedule; and

• A Blanket Form, which offers coverage similar to the Comprehensive Form for any items at any scheduled location, as long as the items meet the form's definition of "fine arts."

All three forms offer open perils coverage for insured property, including coverage for loss due to flood and earthquake. The coverage is subject to standard exclusions for civil authority, nuclear hazard, and war and military action, plus several exclusions for conditions related to the maintenance of the property.

Where applicable, endorsements are available for limiting or excluding coverage for loss due to flood, earthquake, and other perils. An endorsement is also available for adding coverage for fine art at a storage location.

Each base form also provides extended, optional, and/or supplemental coverages for emergency removal, newly acquired art, property off-premises, property in transit, and property used to display and protect art.

"These standardized forms provide insurers a ready-made basis for policies that insure fine art held by individuals or institutions," says Pamela Nykaza, AAIS senior product development specialist for inland marine, the principal developer of the new forms.

For information on affiliating with AAIS for use of the Inland Marine Guide, contact Rick Maka, director of marketing and strategic alliances, at rickm@AAISonline.com, or by calling 800-564-AAIS, ext. 222.