ARTE Generali, the global business unit of Generali Deutschland for art lovers, has expanded its product portfolio for institutional clients in Germany.

The new solution, according to the company, will offer an all-risk, tailor-made coverage for corporate collections, museums, art foundations and temporary exhibitions.

The new product will complement the company’s current product portfolio for private collectors.

The company, which was launched at the end of 2019 by the CEO of Generali Deutschland Giovanni Liverani, plans to launch the new product in Italy next month.

ARTE Generali CEO Jean Gazançon said: “The launch of our institutional solution is an integral part of our growth strategy,”

“Slightly more than one year after we started our business, we are now able to introduce a solution that allows us to offer a more comprehensive service and to be a life-time partner to a wider spectrum of art market’s players beyond private collectors.”

The company added that the building block of the its new solution is a “high-capacity, all-risk coverage.”

It will offer all-risk insurance coverage including freedom of movement and transport coverage.

The bespoke solution will be backed by a dedicated claims service to ensure quick handling in case of damage or loss.

The company in its press statement said that the product has been launched as the institutional segment is showing strong potential.

The insurer expects a good recovery of the exhibition market in the near future, which was badly hit by the Coronavirus pandemic.

ARTE Generali will start offering the new product by insuring the collection of Generali Deutschland, which has nearly 2,700 artworks including paintings, sculptures and installations in Germany.