We have been issuing Fine Art Insurance policies for many Young collectors, who belong to the Guggenheim, The Metropolitan Museum of Art, The Frick Collection , The Whitney , The Morgan Library & Museum, Museum of American Art , Dia Art Foundation , The Jewish Museum , Museum of Art & Design, New York Foundation for the Arts, Museum of the City of New York, New York Botanical Garden, Rubin Museum and these are just a few in New York. These Collectors, who’ve either recently purchased work or inherited work for their collections, have engaged our services to properly insure objects of Art, Rarity, or Historic Merit of Every Nature and Description. As an Art Insurance Broker, we represent Insurance Companies, like AXA, Travelers, XL, Chubb, Markel, Great American and Philadelphia to seek out policies to cover the unique risks associated with insuring Art.
Our Collector’s Insurance policy covers the art you own, anywhere and everywhere. Most polices can focus on 3 situations.
- Transit coverage which is where most damages occur.
- Coverage at given named location(s).
- While in Storage.
Collections can add up in value very quickly and you want to be sure it’s covered in the case of a loss. A new collector may look towards placing the art pieces on a homeowner’s insurance policy, the majority of the time there are many gaps and exclusions in homeowner policies, which Standalone policies fill.
Even beginning collectors prefer artwork to be restored if something unforeseen happens. Many times the value of restoring effects the current market value, our policies will pay you the difference in value. According to William Fleischer CIC, and President of Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com “A high percentage of claims being filed are partial losses, and most happen when something is being transported. Restoring is an option, but not always the case”.
A little tip; in many polices, the frame is required to be described and have value to be insured. This is a little detail that’s often overlooked. It’s all about properly insuring, it’s important to know your policy, The Conditions, Restrictions and Exclusions. I hope this encourages you to hedge your financial downside and most of all, enjoy the Art.
We are always watching out for the benefit of the established and new collector, it’s what we do best here at Bernard Fleischer & Sons, Inc. / ArtInsuranceNow.com call us at 1.800.921.1008 or visit us at www.ArtInsuranceNow.com to apply and live chat with an agent.