Category Archives: Art Collector

Insurance for Art Galleries

Our customized insurance policies are geared toward your typical Art Galleries, Museums, Exhibition space, and Dealer businesses.  We combine General Liability, Public Liability (Bodily Injury and Property Damage) into one straightforward policy along with non-salable contents, desks, chairs, computers, fixtures, racks and business property. Our policies can include landlords, curators, and artists as additionally insured.

 

Qualify for better pricing if you combine General Liability and Property Insurance into a Business-Owners Policy with Fine Arts Insured under a separate policy to maximize coverage while minimizing price.

 

A Business-Owners Policy includes: 

General Liability insurance coverage of an Art Gallery insurance policy is comparable to a typical commercial general liability policy, providing protection against claims of bodily injury or property damage for which your business may be liable.

General Liability means liability insurance for the cost of defending lawsuits stemming from:

  • Accidents which  cause bodily injury and/or property damage
  • Trip and Fall Incidents on premises.
  • Claims such as libel, slander, and False advertising
  • Errors or negligence from professional service is not covered by a General Liability Insurance policy. Must purchase a separate policy for this.
  • Business property insurance for physical assets, such as contents, improvements to your space including decorations and furnishings non-salable items.
  • Can cover loss of business income and extra expenses resulting from a covered loss.
  • Outdoor Sign
  • Insurance Money and Securities Insurance
  • Employee Dishonesty Insurance
  • Water Back-Up Insurance
  • Off Premises power failure

 

Broader coverage on a stand-alone fine art policy:  fine art while in the gallery, storage or while in transit,

 

The same type of coverages can be found in our Museum, Exhibition, Private Dealer, and Auction House insurance policies.

 

What is the average cost of Art Gallery Insurance? Premiums typically start around $600 but every art gallery has different requirements, property values, and coverage requirements. Prices will vary.

Please call William Fleischer, CIC at 212 566-1881 ext 111 or visit us at www.ArtInsuranceNow.com

 

APPLICATIONS:

Everyday I learn something New and fascinating – Intaglio.

Today I learned a new word. I was reviewing a schedule of fine art insurance and came across a word which I was not familiar, Intaglio Art.

Intaglio Art, what can this be? So off to the land of Google search, I came across the definition in Wikipedia;

Intaglio Example

Intaglio is a technique in art, in which an image is created by cutting, carving or engraving into a flat surface and may also refer to objects made using these techniques:

 

I then looked up some pictures and this stuff is really cool
We proudly insure this type of work. Let us insure yours, Visit us at www.artinsurancenow.com, call 1.800.921.1008

art insuranceLet me insure yours

www.artinsurancenow.com

 

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneer
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

Art Evaluation formulas you might see in an Art Collection Policy

Here are most of the current options found in an Art Collectors Insurance policy

1. Stated Amount based on an appraisal.
2. Market value or appraised value whichever is less.
3. Market value or appraised value. Maximum value 1.5% of appraisal value.
4. Market value – Onus of proof ( insured to prove value) up to policy limit.
5. Unscheduled Items: can be based on maximum value per item –Maximum Blanket limit- Onus of proof for valuation
6. Newly Acquired Property their cash value, but not more than 25% on similar type of policy.
7. Newly Acquired Property the lesser of 25% on similar type on policy or $10,000.
8. The cost of reasonably restoring that property to it condition immediately before the loss
9. The cost of replacing that property with a substantially identical property.
10. Property of Others in your Care, Custody, and control Maximum, based on the agreed amount prior to Loss 25% of Policy Limit,
11. Jointly Owned Property, value as stated in an agreement with the co-owner(s) up to the amount of your interest.
12. A loss to your Art Reference library, including books, catalogs and “data and Media” Settled at Actual Cash Value.

William
William G. Fleischer, CIC
President
29 Broadway, Suite 1511
New York NY 10006
212 566-1881 ext 111
wfleischer@bfbond.com
www.BFbond.com
www.ArtInsuranceNow.com

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

How to Insure Prehistoric Art properly.

Prehistoric Art is Art from Ancient Near East, Ancient Egyptian, Greek, Roman, Islamic Art, etc was created on many different types of Median, Ceramic, Gold, Silver, Tapestry, Bronze, wood, stone. etc. over the years these work of art have become scarce, fragile and valuable.

I am insuring a dealer in Indian Art who specializes in Prehistoric Art.  He reminded me that Long Island in NY had one of the largest concentrations of Arrowheads.

Addressing the Insurance coverage for those Art items which you care for, I have a very special understanding of the risk of damage, theft while in the home or in a Exhibitions.

Art Insurance policies are not all the same. Some are written through LLOYD S of London, AXA Art, Travelers Insurance Company to name a few players.  The Art Insurance company will include Transit by Sea, Air & Land. Coverage is usually extended to a Storage facility or the final destination.

To have these items insured, the underwriters in most cases will require a condition report if in long-term storage or if newly purchased, a bill of sale or appraisal.
Visit ArtinsuranceNow.com to complete the Collectors application to cover your prehistoric, Modern and contemporary art.

William

art insuranceart insurance  art insurance

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

What is Conversion exclusion in a fine art, Antique, Jewelry policy

The Story;

A collector or Museum consigns a work to a dealer to sell.  The dealer does his job and sells the work, but does not pay the Collector or Museum.  This is now considered a loss of property and if your current policy does not address this type of loss you may not have coverage.

Now if the consignment date has expired and the dealer is not willing to return the work, in many incidences this would be classified as theft and be covered by your fine arts policy.

For more information on Conversion Exclusion call us at 1.800.921.1008, visit our website at www.ArtInsuranceNow.com or fill out one of the applications below for a fast and easy quote.

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance
Auctioneers
Conservators/Restorers
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

Travelers Fine art and museums policies

affiliate-travelers-logo-layout

Fine art and museums

Travelers understand the passion that people who manage collections have for their objects. They offer unparalleled coverage and services for our fine art customers, whether it is a cultural institution, a large corporate collection or the dealers and galleries who represent this industry.

As a U.S.-based insurer, their financial strength allows us to offer limits that meet the needs of small institutions and galleries as well as major accounts requirements. Our capabilities extend to managing domestically-based accounts with international exposures. They work with you on many aspects of your account – from the collections to the property that houses the art.

Collections

Broad fine art coverage is available for corporate collections of fine art, or for artwork and collectibles in commercial settings. A wide-ranging spectrum of paintings, sculptures, prints and multiples, and specialized collections of historical, cultural or technological significance can be insured.

  • Coverage is available at a permanent location, in transit or while loaned to others
  • Our agreed value fine art policy addresses the needs for that collection, while also making other important coverages available (e.g., breakage, pairs, and sets coverage, flood, and earthquake)

Museums

Museum coverage is available for a myriad of institutions such as those for art, history, natural history, sports, and science and technology. Large and small venues, educational facilities, regional collections and specialized institutions – such as aviation and automobile museums – are among our policyholders.

  • Integral coverage components include art at scheduled locations, on exhibition, in transit, or on loan to other organizations
  • We provide coverage options for museum-owned property or the property of others for which the policyholder is legally liable

Galleries

The diversity in the gallery community gives us the opportunity to personalize coverage and service offerings.

  • We work with you on your needs for specialized transit, art fairs, and exhibitions
  • We help you manage the risk exposures at your gallery and storage locations

Other associated businesses

We also work with specialized fine art shippers and operations that manage other components of this industry (e.g., art handling, crating, storage).

Services

The Inland Marine Network has developed a circle of risk control consultants, and a claim team and theft investigators who are well-versed in the particulars of valuation and restoration issues that are so important to the overall mission of the fine art community. Risk Control works on management practices and location risk analysis. Our Claim team also has a group who specializes in art so they can fully support this industry. The Specialty Investigations Group helps in theft protection consultations and assists in theft recoveries.

For more information and a fast, free quote visit us at www.ArtInsuranceNow.com

How to insure an Artist Estate?

This week, I insured an individual who was left with over 2 million worth of Art from an artist. There were over 1,000 works on paper, 600+ works on canvas. It is in the process of being cataloged and photographed. There were no appraisals since it’s in the gathering portfolio stage.
The call was triggered because some of the work was going to be exhibited and they wanted to protect the Art.

I recommended using the collector’s application instead of the Dealer application.  The main difference is how the settlement option works.  As a collector, you will be paid for the Art at Fair Market Value and as a dealer, it will be 30% less of the sale price.

Call me 212-566-1881 ext 111

William Fleischer, CIC

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

Collectors Insurance

Bid Bonds

We represent Insurance Companies to make it easy for you to protect the things you collect.

Homeowners insurance alone does not provide enough coverage for your clients’ treasured items. That’s why our collectibles program is the perfect complement to your standard personal lines products. It enables you to protect the full collector value of your collections in the event of a total loss.

Designed specifically for collectors, our all-risk policy not only protects against accidental breakage, hurricane, flood, earthquake, fire, and theft – it also protects the packaging and accessories of collectibles. Plus, our optional Collectors’ Choice coverage provides your clients who are actively growing, displaying, or occasionally using their collection with the added level of protection they need to fully enjoy their hobby.

We offer deductible options (including zero deductible), rate options and discounts, and multiple collections in the household can all be covered by the same policy. Appraisals are not required to obtain this valuable, stand-alone coverage.

We’ll consider all types of collections including*:

Advertising Memorabilia Die Cast Model Cars/Trucks Pottery & Collector Plates
Animation Art Dolls Prints (limited editions)
Automotive Memorabilia Figurines Quilts (antique/collectible)
Books (rare) Guns (pre and post WWII) Radios/Victrolas
Cameras (antique/collectible) Holiday Collectibles Sports Memorabilia
Carousel Animals Jukeboxes/Upright Arcade Games Stamps
Ceramics Military Memorabilia Teddy Bears
Clocks (antique/collectible) Miniatures & Doll Houses Toys & Action Figures
Crystal/Glass Model Trains & Layouts Trading Cards
Comic Books Movie Memorabilia Wine & Accessories
Coins Musical Instruments and much more! 

* Contact us regarding other unique collections at www.ArtInsuranceNow.com, or call 1.800.921.1008

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Mom and Dad Lend Art Collection to Family members or Institutions

Lately, I have been receiving requests to insure living trust assets that are at various family members homes.

Usually, I write a one-shot transit policy from the parents home to the new locations. I have been able to insure the Art collection maintaining the control of ownership.

Most Insurance policies exclude or limit property of others in the Care, Custody, and Control of the Named Insured.

By working with the variables, I satisfy estate attorneys concern of not properly covering these assets while they are still in trust or in preparation to be gifted.

Complete the Collectors Application for a quote. http://www.artinsurancenow.com/

Super Storm Sandy

This storm was amazing.  The art Galleries I insured all had flood coverage and none suffered financial loss from the Art.

The capacity is still there, just have to ask for the coverage where in the past, it was thrown in.  Most Personal Collectors policy have no exclusions for flood, some have for earthquake. I like to show the exclusions on my proposals to keep everyone in the know.

For insurance coverage for Flood or Named Storm, complete an application at ArtInsuranceNow.com