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Category Archives: Art Dealer
Is Art insured in the belly of a Plane
Yes, items can be checked into luggage and still be covered, but this is not the best way to ensure coverage under this policy because you will be violating the packing warranty.
The packing warranty is broad enough that it allows the Insured to pack the items, but still must be packed “utilizing procedures and materials to protect the Covered Property.”
What does this mean? It means you can pack a wood carved 12” dish into your luggage, but you cannot insure a Tiffany lamp wrapped in a sweatshirt.
If the item is of art or cultural importance, the country of origin may seize the property. This policy does not cover any Governmental Action.
Fill out a collectors application for a quote today.
Exhibition Policy or not?
Email regarding having Artist shows in an Office Environment.
I am an attorney, however, I put an art gallery in my law firm space. The agreement I have with the artists is that they allow me to hang their work for 3 to 4 weeks. I promote their work to my clients and throw a party in the artist’s honor, where the artists agree to be present and talk about art.
We serve some refreshments and invite everyone we see. There is no charge to the artist. I do not pay the artists. I do not sell art. There is no charge to the people who attend. It is a community event intended to bring a little culture to our small town and, admittedly, let people know where my office is without in-your-face law office marketing.
The rules in Iowa are the strictest in the country about regulating attorney advertising. I cannot hand someone a business card and say, “hi. I’m a lawyer. What can I do for you?” But, I can hand someone a party invitation flyer and say, “Hi, please come to my law firm’s gallery party and meet some cool artists, see some great art, listen to some inspiring music, and have a little wine and yummy appetizers. It’s so much fun!” I know. Crazy stupid.
When the party is over, the artists take their work away and three or four new artists bring in work to hang, and we do it all over again. My 4th party is November 14, 2014.
The artists for this party are asking if I have insurance to cover the art in the case of fire, vandalism, or theft. My insurance guy is not helpful. He says I have no insurable interest, so I cannot insure them with the exception that if I trip over them, my liability insurance might cover it. Lame.
The artist could sue me if something were to happen to their paintings while in my control. I do have an insurable interest, at least while they are in my custody and control.
Can you assist me in finding a way to obtain insurance or a bond of some type that will protect me in the case that something unthinkable would happen to these paintings?
Thank you,
Warmest regards,
The Answer… or my Answer.
When I further inquired I found the Artist work was hung without any paperwork. Interesting.
1. If the work was Loan during the show to the office, it may be covered under the office BOP policy, usually, there is $25,000 limit for Fine Art.
2. A dealer art insurance policy could be bought, for $150,000 on location limit, $30,000 Art Transit and $30,000 at unnamed locations.
3. Have the Artist buy their own Artist Insurance policy. $100,000 of Art Insurance while in transit, in the studio and while at Exhibitions for an annual price of $1,000.00.
4. Explain to the Artist, it’s a business risk and art is a risky business. The odds are higher of damaged or stolen while in transit, and less than their work in the studio, at lease your office is alarmed or locked 🙂
She explained to me even though a hold harmless could be drawn up and signed, there was still the exposure of a negligence lawsuit by the artist. So here is the question to ponder, buy insurance and not worry or understand it is a business risk you are taking verse the benefit of letting the people know your law office exists.
Consignment Options
I was chatting with a Art Dealer and we were reviewing A proposal for her business. As we went through the quote, she had a question regarding Consignments.
Interesting, as a dealer, the usually business model is to receive work on consignment, but what happens when you consign works to other dealers. How is the coverage applied.
So I pulled out policy forms and started to read through them. This is what I found under Valuation.
Property on consignment, at agreed consignment value plus 10%
So My question to the underwriters, is the valuation used for any consignment agreement whether if the deal is the consignee or the consignor.
In one underwriters opinion, he wrote to me this
Since this is a dealer form, the consignment refers to property on consignment to the Insured as the dealer. This way the owner of the property is made whole, and the dealer gets 10% for administrative and marketing expenses they have incurred.”
but the underwriter failed to clarify works on consignment to other dealers.
Property sold but not delivered and/or while in transit to consignee’s or owner’s premises shall be valued at the selling price plus expenses, if any, which have accrued from the date of sale
So now my question is while in transit to consignee, if not sold, how is it valued, based on what i read, it would be selling price plus expense,. You would think the company would argue the dealer valuation of cost plus 20% or 30% or selling price less 20% or 30% depending what negotiated with the from Insurance company).
To further complicate the issue, another company responded a a simple way. A Consignment is a consignment no matter to the dealer or among dealers.
So in conclusion I must use that famous insurance answer to almost all questions of coverage; “maybe, depends”
This is why I love the Insurance business exploring the grey areas in policies.
Visit my main website page here
APPLICATIONS:
• Art Dealers
• Artist Transit/Exhibition/Studio Insurance New Program
• Auctioneers
• Conservators/Restorers
• Corporate Collections
• Personal Collections
• Exhibitions
• Museum Collections
• Business Owners Liability
BERNARD FLEISCHER & SONS, INC.
29 Broadway, Suite 1511, New York, NY 10006-3201
(212) 566-1881 ext 111 or (800) 921-1008
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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:
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
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
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*:
* Contact us regarding other unique collections at www.ArtInsuranceNow.com, or call 1.800.921.1008
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
What Travelers has to say About Art Insurance
Inland Marine — Fine art
What it covers
Travelers offer unparalleled coverage for the protection of scheduled fine art items. Coverage for such fine art is available at a permanent location, in transit or while loaned to others. Our Agreed Value Fine Arts Policy ensures that fine art collections are insured under a form that addresses the needs for that collection, while also making breakage coverage, special pairs and sets coverage, and flood and earthquake coverage available.
For significant corporate collections of fine art, or for artwork and collectibles in commercial settings, we offer comprehensive fine art coverage under which a broad spectrum of paintings, sculptures, prints and multiples, and more specialized collections of historical, cultural or technological significance can be insured.
Who needs it
Corporations and commercial accounts may have valuable works of art not specially covered as fine art under standard package policies that can be insured under our fine art coverage.
Art Collection Insurance
Art Collection Insurance
Consultation for fine art, collectibles and personal property management.
Bernard Fleischer & Sons have developed a unique, valuable service for collectors, other high net worth individuals and families. We review with you or your Art Consultant, Curator, or Family member alternative coverage options. We can introduce ways to help assure that your insurance coverage is always up to date and as responsive as possible. William Fleischer, CIC is a highly knowledgeable and experienced professional. His New York-based network has access to appraisers, trust, and estate advisors, dealers, and attorneys.
Our focus is on individual, family and corporate needs. Our client confidentiality is very important to a long-term relationship.
As one of New York’s oldest brokerage firms, we work with the best Insurance companies in the business.
Let us protect you and help design the appropriate protection for your collectibles:
•Fine art and antiques
•Musical instruments
•Rare books
•Jewelry
•Photographs
•Sculpture
•Art glass
•Porcelains
•Stamps
•Antique silver
•Auction Houses
•Dealers
•Exhibitions
•Fine Art Packers and Shippers
•Galleries
•Museums
•Private Collectors and Corporate Collections
•Stately Homes
•University libraries and collections
•Vintage Cars
Art Insurance Now, AXA, Chubb, Chartis, Markel, and Travelers all have a history of working with:
auction house experts, dealers, trust and estate advisors & attorneys.
Their referral lists can help you in:
- Obtaining specialized appraisers
- Inventory management systems and cataloging
- Specialized shippers, warehouses, restorers
- Working with galleries and auction houses
For more information and to fill out an application for a fast free quote visit us at www.ArtInsuranceNow.com or call 1.800.921.1008