Category Archives: Art transit Insurance

Insuring art work in transit to auction houses

Recently with all the Auction houses in full mode, I have been receiving many phone calls concerning artwork in transit.

The main movement of Art and Collectibles are going to the Auction houses. Most of the time, Individual’s would send the auction house information about the work, and if acceptable, the burden of insurance falls on the collector to get the work to the Auction house.

Most collectors who sell through auction houses, don’t think about coverage while it is at the Auction house.  Many Auction houses charge very high rates for this coverage , which in many circumstances are included in my design of the policy.

Granted, you can buy a one-way art or collectibles transit policy that stops once the work is received, or you can think beyond and purchase a policy which at times include insurance coverage while shipping to Auction Houses, Galleries, Storage, and framers.

Complete my form for collectors, and let’s figure out an Art Insurance program which fits your style.

William G. Fleischer, CIC

www.ArtInsuranceNow.com

How to evaluate your own work as an artist

Since my Launch of an Artist’s Insurance website: I have had numerous conversations regarding “How an Insurance Company evaluates Art.”

The policy evaluation is straightforward. Sales price minus 30%.

This is a simple formula if you have a track record of sales.  Where the conversation turns, is when the artist is new to the market.  I say this because I have worked with artists who, at various ages and experience are now, entering group shows and exhibitions.

A seasoned artist knows the consignment agreement or the exhibition agreement requires the artist to place a value of their Artwork in the form, but for the neophyte, this is where the “tire hits the Road” or the “paint hits the canvas” and takes the discussion deeper.

So what are the methods of pricing one’s own work, and will the insurance company accept the sale price of an artist, who never sold?

This is how I approach the question.

First, everything has a value.  Fundamentally;  material, time, education, experience, teachers, demographics, size shape, media, subject, along with time spent, researching and actually producing the work. etc…

Of course, the Artist understands this, but what is the valuation sale price, I tell them to just make up a reasonable sale price using the fundamentals as your guiding denominator. Usually, they are within range and the Insurance does not dispute and pay the claim.

In the policy form, it is up to the Artist to prove what the value of sales, so if they put an unrealistic sale price on the work, the insurance company using similar methods will determine the sale price is way over inflated.  At this juncture, an independent third party will then appraise the work and the valuation will be established, and the claim would be paid out accordingly.

Bottom line, price your work based on the merits of your talent and experience with keeping the ego in check.

New Artist Insurance Program custom designed for the serious Artist.

 

Limits start at $100,000

 

  • Exhibition
  • Transit,
  • Studio
  • Storage
  • Worldwide Coverage
  • Includes Material and commissioned work in progress
  • Visit artinsurancenow.com for all your Art insurance

 

Premiums start at $1000

 

Kindly help me get the word out by passing this along

 

Thank You

 

William

William G. Fleischer, CIC
President
29 Broadway, Suite 1511
New York NY 10006
T. 212 566-1881 ext 111
F. 212 566-1615
C. 917 863-8787
wfleischer@bfbond.com
www.BFbond.com
www.ArtInsuranceNow.com

How is your Art being Insured?

Every day, I am helping to insure art collections.  art collections, Gun Collections, Rug Collections, Rare Books Collection, Prehistoric Art collections, Samurai Swords, Bibles,

In the past few days, I have insured rare books, Bibles, Photographs, Manuscripts Antique guns, and furniture. click here for applications

Your homeowner’s policy excludes perils like Roof leaking, wind-driven rain, back up of sewers and drains, Breakage, transit Loss of Value due to a loss.

Most fine art policies have these coverages included. If there is something which is valuable to you and your family, I can insure it.

Call Me 800-921-1008

William G. Fleischer, CIC
President
29 Broadway, Suite 1511
New York NY 10006
T. 212 566-1881 ext 111
F. 212 566-1615
wfleischer@bfbond.com
www.ArtInsuranceNow.com

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

Artist Insurance Policies include Studio, Exhibition and Transit protection.

Everything has a connection and a direction.  It all started one day while I was riding my Trek road bike on a 70-mile ride on the back roads of Piermont NY.  I always pass a sign which read: Open studio visits and Gallery. As I passed by I decided to stop and check it out. The driveway hill was an 11.5% grade, not fun on the bike but “Art” cheered me on!

I was met by “The Art Student League” Artist in residence program director Gary L. Sussman.  Many cyclists ride by, but it seems very few stop by, especially Art Insurance Consultants.

The Artists residence grounds are amazing. As I approached, I saw many buildings, a big barn, studio spaces and very nice living quarters.  Mr. Sussman explained to me the artist residency program which is pretty comprehensive. 100% of the artists are on full scholarship, no worries of cost, so they can fully focus on the creative process and the artistic energy to experiment and make amazing ART.

I explained to Sussman, a New Insurance program I had developed just for Artists, an Artist Transit/Exhibition/Studio Insurance Program  that insures the finished art piece, percentage of finished in the process of a new piece of Art, while the artwork is at Exhibitions and while in transit, along with libraries and materials.

I further explained to him, what the nicest part about this policy is, there is no schedule, list, or inventory required of values at the time of placing the insurance but is required at the time of loss to prove what the current value is because the settlement is based on current market value minus 30%.  To establish the value at loss time, the artist would substantiate the claim by using previous sales, time and materials to create, photos and other tools which would justify the claim.

The key points of the policy are no schedule, the flexibility to have work made then displayed, Insuring work while in the studio, storage, transit and art shows. These Include materials, reference libraries, and tools.

For more information about this innovative policy and a fast free quote, contact us at www.artinsurancenow.com, fill out an application here or call us at 1.800.921.1008

 

William G. Fleischer, CIC
President
Bernard Fleischer and Sons

29 Broadway, Suite 1511
New York NY 10006
212 566-1881 ext 111
wfleischer@bfbond.com
ArtInsurancenow.com

APPLICATIONS:

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/

Artist who Exhibits… Read further.

artists-expenses

I have been working with many artists who have opportunities to exhibit in venues where the venue only offers the space but not the Insurance for the Art installed.

Many times as I interview these Artists, I find out the Artwork limits requested and the time period required will trigger the policy minimum premium of $1,000.

Being that I care about artists and the expenses they go through I explain for the same cost, Insurance is available to cover Artwork in the studio, in storage, while in transit and while the Art is at exhibitions.

Call me at 1.800.921.1008 to find out how you can protect your artwork or fill out the artist application here at www.artinsurancenow.com

William G. Fleischer CIC

Bernard Fleischer & Sons