Category Archives: AXA Art

Art Insurance for Collectors; Schedule vs. Blanket

The Art of Collecting Art.

There’s a big difference between buying art and collecting art. Buying art is more of a random activity based on likes, preferences or attractions at any given moment while collecting art is more of a purposeful directed long-term commitment. An important step in good collecting is not the most delightful one to talk about, but it is among the most necessary, and that is to plan for the unforeseen.

As an art insurance broker, I readily come across collections that are an intricate part of retirement and inheritance planning.  It’s a great asset to pass down.  Baby boomers bought artwork for the love of the art.  Art as an investment vehicle was a small part of the decision-making, not like today which is the main focus.

In the past 15 years as the art market sales and demand took off, Art purchased 40, 30 or even 10 years ago is worth a lot.  Hence, I am seeing collector’s policy limits rise into the millions. I will explain some key differences in the type of policy offered in today’s marketplace. Art Insurance and collectible insurance demands are a new focus with some insurers. Beware, like the art world, no two are the same, read the exclusions, conditions and valuation clauses in a policy.

Understand what schedule means and its limitations, some say the maximum they will pay is what is on the schedule or schedule plus 125% or 150% and then some added or market value whichever is less.  A popular coverage is Blanket Insurance; usually, this is for the collection under $300,000. The advantage is that you are not required to supply the companies with appraisals, bill of sale or any other documentation when you bind the coverage.

Only at the time of loss, the onus of proof of value is on the collector.  This is not a lengthy process; either go back to your paperwork and ask for a current valuation from a dealer or show your work to a dealer and put the value in a letter. Both methods of either scheduling the art or using the blanket limit are tools I use when working with my clients.  Each person looks at insurance in different ways and has different requirements. Let me work with you and answer all your questions to present a program which is satisfactory to all those involved.

Visit us at ArtInsuranceNow.com to apply or Contact me at 800.921.1008 to discuss your unique situation.

William G. Fleischer CIC

Tate to Exhibit Ultimate David Hockney Retrospective

We at ArtInsuranceNow.com are excited that Tate Britain is staging the most extensive retrospective of David Hockney’s work to date in February 2017. As his 80th birthday approaches, over six decades of Hockney’s work will be shown at the U.K. institution including painting and drawing, as well as prints, photography and videos.
From his first one-man show when he was 26 in 1963 he most recently exhibited at the National Gallery of Victoria, Melbourne Australia (DAVID HOCKNEY: CURRENT). He is credited as being one of the most influential living artists.
Tate Britain’s director Alex Farquharson has said: “David Hockney is without doubt one of Britain’s greatest living artists. His impact on post-war art, and culture more generally, is inestimable, and this is a fantastic opportunity to see the full trajectory of his career to date.”
Hockney is also quite the armchair philosopher and a search of the internet will find many quips and quotes, A book on art conservation which cites an AXA Art Insurance funded research laboratory quotes him as saying “Love will decide what is kept, and science will decide how it is kept”.
AXA Art Insurance is one of our many affiliate partners in bringing you the most comprehensive Art Insurance coverages available; to learn more visit us at www.ArtInsuranceNow.com, fill out an application to receive a fast free quote or call 1.800.921.1008 to protect your art and collectibles. Don’t miss David Hockney, on show at Tate Britain from February 9 until Monday May 29 2017 followed by showings in Paris and New York City.

Travelers Insurance, AXA Art, Markel ART, Chubb Ar,t XL Art, Philadelphia Art, Great American Art, Ironsure Art, USAA Art

 

As Art Basel Miami 2016 approaches, we look at the necessity of a good art insurance policy.

artbasel-miami-beachArt Basel, the international art fair with three shows staged annually in Basel, Miami Beach and Hong Kong. The shows offer parallel programming produced in collaboration with the host city’s local institutions. Art Basel provides a platform for galleries to show and sell their work to collectors, museum directors and curators. The 2015 show in Miami presented 267 leading international galleries from 32 countries. Over five days the show attracted 77,000 visitors including private collectors and directors, curators, trustees and patrons of nearly 200 museum and institution groups. The show hosted first-time collectors from Cambodia, Ethiopia, Nicaragua, Romania, Togo and Zimbabwe. That’s a lot of art moving around and collectors Art policies should cover Art, when purchased, on consignment and in transit, it’s about knowing your coverage situation before it’s too late.

art-basel-miamiThe transportation of art is a tricky thing, and as fine art transportation insurance leaders we can tell you exactly what you require to know so that your insurance program will be effective and  cover you properly.  Insurance coverage during transportation, installation and exhibition of irreplaceable works of art, antiquities, and memorabilia isn’t optional and the best way to obtain the finest coverage is to visit artinsurancenow.com or call us at 800.921.1008 to speak with a knowledgeable fine art broker that can advocate for you in seeking the best possible insurance terms.

Art_Signature

 

5 Things Every Collector Needs to Know about Art Insurance

anFor many of us, amassing a robust collection of works by the artists we love is more a dream than a reality (though startups like Art Money are working to provide interest-free loans that should make buying art more manageable). But for emerging collectors and seasoned vets alike, the actual purchase of a piece is only the beginning of what it means to actually own art. Though not flashy, art insurance is a crucial part of collecting. It ensures that, should an artwork be damaged, it can be repaired or, in the case of a total loss, some kind of remuneration can be provided. So what do you need to know about art insurance? We sat down with Robert Pittinger, senior vice president and director of underwriting at AXA Art Americas Corporation, to get some helpful tips.

Know the Process

When a collector buys specialty art insurance, they’ll work directly with a broker who can assess the collection and determine what policy the collector might need. That broker, in turn, works directly with the insurance companies to find the right fit. A common misunderstanding of the process, Pittinger says, is that “collectors confuse the broker with the insurance company.” It’s helpful to know that “the role of the broker and the art insurer complement one another; however, the roles themselves vary and they are different. A specialized fine art broker is an advocate for the collector in seeking the best possible insurance terms for their clients.” As an insurer, AXA itself works with a select group of fine art brokers.

Keep Documentation

The first step toward getting insurance is—unsurprisingly—to determine what is going to be insured and for how much. To this end, documentation is key. “One of the biggest things is that the collector needs to have all the documentation for their collection before they go to the broker, because the broker has to have a very thorough understanding of the price of the collection,” Pittinger says. When approaching a broker, collectors should have a list of all the works, descriptions, invoices of sale prices, the purchase dates, and subsequent appraisal prices.“The collector’s management of their collection is critical, whether they have an online management system or a spreadsheet or they have manuals with all the documentation and their appraisals—that is a critical part of purchasing the insurance,” Pittinger says.

Assess Your Needs and Options

All this information is important to provide to the broker so they can determine what insurance is best for you. Though most collectors who need insurance already have it, some collectors think they’re covered by everyday, run-of-the-mill homeowners insurance. And they can be. But, as Pittinger notes, “A homeowner package policy generally is an add-on coverage. It doesn’t go into detail.” Homeowners insurance that covers art might have high deductibles, might not cover a collection across multiple houses, or might not cover the work during transit. That last one is a particularly sticky issue because “any time a collector moves their art, there is increased risk of damage,” Pittinger says. “That is the number one cause of loss for the insurance industry that specializes in art insurance.”

All this is why, for collections larger than just a few items, Pittinger recommends specialty art insurance. Even lower-priced works and emerging collections can receive insurance: For pieces priced as low as $2,500, AXA offers a 12-month policy of $75, with a minimum premium. Generally, however, it is hard to say exactly how much art insurance costs—it depends on too many factors. “Art insurance is very reasonably priced compared to other types of insurance,” Pittinger says. “The price range varies depending on the type of works, the size of the collection, security, where it is kept, if it is in a fine art storage warehouse or in their home or in a museum—all those factors go into pricing a fine art collection.”

Stay Up to Date and Be Careful

Broadly, in the event of damage, an insurance policy pays out in one of two ways: Either the policy will pay a set, agreed-upon amount determined by the insurer and the collector in advance, or the policy will pay out based on the work’s current market value. Pittinger says collectors opting for the predetermined payout structure may do so for a number of reasons, including peace of mind so that they “wouldn’t have to worry about substantiating the value of the works” in the case of damage. Agreed value can also move up and down over the life of a policy if the collector decides to get the work reassessed.

Current market value is exactly what it sounds like: The work is insured for its current value if that figure exceeds an agreed value. “But the important thing to remember is there would be a restriction—the company would by no means pay more than the total limit of the policy,” says Pittinger. In other words, if a collection is insured for $10 million total, and one work that has radically increased in value is damaged in excess of $10 million, the insurance would still not pay more than the total cap.

Be a Smart Buyer

One final note: Do your research. Make sure you get a full condition report prior to purchase. “It’s also critical that the collectors be careful with the provenance of the piece to make sure there’s not a gap in the ownership that could come back to haunt them later,” Pittinger says. If there is an issue and the work is seized for, say, having been looted by Nazis, insurance typically won’t cover that turn of events (there are, however, some specialty insurers that would protect against such loss with what is known as title insurance). So when it comes to art insurance, the old adage “buyer beware” certainly still applies.

—Isaac Kaplan

BY ISAAC KAPLAN

 

 

For a quote apply here or call us at 800.921.1008

Employee damages Art, is it Covered?

In December 2015, a security guard damage, defacing and destroying paintings and sculptures of artwork, in the Wexner Center for the arts, Ohio State University, before killing himself. Does AXA Museum policy cover such losses? Yes.

The AXA Museum form does not exclude for damage by an employee or the public.

AXA Museum policy covers Art owned by the Museum, property on loan or offered for sale to the Museum. The coverage extends to frames, crates, cases and packing material.

The main focus will be the loss settlement. After, restorers and appraisers evaluate the work to determine the Current Market Value of any work determined:

 A Total Losses, the company we will pay “current market value” of the property at the time “loss” or damage occurs. The “loss” or damage shall be ascertained or estimated according to such current market.

For the Partial Losses, The company will pay the Museum an amount mutually agreed upon based on the following:

(a) The cost to repair the property to its value immediately before the “loss”; or
(b) The difference between the value of the property before and after the “loss”; or
(c) The cost to restore the property as nearly as possible to its condition immediately before the “loss”. If the restored value is less than the value immediately before the “loss”, we will pay the difference between the restored value and the value immediately before the “loss”.
Having the right policy in place with the right coverages helped Ohio State University with the money to rebuild and or restore their amazing collections.

Insurance is to indemnify and restore the Insured to the situation prior to a loss. Sadly, Art is one of those objects which are very difficult to return to its original grandeur.   Nothing last forever, but one would hope, through proper insuring a collection, it could be rebuilt with similar works or genres.

William G. Fleischer | Principal
T: 212 566-1881 ext.111
E: wfleischer@bfbond.com
W: ArtInsuranceNow.com
Art_Signature

 

 

 

AXA Art Insurance Company

 
Good News! After 29 years in the Insurance Business, I have partnered up with   AXA and Travelers Insurance Company. We can now negotiate favorable terms and conditions with very competitive pricing. I now have the facility to insure all types and size collections, Dealers, Museums and Non-profit galleries.
If you are involved in the art world, I can insure your exposures.

• Commercial Art • Art and Antique Dealers • Restore and Conservators • Museums • Private collectors • Large or Small inventories. • Domestic or International. • Art Fair transportation, while at fair,     shipped to collectors • Art loaned to Museums or non- profits, • Art being shipped or carried on board, • Coverage for special events, Parties,     Gala’s, Dinners. • Non-profit organizations and more

There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss. The premiums begin around $2,500 for about $250,000 worth of protection.

Recent successes:  An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy

$300,000 premises limit $300,000 unnamed location $300,000 while in transit We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage. Premium is $3100 with $1,000 deductible.

The Genuine Article“Total flexibility with market-leading security – the ultimate high-net-worth coverage for art and antique collectibles, buildings, and contents.”
Call me with your questions.

William G. Fleischer, CIC 212 566-1881 ext 111 wfleischer@bfbond.com

Dealer Insurance, Museum Insurance, Corporate/Private Fine Art, and Collectibles Insurance.

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AXA Art Insurance Highlights of Coverages

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AXA distinguishes itself
as the only insurance company specializing exclusively in fine arts and collectibles. It employs 50 full-time art historians around the world and has an extensive network of art-world specialists including curators, appraisers, adjusters, conservators, tax attorneys and shipping agents specializing in the arts and collectibles. AXA serves all clients, from the first time collector to the most established collectors. The company is a co-founder of the international Art Loss Register.

 

AXA offers:

 • Broad, all-risk worldwide coverage.

• Large and small capacity insurance.

• Blanket location coverage.

• Automatic coverage on a newly acquired property of up to 25% of total policy limit within a 90-day reporting obligation.

• Claims processing.

 

Art Services:

• Evaluations that assess the current market values of clients’ collections.

• Loss prevention advice and disaster planning.

• Transportation, shipping, and handling consultation.

• Fine art collection schedules (inventory and values of all items in your collection).

• Curatorial and collection management services.

Call discuss your Insurance Needs; 800-921-1008

www.ArtInsuranceNow.com

What AXA Says about Insurance

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AXA is a worldwide leader in financial protection strategies and wealth management

 

Fine Art and Collectibles Coverage
(applications: www.ArtInsuranceNow.com)

We understand the collector’s passion and desire for expert service, responsiveness, and absolute confidentiality. We cater to those needs while writing policies that are as individualistic as the collectors themselves. Because we understand the risks involved far better than a non-specialist insurer, we can generally provide important benefits. For example, we can often be flexible in our rating for certain large collections based on one probable maximum loss, providing the insured with sufficient coverage yet at significant cost savings over less sensitive plans. Our underwriters are highly qualified fine art and collectibles professionals who will understand a collector’s needs and the many insurance options open to them. They will make the task of providing the right coverage easy for you and simple for your client.

Personal Jewelry Coverage
(applications: www.ArtInsuranceNow.com)

Few people have to think twice about insuring valuable jewelry. But doing so with a firm renowned as the world leader in art insurance might seem unnecessary. Why not a rider on a standard homeowners policy? At AXA Art, we understand that jewelry is an art form. Whether artist—designed, antique, fine or costume, jewelry has three kinds of value: financial, which we can insure; cultural, which we can help you preserve; and value to you, which is everything. In addition to a wide and flexible range of Personal Jewelry policies, we offer conservation advisory and services to help you keep your pieces precious.

Rare Books Coverage
(applications: www.ArtInsuranceNow.com)

Books, said Thoreau, are carriers of civilization. Rare volumes also give intense pleasure — and can fetch high prices. A rare book is a complex object with conflicting needs. Made of paper, glue, textiles, leathers, adhesives, inks and perhaps other materials, it requires informed handling, proper care, and a protective environment. The experts at AXA Art can provide bibliophiles with comprehensive insurance and a complete range of conservation and other services needed to help preserve a book’s value and the enlightenment it contains.

Antique Weapons Coverage
(applications: www.ArtInsuranceNow.com)

Many antique weapons — those at least 40 years old — are products of exquisite craftsmanship or technical wizardry, mark an important technological advance, or are famous as a result of an owner. Theodore Roosevelt’s African Safari rifle, for example, sold for $550,000 at auction in 1994. An antique weapon may seem durable. After all, unless strictly ceremonial, it was made to serve in the field. But a startling variety of accidents and deterioration have befallen antique weapons, and restoration — when possible — can be costly. AXA Art specializes in affordable protection for antique weapons against loss and damage, and in providing collectors with a complete range of support services, from appraisal through conservation, shipping, handling, and exhibition.

Vintage Wine Coverage
(applications: www.ArtInsuranceNow.com)

Wine differs from other collectibles in that its eventual purpose is to be consumed. Proper care and handling can ensure wine’s drinkability and help retain its value. The best protection is a storage facility with stable temperature and humidity control, accompanied by a Vintage Wine policy, so your wine can mature and mount in value with security. AXA Art believes in covering not only your vintage wine collection against accidental loss or damage but also the means to controlling its environment: our insurance can include wine containers, storage units, climate control systems, wine cellar furnishings and accessories.

Vintage Vehicles Coverage
(applications: www.ArtInsuranceNow.com)

Classic and antique vehicles have caught on the last two decades and those of great marques — Bugatti, Hispano Suiza, Rolls—Royce, Duesenberg — have been excellent investments. The same is true for certain beloved production models. And what collectible can be driven at highway speed? This is precisely why a rare automobile requires insurance from a specialist. We offer Vintage Vehicles policies against accidental loss or damage to antique vehicles at least 25 years of age, classic vehicles of unique or rare design, and most limited production models. We understand the passion collectors have for their cars and tailor our policies to their needs, including insuring as a matter, of course, a trailer used to transport a vehicle to a meet, concourse or show.

Rare Stamps and Coin Coverage
(applications: www.ArtInsuranceNow.com)

Philately and numismatics are deeply rewarding areas of collecting, with at least one thing in common: Many collectors in each field are underinsured. One reason: The fulfillment of finding and owning a rare stamp or coin seems far above pedestrian finance or security. At AXA Art, we understand both the compulsion to possess something rare and the necessity of securing one’s investment of time, effort and money in both senses: financial and conservatorial. As the world leader in art insurance, count on us to understand the nuances of a focused collection and a collector’s many needs, including secure and protected travel, the value of a personal reference library and a controlled environment. You’ll find that we embrace them.

Emerging Collectibles Insurance
(applications: www.ArtInsuranceNow.com)

The major areas of collecting were once thought fixed and unvarying. Then the second half of the 20th century occurred. Today thanks to durable glamour, historical necessity, potent nostalgia, or simply keen interest, many classes of objects from couture to cooking utensils, rock guitars to tin cars, have acquired value and an active market fed by dealers, curators, collectors — and AXA Art. As the world leader in art object coverage and related services, we are quick to understand the value of rare objects. We are familiar with the collector’s reluctance to divert funds that could be used for purchases, the complexities of risk, and the need to provide proper conservation. As a result, our collectibles insurance is surprisingly cost-effective.

Exhibition Coverage
(applications: www.ArtInsuranceNow.com)

As the world’s leading fine arts and collectibles insurer, we thoroughly understand the many complex and delicate issues involved in exhibiting, borrowing, handling and shipping fine art. Our coverage is genuinely worldwide and as flexible as you wish. It is generally wall to wall — that is, starting when it is removed from its place of residence until it is returned — and covers just about everything in between but government seizure or nuclear hazard. Because we understand the risks involved, we can provide virtually any type of coverage imaginable — at extremely competitive rates.

Museum Coverage
(applications: www.ArtInsuranceNow.com)

We are insurance and art professionals and we understand the many complex and delicate issues involved in exhibiting, conserving, and handling and shipping fine art, including objects from a museum’s collection as well as objects on loan. We are a large-capacity insurer and our underwriters understand that museums have to contend with large volume and small budgets. We are renowned to be creative and flexible to accommodate those we insure. Working as a team, our underwriters share their expertise to bring forth the very best solutions for comprehensive policies — and most of all achieve important cost-efficiencies for the institutions as well.

Corporate Fine Art Coverage
(applications: www.ArtInsuranceNow.com)

We are experts in the insurance of fine art and collectibles and we appreciate the numerous benefits of a corporate collection to a company’s well-being and corporate culture. You will find that we thoroughly understand the many complex and delicate issues involved in handling a large collection. In addition to broad, worldwide coverage we offer automatic coverage on newly acquired objects of up to 25 percent of the total policy limit with a 90 day-reporting obligation. Our coverage is extremely flexible — we welcome small and large collections and tailor our terms and conditions to fit the needs of those we insure. For example, we cover a collection’s works of art whether on corporate premises or in private homes.

Fine Art Dealer Coverage

Our focus on fine art and collectibles allows us to better serve the specific needs of those we insure. Our underwriters follow collecting trends and fluctuations in the art market. They understand that galleries are in the business of installing and de-installing shows at short notice. We are usually able to bind coverage on both large and small risks over the telephone. Because we share a collector’s interest in and passion for fine art and collectibles and understand the risks involved, we can provide virtually any type of coverage imaginable — at extremely affordable rates.

Historic Property Program
(applications: www.ArtInsuranceNow.com)

We are pleased to offer a special insurance program designed specifically for Historic Properties. Many Historic Properties are themselves works of art. As such, they are expressions of a life-ethic, a bygone era that inspires artists still today. Prime examples of these structures demonstrate the artistic flair of the men and women who designed them, built them, furnished them and lived in them.

The descriptions of policy provisions in this web site provide a broad overview of coverages only. All coverages are subject to conditions, coverage limits, limits of liability, limitations, and exclusions as contained in the policy. See the policy itself for an exact description of the coverage provided. AXA Art is licensed to write insurance in every jurisdiction in the U.S. with the exception of with the exception of American Samoa, Guam, Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands.

(applications: www.ArtInsuranceNow.com)

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.
affiliate-logo-layout-1Their 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

Can we be competitive with your Present Fine Art Insurance

If you are involved in the art world, I can insure your exposures.

• Commercial Art
• Art and Antique Dealers
• Restore and Conservators
• Museums
• Private collectors
• Large or Small inventories.
• Domestic or International.
• Art Fair transportation, while at fair,
shipped to collectors
• Art loaned to Museums or non- profits,
• Art being shipped or carried on board,
• Coverage for special events, Parties,
Gala’s, Dinners.
• Non-profit organizations and more

There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss.

The premiums begin around $2,500 for about $250,000 worth of protection.

Recent successes: An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy

$300,000 premises limit
$300,000 unnamed location
$300,000 while in transit

We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage.

Premium is $3100 with $1,000 deductible.

for applications Click Here