Category Archives: Insurance Companies

Art Collection more Valuable than your Home?

I received an interesting referral from the insurance carrier, Liberty Mutual. The homeowner has insurance for his home of $350,000 but his art collection is worth $400,000. Liberty Mutual would not insure the art so they sent him to me. I also get similar referrals from insurance carriers like USAA and Geico.

His story is very typical, He is receiving an inheritance of valuable art. His short-term goal is to bring the art into his home, then possibly sell them in the future.

I explained to him the various options, Blanket Coverage, where he will have to prove the value at the time of loss, this is easy because when people die, there is an accounting of assets required from the IRS to establish death tax.

But there are cases where the tax valuation does not exist or is purposely low. For establishing current market value under a blanket policy, tax evaluation is not important but the description can be. The description can be used to help a dealer or appraiser establish the current market price.

Then I explained to him, he can insure based on Scheduled Coverage, The schedule does not have to be backed up with bills of sale or appraisals. The downside to this is he may undervalue the art.

The third option we discussed is Scheduled Coverage based on bills or appraisals, this is great for at the moment value, but can lose if the art appreciates.

I also explained that the coverage I can suggest to him, would include coverage for art transport, storage while the art is in his home and if he decides to either put the art in an exhibition or give/consign to a dealer, the insurance would follow the art in these situations.

Call us if you require coverage for your valuable collectibles.  We can custom design the right policy for your unique situation and get you properly covered quickly.

 

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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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Art and Antiques Specialist Risk Management Advice

Because I am always receiving all sorts of art related information I have decided to share some excerpts.

This is from a Zurich informational flyer.  Its a helpful flyer breaking down various aspect’s, like:

Understand how to Assess the risk, climate control for fine arts and Antiques,  placement of rugs and carpets away from fireplaces. The flyer gets into special care for paintings, moving art, security advice and professional valuations and photographs.   it’s worth a quick read.

Click here for an application to insure your Art and antiques.

William G. Fleischer, CIC

President

29 Broadway, Suite 1511

New York NY 10006

212 566-1881 ext. 111

Email: wfleischer@bfbond.com

www.ArtInsuranceNow.com