Collecting Art is fun, but maintaining values fluctuate a lot on an insurance policy. All homeowners policies where fine art is a part of the policy are written on a scheduled basis.
To add these artworks to your schedule, the company requires a current bill of sale or a current appraisal. The value is locked based on the schedule, good if the value goes down, bad if the values goes up.
Here is an endorsement which I feel the collector should consider when they are insuring an art collection.
It’s the Current Market Value 150. With this endorsement, the company will pay the amount shown on the Schedule for which the item is insured. However, if the market value of the itemized article immediately before the loss or damage exceeds the amount of itemized coverage for that article, we will pay its “current market value” immediately before the loss or damage up to 150% of the amount of the itemized coverage for that article. Of course, if the item market value decrease you will get less.
For a quote on Fine Art, Collectibles and objects of value click here for the collectors application on my website.
Recently, while I was discussing art with an attorney, UCC filings came up. Usually, this is filed when you take out a business or personal loans and the lender to protect its collateral files the UCC with the state.
It’s an inexpensive file, which is used to notify the state you are a lender and have claim to the object corresponding to the UCC.
So I always tell everyone when you lend for sale your Art, to always have an expiration of consignment, in case the other party gets in financial difficulties the asset reverts to you at the end of the consignment date.
But now adding the UCC you attach yourself to the asset so any court can recognize you are in line to be paid if the art is sold.
An interesting layer of protection from an unstable partnership.
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
29 Broadway, Suite 1511
New York NY 10006
T. 212 566-1881 ext 111
F. 212 566-1615
Photographs have complex chemical structure and material composition. Each material has its own preservation issues and needs.
Consequently, photographs may suffer from fading and deterioration over time regardless of the extra care and special handling. Most Insurance Companies cannot provide coverage for items that cause themselves to deteriorate as a cause of loss.
However, a proper appraisal done every 3-5 years will keep the collection in good proper order. As changes in condition occur, a current appraisal will note the photograph’s individual characteristics which will then influence the current market value of the single item.
Contact: William Fleischer 800-921-1008 or visit my website for application
• Art Dealers
• Artist Transit/Exhibition/Studio Insurance New Program
• Corporate Collections
• Personal Collections
• Museum Collections
• Business Owners Liability
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.
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
I have been issuing Fine Art Insurance policies for many collectors who recently purchased work for their collection. The prices range from $280.00 up to $500, I have been including the transit coverage from the gallery to the home.
I even wrote one from Italy to Washington, no deductible. It’s also important, to include the frame, under the description part of the policy. If this is not written in the schedule description, then only the work will be covered.
This is a little fine line, I just discovered. I am always watching out for the benefit of the collector, it’s all about properly insuring, knowing your exclusions, hedge your financial downside and most of all, enjoying the Art. www.artinsurancenow.com
• 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.
• 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
Personal Articles Floaters Program
Still placing PAF’s on your Homeowners Policy? Does your policy have exhaustive exclusions or limitations and warranties such as alarm warranties or location restrictions? Or perhaps no CAT (catastrophe) coverage or sub-limited CAT coverage with deductibles?
This program rivals the best forms in the industry and is written on an all risk basis and Admitted in all States. CAT coverage up to the policy limits. There are no deductibles, location restrictions or alarm warranties.
And… The Personal Articles Floater program is available for risks of any size.
Still Not Convinced? Look How Easy We Make It!
Immediate policy issuance. Immediate endorsement processing.
Have a schedule from a prior policy? We accept that in lieu of appraisals.
Regarding appraisals, we have no age restriction on appraisals or invoices. Have a large risk with an extensive schedule? Forward to us to import.
We do that too. And we make it easy for you.
Contact us at 800 921-1008 to learn more.
All risk, worldwide coverage for valuables and collections including jewelry, fine arts, and other miscellaneous items. Available for individuals and businesses.
Visit my website and complete the simple application: www.ArtInsuranceNow.com