Category Archives: Public Art

Art Exhibition Insurance – The Details

As representatives of the top Insurance carriers that insure exhibitions locally, in multi-states and internationally, we know coverages.

Each company has their own distinct forms to insure the unique exposures related to exhibitions. Coverages while in transit, at the exhibition venue, and in storage vary by company.

Below are some highlighted coverages to consider when placing insurance for an exhibition, how to protect the lenders, and what is the right valuation method.

 

About Exhibition Coverage

Most Art Insurance policies not only insure the work on exhibition, but also the didactic and ancillary materials such as vitrines, hardware, technology, and supportive structures.

A typical Policy I use with my insureds exhibition policy includes:

  • Agreed Value: We usually require a schedule prior to binding, but different terms can be negotiated.
  • Worldwide coverage for transit: is important when gathering works from overseas collectors.
  • Named Location: some policy covers only named location and excludes transit
  • Scheduled or Blanket: 
    • The schedule:  Establishes the price of the work to be insured.
    • Blanket: policy usually has a per item cap along with the onus of proof of value is on the insured.
  •  Loss Payee Certificates: These are issued if a lender requires proof of coverage and insures the check will be made to them in case of a loss.

 

  • Additional Important Exhibition Coverages one should verify if covered:
    • Packing crates, catalogs, and brochures included
    • Nail to Nail coverage:Coverage from point of pick up until returned.
    • Goods in transit
    • Art in storage in-between transit

 

  • Broad, all-risk coverage
  • Blanket limits on propertyin your care, custody, and control at scheduled locations and any other unnamed locations. Beware of sub-limits.
  • Domestic and international transit: To/from list of Exhibition Locations
  • No coinsurance clause penalty
  • Valuation clauses: important to know how a loss will be settled. Our policies are designed for the art industry
  • Coverage for jointly-ownedworks of art should be disclosed and understood how a loss will be paid in those instances.
  • Special clauses for “loss buy back” or “pairs and sets”
  • Relaxed appraisal requirements with most companies
  • Based on Consignment value established at time of pick up.

 

About Exhibition Exclusions and Conditions:

These policy forms usually include the standard and not so standard Exhibition polices.

Wear and tear, moth, vermin, and insects.

Damage resulting from any repair, restoration, or retouching process.

Nuclear, radiation, biological or chemical contamination.

War, invasion, an act of foreign enemies, hostilities, military or usurped power.

Confiscated, damaged or destroyed by or order of any government or public or local authority, except if taken at the time of a fire to prevent it’s spread.

In Conclusion: Art insurance has many variables and sections which can be negotiated, if you are a knowledgeable Art Insurance broker.

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

 

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:

Bansky

In Today’s contemporary Art world, values move quickly. The street graffiti Artist has mad strives in the collecting arena. How do you place a value on a building wall? a Mural commissioned on a side of a building to bring attention to a business. A painting on the door of a truck. Public Art the danger of the Vandals.

I was asked to insure a building mural for a business. once it’s painted on the building wall the art becomes part of the building. Graffiti or vandalism is part of standard Business coverages.
In contrast, I was asked to Insure a truck door with Banksy art. This one was easy since it was taken off the truck and transported to the collector.

click here for the private art collectors application

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