Category Archives: Stamps

Insuring Art Work at Market Value

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.

 

 

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

American Collectors Insurance policy, Quote and Bind Instantly

Call me 800-921-1008 or click here to visit American Collectors web site for a quote:

cLICK HER TO GET A REALTIME QUOTE

If it's worth Collecting, it's worth Protecting
If it’s worth Collecting, it’s worth Protecting

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

Collectors Insurance

Bid Bonds

We represent Insurance Companies to make it easy for you to protect the things you collect.

Homeowners insurance alone does not provide enough coverage for your clients’ treasured items. That’s why our collectibles program is the perfect complement to your standard personal lines products. It enables you to protect the full collector value of your collections in the event of a total loss.

Designed specifically for collectors, our all-risk policy not only protects against accidental breakage, hurricane, flood, earthquake, fire, and theft – it also protects the packaging and accessories of collectibles. Plus, our optional Collectors’ Choice coverage provides your clients who are actively growing, displaying, or occasionally using their collection with the added level of protection they need to fully enjoy their hobby.

We offer deductible options (including zero deductible), rate options and discounts, and multiple collections in the household can all be covered by the same policy. Appraisals are not required to obtain this valuable, stand-alone coverage.

We’ll consider all types of collections including*:

Advertising Memorabilia Die Cast Model Cars/Trucks Pottery & Collector Plates
Animation Art Dolls Prints (limited editions)
Automotive Memorabilia Figurines Quilts (antique/collectible)
Books (rare) Guns (pre and post WWII) Radios/Victrolas
Cameras (antique/collectible) Holiday Collectibles Sports Memorabilia
Carousel Animals Jukeboxes/Upright Arcade Games Stamps
Ceramics Military Memorabilia Teddy Bears
Clocks (antique/collectible) Miniatures & Doll Houses Toys & Action Figures
Crystal/Glass Model Trains & Layouts Trading Cards
Comic Books Movie Memorabilia Wine & Accessories
Coins Musical Instruments and much more! 

* Contact us regarding other unique collections at www.ArtInsuranceNow.com, or call 1.800.921.1008

art_signature

 

 

 

Protecting your Paintings

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

AXA Art Insurance Highlights of Coverages

ain-axa
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 are Chubb’s Policies like?

Chubb is known for their high-Value Homeowners, In many cases, you can include your Art on these Policies, Chubb offers stand-alone coverage policies, even though if your homeowner’s policy is with another company.

Are your valuables worth more than $1,000 (per item)? More than $5,000? Then Chubb says they are the company for you with
their Masterpiece Valuable Articles Coverage. Fine art insurance is inexpensive, generally running from one to two cents per $100 in valuation, depending on location and type of Art. “Price is not the issue in fine art insurance. The scope of coverage, conditions, and limitations along with fine arts expertise are the key factors to consider.

What Chubb offers:
• Itemized coverage
– allows you to determine the insured value
of each of your possessions. In the event of a total covered loss of an item, you will receive 100% of the insured value, with no deductible, and no depreciation.

• 150% replacement cost
– provides safeguards for items that appreciate. If the market value (before the loss) of an item lost or damaged in a covered loss is greater than the itemized amount listed on the policy, they will pay the market value up to 150% of
the itemized coverage amount for the item.

• Breakage protection
– coverage for breakage or damage to fragile items is automatically included.

• Coverage for “mysterious disappearance
– Chubb provides coverage when valuable items are lost or misplaced, especially when they disappear away from the home. Many homeowners policies don’t cover this.

Worldwide coverage
– valuables are automatically covered wherever taken, anywhere in the world.

• Appraisal
– Chubb does not require an appraisal for every piece that you itemize. For most possessions, they need a description of the item and a value. They generally require an appraisal only for fine art worth more than $100,000, jewelry worth more than $50,000, and any other item valued over $25,000.

Coverage for pairs and sets
– If a piece of an itemized pair or set (like earrings or a set of silver) is lost or damaged in a covered loss, you have the option to provide them with the remaining piece(s), and will receive the coverage amount for the entire set.

Cash settlement
– You are not required to replace itemized valuables in the event of a loss. You can choose a cash settlement, or replace your valuables at the dealer of your choice.

Coverage of newly acquired items
– If a new item is acquired and you already have similar articles insured with itemized coverage, the new item is automatically covered for 90 days for up to 25% of the total itemized coverage for those similar articles (maximum $50,000).

Chubb also has an outstanding claims reputation. We are one of the largest fine art insurers in the world and insure many collections of top art collectors.
To receive a quote follow the link and complete the application for a collector.

www.artInsurnceNow.com

tel: 212 566-1881

 

 

Personal Articles Floaters Program

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.

Book Transfers
We do that too. And we make it easy for you.

Contact us at 800 921-1008 to learn more. 

Program Highlights

  • Carrier A rated, XV, Admitted
  • Operations Personal & Commercial collections of any size.
  • Types of Items Jewelry, Fine Arts, Collections and more.
  • Enhancements Earthquake, wind, flood (all with no deductible);
  • Worldwide coverage;
  • No hotel/motel exclusion;
  • Market Appreciation clause included;
  • Automatic coverage for newly acquired items.
  • Blanket Unscheduled Jewelry up to 25,000;
  • Blanket Unscheduled Fine Arts up to 25,000

Program Summary

All risk, worldwide coverage for valuables and collections including jewelry, fine arts, and other miscellaneous items. Available for individuals and businesses.

Collection Categories

  • Jewelry
  • Fine Arts (fragile, non-fragile, unscheduled)
  • Furs
  • Cameras
  • Sporting Equipment
  • Musical Instruments (non-professional)
  • Silverware
  • Postage Stamps
  • Rare Coins & Collections
  • Computers & Media
  • Wine
  • Golf Carts
  • Guns/Firearms
  • Bicycles
  • Other Miscellaneous Items
  • Earthquake and wind coverage available with no deductible

Visit my website and complete the simple application: www.ArtInsuranceNow.com

What Travelers has to say About Art Insurance

Inland Marine — Fine art
What it covers

Travelers offer unparalleled coverage for the protection of scheduled fine art items. Coverage for such fine art is available at a permanent location, in transit or while loaned to others. Our Agreed Value Fine Arts Policy ensures that fine art collections are insured under a form that addresses the needs for that collection, while also making breakage coverage, special pairs and sets coverage, and flood and earthquake coverage available.

For significant corporate collections of fine art, or for artwork and collectibles in commercial settings, we offer comprehensive fine art coverage under which a broad spectrum of paintings, sculptures, prints and multiples, and more specialized collections of historical, cultural or technological significance can be insured.
Who needs it

Corporations and commercial accounts may have valuable works of art not specially covered as fine art under standard package policies that can be insured under our fine art coverage.