Category Archives: Uncategorized

Response to Chubb white paper report

As a broker who sells Art insurance, www.artinsurancenow.com, Antiques and Collectible Insurance nationwide, I can attest to the increase in awareness of Values across collections.  May it be Fine Art, Photography, Antiques, Rare books, memorabilia, and all that we collect, is influenced by various media outlets.

 

There are many ways to position an Art Insurance Policy where it can keep your valuables, relatively current with the market price.
Appraisals cost money, there are endorsements which can be added to policies to increase the value by 150%. Just remember the company will not pay you more than the policy limits or class limits.

 

Each Carrier, AXA, Chubb, Travelers or Markel, have products which either complement your Homeowner’s policy or have a standalone Policy.
If you are interested in exploring the option you can call me:
William Fleischer, CIC
Bernard Fleischer & Sons, Inc.
29 Broadway
New York, NY 10006
212 566-1881 ext 111
www.Artinsurancenow.com

Is Art insured in the belly of a Plane

Yes, items can be checked into luggage and still be covered, but this is not the best way to ensure coverage under this policy because you will be violating the packing warranty. 

The packing warranty is broad enough that it allows the Insured to pack the items, but still must be packed “utilizing procedures and materials to protect the Covered Property.” 

What does this mean?  It means you can pack a wood carved 12” dish into your luggage, but you cannot insure a Tiffany lamp wrapped in a sweatshirt.

If the item is of art or cultural importance, the country of origin may seize the property.  This policy does not cover any Governmental Action.

Fill out a collectors application for a quote today.

 

Interesting Art related Articles links

Art Forgers Beware: DNA Could Thwart Fakes

http://www.nytimes.com/2015/10/13/arts/design/developing-dna-as-a-standard-for-authenticating-art.html?_r=0

Looming spectre of theft at art galleries

http://citizen.co.za/384098/looming-spectre-of-theft-at-art-galleries/

Here’s how much it costs to package, ship, and insure a multi-million dollar piece of art

http://www.businessinsider.com.au/5-things-to-do-before-you-buy-an-expensive-piece-of-art-2015-5

Provenance Premium

http://appraiserworkshops.blogspot.com/2015/04/porvenance-premium.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AppraiserWorkshops+%28Appraiser+Workshops%29

Creator or Buyer: Who Really Owns the Art

http://artlawjournal.com/visual-art-ownership/?utm_source=wysija&utm_medium=email&utm_campaign=April+20+2015

 The Smarter Way to Invest in Art

http://www.bloomberg.com/news/articles/2015-03-19/art-investing-smart-buys-are-overlooked-underappreciated-works

Writing off the Warhol Next Door (Art Collectors Gain Tax Benefits From Private Museums)

http://www.nytimes.com/2015/01/11/business/art-collectors-gain-tax-benefits-from-private-museums.html?emc=eta1

No Artist Resale Rights for US, for Now

http://news.artnet.com/market/no-artist-resale-rights-for-us-for-now-220318

All Together Now: Artists and Crowdsourcing

http://www.artnews.com/2014/09/02/artists-and-crowdsourcing/

Ian Berry: Teaching Students How To See

http://www.artnews.com/2014/01/20/ian-berry-teaches-students-how-to-see/

Sotheby’s and Jancou Battle in Appeals Court over Cady Noland Artwork

http://www.artinamericamagazine.com/news-features/news/sothebys-and-jancou-battle-in-appeals-court-over-cady-noland-artwork/

The Visual Artists Rights Act of 1990

http://digitalcommons.law.ggu.edu/cgi/viewcontent.cgi?article=1540&context=ggulrev&sei-redir=1&referer=http%3A%2F%2Fwww.bing.com%2Fsearch%3Fq%3DVisual%2BArtists%2BRights%2BAct%2Bof%2B1990%26form%3DIE11TR%26src%3DIE11TR%26pc%3DCMDTDFJS#search=%22Visual%20Artists%20Rights%20Act%201990%22

Consignment Options

I was chatting with a Art Dealer and we were reviewing A proposal for her business. As we went through the quote, she had a question regarding Consignments.
Interesting, as a dealer, the usually business model is to receive work on consignment, but what happens when you consign works to other dealers. How is the coverage applied.

So I pulled out policy forms and started to read through them. This is what I found under Valuation.

Property on consignment, at agreed consignment value plus 10%

So My question to the underwriters, is the valuation used for any consignment agreement whether if the deal is the consignee or the consignor.

In one underwriters opinion, he wrote to me this

Since this is a dealer form, the consignment refers to property on consignment to the Insured as the dealer.  This way the owner of the property is made whole, and the dealer gets 10% for administrative and marketing expenses they have incurred.”

but the underwriter failed to clarify works on consignment to other dealers.

 

Property sold but not delivered and/or while in transit to consignee’s or owner’s premises shall be valued at the selling price plus expenses, if any, which have accrued from the date of sale

So now my question is while in transit to consignee, if not sold, how is it valued, based on what i read, it would be selling price plus expense,. You would think the company would argue the dealer valuation of  cost plus 20% or 30%  or selling price less 20% or 30% depending what negotiated with the from Insurance company).

To further complicate the issue, another company responded a a simple way. A Consignment is a consignment no matter to the dealer or among dealers.

So in conclusion I must use that famous insurance answer to almost all questions of coverage; “maybe, depends”

This is why I love the Insurance business exploring the grey areas in policies.

Visit my main website page here

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

BERNARD FLEISCHER & SONS, INC.

29 Broadway, Suite 1511, New York, NY 10006-3201
(212) 566-1881 ext 111 or (800) 921-1008

 

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Everyday I learn something New and fascinating – Intaglio.

Today I learned a new word. I was reviewing a schedule of fine art insurance and came across a word which I was not familiar, Intaglio Art.

Intaglio Art, what can this be? So off to the land of Google search, I came across the definition in Wikipedia;

Intaglio Example

Intaglio is a technique in art, in which an image is created by cutting, carving or engraving into a flat surface and may also refer to objects made using these techniques:

 

I then looked up some pictures and this stuff is really cool
We proudly insure this type of work. Let us insure yours, Visit us at www.artinsurancenow.com, call 1.800.921.1008

art insuranceLet me insure yours

www.artinsurancenow.com

 

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneer
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

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

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:

How to Insure Prehistoric Art properly.

Prehistoric Art is Art from Ancient Near East, Ancient Egyptian, Greek, Roman, Islamic Art, etc was created on many different types of Median, Ceramic, Gold, Silver, Tapestry, Bronze, wood, stone. etc. over the years these work of art have become scarce, fragile and valuable.

I am insuring a dealer in Indian Art who specializes in Prehistoric Art.  He reminded me that Long Island in NY had one of the largest concentrations of Arrowheads.

Addressing the Insurance coverage for those Art items which you care for, I have a very special understanding of the risk of damage, theft while in the home or in a Exhibitions.

Art Insurance policies are not all the same. Some are written through LLOYD S of London, AXA Art, Travelers Insurance Company to name a few players.  The Art Insurance company will include Transit by Sea, Air & Land. Coverage is usually extended to a Storage facility or the final destination.

To have these items insured, the underwriters in most cases will require a condition report if in long-term storage or if newly purchased, a bill of sale or appraisal.
Visit ArtinsuranceNow.com to complete the Collectors application to cover your prehistoric, Modern and contemporary art.

William

art insuranceart insurance  art insurance

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability

How Important is my advice

I have been in the insurance business for over 35 years. The experience and situations I have encountered are many. When it comes to protecting your Assets, there are many variables which one must consider. Not all policies have the same terms and conditions.

Possible Exclusions are many, Earthquake, Flood, Named storms, Mold, Water, Theft from premises. Terrorism, other than Named locations, while in Transit, etc.

Conditional: vary too. Alarm warranties, Shipping, and packaging, Schedules, Unscheduled, appraisals. Notifications for removal from storage, vaults, when loaned at exhibitions, travel outside the continental USA. reporting form,

Valuations: variables are, Agreed amount, Appraisal value, percentage less sale price, percentage plus consignment, Onus of Proof.

Sub-limits: Bouillon, Jewelry, Electronics

Territory restriction, World wide, continental USA,

Deductibles: $1,000, 2,500, 5,000, 25,000, 100,000

Payment Plans: Direct Bill< Credit Card, Wire transfer, Check and Cash.

Insurance Company: Admitted. Non-admitted, Risk Retention Group, Foreign, AM Best Ratings

The above are just a few items which are negotiated during the process.  I like to speak to all my customers to get a sense of what they situations are and how to protect them from a financial loss.

Not everything is ever covered by a policy, most can be.  I have found many different niches which companies give very good policies, service, and prices.

Work with me and you can feel the importance of working with a human who can relate to your Insurance exposures.

www.artinsurancenow.com

William G. Fleischer, CIC

President,

Bernard Fleischer & Sons, Inc.

http://www.artinsurancenow.com/

New AXA Jewelry Collection Policy

Specialty Jewelry Collections AXA Art Policy HighlightsAXA Art recently launched a specialty jewelry product for private collectors of classic antique and designer jewelry. The mono-line, broad coverage product is available in the United States for schedules in excess of $500,000 for focused collections ranging from ancient to vintage to contemporary jewelry.Our specialty jewelry product offers affordable, all-risk coverage on a worldwide basis. The policy can be written as a separate policy or added to an existing fine art policy. This new jewelry collection policy is offered in addition to our scheduled jewelry product for values below $500,000.

 

 

Highlights:

  • Target: $500K up to $30MM jewelry collections, higher limits available
  • Minimum: $500K personal jewelry collections
  • Competitive rates for collections kept in the residence, residence safes and bank vaults
  • Worldwide coverage
  • No restrictions for California earthquake or any coastal windstorm locations including Florida
  • No deductible requirements, deductible options available for various rate credits
  • Coverage for loose, cut gems and stones available
  • Valuation Options: Agreed, Current Market Value
  • Scheduled or blanket policies
  • $50,000 blanket coverage included

 

Submission Requirements:

  • Completed AXA Art application
  • Listing of jewelry in collection with values
  • Purchase receipts or appraisals for items valued at $100K or more

Contact:

For more details about AXA Art’s specialty jewelry program,

please contact your William Fleischer

 

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance New Program
Auctioneers
Conservators/Restorers
Corporate Collections
Personal Collections
Exhibitions
Museum Collections
Business Owners Liability