It’s important to be specific, especially when it comes to art insurance issues. You are expected to know exactly what is covered or not, when your coverage can be used, and what your responsibilities are in the event of a loss or a claim.
Insurance terms can be difficult to decipher, and problems can arise when you don’t quite understand what the words or phrases are describing.
The good news is Bernard Fleischer & Sons Inc. (ArtInsuranceNow.com) makes your policy easy to understand because we speak to our clients in plain English. Once you get a better handle on what your policy covers, you’ll feel more confident knowing your art is well protected.
Q. I notice that the words COMMERCIAL INLAND MARINE is on my policy.
If I buy the Insurance Policy, who is my broker and who is the company, Bernard Fleischer and Sons Inc. or Commercial Inland Marine?
A. We are the brokers (Bernard Fleischer & Sons Inc.) and the type of policy is a commercial inland marine. It’s the insurance industry wording for the type of policy that covers your art
Q. I read this exclusion on my policy and I don’t understand this point:
- Property Not Covered
Property while on exhibition at fairgrounds or on the premises of any national or international exposition, unless this coverage is added by endorsement and an additional premium is paid.
Does it mean that I’m not covered if I buy the Insurance?
A. Fairgrounds is not an Art-Fair. Art-Fairs are covered by this policy. Fairgrounds is a World Expo, World Fair, State Fair type of venue.
Q. My policy reads this about shipments:
‘Shipments by mail unless by registered first class mail or parcel post provided, however, such shipments by parcel post shall not exceed the sum of $1,000 in value nor the sum of $25,000 in value by registered first class mail. However, in no event shall we be liable for more than the Transit limit stated in the Declarations page.’
Does it mean that if I use Fed-ex or UPS or USPS, I’m not covered? I don’t really understand this.
A. USPS regular mail has bad experiences with shipping art. Sending art just by registered mail is not recommended, hence limited values apply. Art sent by Fed Ex and UPS is fine and the full limit of $100,000 applies.
Q. I have already paid for an Insurance policy, but they don’t cover me for International transit and International exhibition. So that’s why I need a complementary policy, but I want to be sure to be covered for my specific needs:
– International transport, in my case it will be from NY to Paris
– an international exhibition, in my case in Paris (France). An exhibition which is to last 6 months to a year.
I understand that If I buy the Artist policy I will be covered for these specific needs, as the territory is worldwide, right?
A. That is correct. I would rethink keeping the other policy unless its just covering your personal belongings or Liability. Our policy covers your art, art in progress, materials, tools, equipment and research library.
Q. For limits of Liability, I suppose that Paris is a covered location?
A. That is correct. For the full $100,000.
- Please, could you clarify?
A. ‘covered location’ is in the studio where the art is created, this is where the tools, materials and reference library are covered.
The ‘unnamed location’ is everywhere else, including Paris, storage facilities, galleries, even our offices 😉 Anywhere in the world, except countries without a trade agreement with the USA.
In conclusion, there are many different situations when it comes to risk management in the art community and we have the experience and know how to help you protect your art.
We are the trusted one-stop insurance for the art community. If you have any questions of your own we are available to answer them via Live Chat on our website at www.ArtInsuranceNow.com or give us a call at 800.921.1008 we are always happy to help. You can also read some of our customer reviews on Google here.