Corporate Art Insurance 3 trends

As a leading Art Insurance Broker, I have seen a rise in 3 types of  policies focusing on the Art Corporation are showing in their  businesses.

  1. The rise of using  Art leasing/ renting companies for a short time, rotating exhibition space. These new type of lending services,  fill a niche by adding style to an office by using a wide range of art, Prints, Sculptures, Paintings, Glass and tapestry.  I have insured the works in Doctors’ offices, hospitals, corporate offices and temporary spaces, not to mention in all types of residences.
  2. Pure old fashion Corporate Art insurance. Art can make a space interesting and appealing to visitors or staff. Manny CEO Private Collections are starting to show off their collection. I design policies to insure the art while in the office, in storage or enjoyed at home.
  3. Exhibition Insurance. Many curators are able to assemble a strong show, using a common theme or thread to enhance the corporate culture creativity. They invite Artist or ask Collectors to loan works fulfilling the vision of the project.

 

EZ to apply at  www.artinsurancenow.com

Affordable Art Fair NYC Spring begins March 29!

Sponsored by

Affordable Art Fair LogoWe at Bernard Fleischer and Sons, Inc. / ArtInsuranceNow.com (New York City Based Art Insurance Brokers) love it when fine art is made accessible, and one of the premiere events for attainable art is Affordable Art Fair. With all art under $5,000, making it affordable to everyone. This year we are proud to be sponsoring this global initiative to bring art to art lovers in New York City.

The very first edition of the Affordable Art Fair launched in Battersea Park, England in October 1999. 10,000 art lovers descended upon the fair to take advantage of the ease of buying, range of choice, and of course, the affordable prices!

Holding over 230 fairs and spanning over 10 different cities, which today include Amsterdam, Milan, Hong Kong, Hamburg, Brussels, Singapore, and Stockholm. Now, with an extended program that includes live artist performances, innovative talks and tours, hands-on workshops, live music and irresistible restaurants and bars, the Affordable Art Fair continues to grow and bring art to new audiences around the world.

While collecting art is a wonderful endeavor, it is very important to protect an art investment with an insurance policy that is designed specifically for the special coverages fine art demands. Visit us at ArtInsuranceNow.com so we can tailor a policy for your small or extensive unique collection.

After your visit to the Affordable Art Fair NYC Spring, protect your investment with expansive coverage for your Paintings, Prints, Photography, Jewelry and Drawings. Art Insurance policies are written on a blanket basis, Schedules and Appraisals are not required. www.ArtInsuranceNow.com or call 1.800.921.1008

Tate to Exhibit Ultimate David Hockney Retrospective

We at ArtInsuranceNow.com are excited that Tate Britain is staging the most extensive retrospective of David Hockney’s work to date in February 2017. As his 80th birthday approaches, over six decades of Hockney’s work will be shown at the U.K. institution including painting and drawing, as well as prints, photography and videos.
From his first one-man show when he was 26 in 1963 he most recently exhibited at the National Gallery of Victoria, Melbourne Australia (DAVID HOCKNEY: CURRENT). He is credited as being one of the most influential living artists.
Tate Britain’s director Alex Farquharson has said: “David Hockney is without doubt one of Britain’s greatest living artists. His impact on post-war art, and culture more generally, is inestimable, and this is a fantastic opportunity to see the full trajectory of his career to date.”
Hockney is also quite the armchair philosopher and a search of the internet will find many quips and quotes, A book on art conservation which cites an AXA Art Insurance funded research laboratory quotes him as saying “Love will decide what is kept, and science will decide how it is kept”.
AXA Art Insurance is one of our many affiliate partners in bringing you the most comprehensive Art Insurance coverages available; to learn more visit us at www.ArtInsuranceNow.com, fill out an application to receive a fast free quote or call 1.800.921.1008 to protect your art and collectibles. Don’t miss David Hockney, on show at Tate Britain from February 9 until Monday May 29 2017 followed by showings in Paris and New York City.

Travelers Insurance, AXA Art, Markel ART, Chubb Ar,t XL Art, Philadelphia Art, Great American Art, Ironsure Art, USAA Art

 

Things To Know About Coverage For Jewelry And Other Swag.

Art Insurance Now, AXA Art, Fine Art Insurance

Your Homeowners Insurance May Cover partially What You’d Pay to Replace High-Value Watches, Rings, Necklaces, Bracelets and other Items.

Standard homeowners and renters insurance policies include some coverage for jewelry and other precious objects such as watches and furs. Like other possessions, high value items are covered for losses caused by all the perils included in your policy such as fire, storms, theft and vandalism.

However, there are special Sub-limits of liability for certain items, simply meaning that the insurer will not pay more than the amount specified in your policy. One significant limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a somewhat low limit for theft coverage, generally $500.00 to $1,500.

If you own costly jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability, or by “scheduling” your individual pieces through the purchase of “Special” Jewelry Policy. Raising the limit of liability is the least expensive option in terms of insurance premium cost; however, there is generally a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.  We recommend buying a Blanket Jewelry policy which includes all your items, and in most cases the best value for your insurance dollar.

Choosing the right Insurance policy is personal.  Our Blanket policy pays claims based on current Market value and is limited to the total limit you purchase.

Non-Scheduling each piece or item may cost more in premiums, but it offers broader protection because the Policy usually covers losses of any type, including accidental losses—such as dropping your ring down the drain or mysterious disappearance—that standard policies do not cover. All policies have conditions, limitations and exclusions. That’s why, when purchasing a Jewelry policy you should always work with a reputable broker like Bernard Fleischer and Sons. Insurance has grown increasingly complex over the years. There are literally thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Plus, policies are often filled with disclaimers and insurance jargon that can confuse the average consumer. We can decipher the jargon and deliver the best protection for your valuables. For more information and a fast, free quote visit us at www.ArtInsuranceNow.com or call us at 1.800.921.1008

Art Insurance Now, AXA Art, Art Insurance, Fine Art Insurance

Artist’s Nightmare at the Museum

Museum in the dark pictureJust imagine, you are an artist without an Artist Insurance Policy and you finally get an exciting call from a museum to tell you that they have chosen your work for an exhibition for several months.  You work extremely hard on creating the exhibit and receive a contract from the museum that says they will insure your artwork while it is on display. A friend from out of town visits and you take them to see the exhibit and notice your prized sculpture in the exhibit is damaged. Immediately, you contact the museum and call for a plan of action; you ask to see the security footage and request more information about submitting the insurance claim. The museum seems uncooperative, explains to you the security cameras aren’t operating, there isn’t any evidence to support your claim the sculpture was damaged while on display and there is no insurance information they can provide for you at this time. You continue to push for an insurance claim, the museum continues to be evasive and you feel like you are getting nowhere. It looks as though the museum is not going to submit a claim on your behalf and the repairs will cost an enormous amount of money and numerous hours of your time.

This is a real-life insurance horror story from cases that the Philadelphia Volunteer Lawyers for the arts (PVLA) have heard over the years. Unsurprisingly, insurance disputes are a common occurrence with PVLA arts clients. The underinsurance of artwork presents artists with various problems which are much more commonly associated with their profession than others. Another unique problem with the underinsurance of artwork is with its valuation. Artwork is often not treated with the same financial diligence as other assets because it can be difficult to place a value on it and can cover a broad range of items including paintings, sculpture, architecture, printmaking, digital graphics, ceramics, collage, photography, statuary, textiles, art glass and other decorative items.

Insuring fine art presents challenges that are not encountered with other types of real property; an experienced art insurance broker like Bernard Fleischer & Sons (ArtInsuranceNow.com) can address these problems and provide an art insurance policy with coverage fitting the particular situation. Our artist insurance policy values your art at market value less a percentage. The policy covers your art anywhere in the world, while at exhibitions, galleries, storage and in the studio including transit, materials and tools. Art insurance buyers require the services of knowledgeable insurance professionals because “It’s a different type of insurance”. With most insurance you are just buying a financial promise, any insurer knows how to fix a roof or rebuild a building but with art insurance you are buying knowledge as well. Bernard Fleischer & Sons (ArtInsuranceNow.com) are leaders in appropriately insuring artists, art dealers, collectors, conservators, galleries and museums. For more information visit our website, call 1.800.921.1008 or fill out an application here.

Why you should be insuring your Jewelry.

The differences in homeowner’s policies and Jewelry coverage are vast and it’s best to make sure you are covered properly. The typical per-theft claim limit is $1,000 on a homeowner policy without a schedule. That’s the jewelry limit for an entire claim, not a $1,000 limit per item Homeowner policies also have deductibles which apply to Jewelry.

Many homeowners’ policies exclude if you lose stones. If the stone falls out of the setting, you’re not covered at all. Most insurance companies include the jewelry insurance with sub-limits of $500 in their standard homeowner policy. With our standalone policy, we can increase the limit up to $250,000 and include watches, silverware, collectibles and art collections.

Diamonds may be a girl’s best friend, but when diamonds go missing, insurance is your best friend or your worst enemy if you don’t have enough coverage. Value, sentiment, emotion, and your aversion to risk should all play a part in choosing an insurance policy for your jewelry. This is where our newly expanded jewelry coverage fills in the gaps.

Coverage Limits.
Our program insures your Jewelry on a blanket basis up to $250,000. The only requirement is items valued over $50,000 must have supporting documentation.

Blanket/ Scheduled
We insure your Jewelry on a blanket Basis, only Items over $50,000 require to be scheduled. This lets you insure all your items, hassle-free. There is no requirement for appraisals for items under $50,000.

We cover real life.
Some policies will only cover theft or loss due to a disaster claim, we realize that you can’t always pinpoint how or where your jewelry disappeared so we cover mysterious disappearance, coverage that’s often overlooked by other policies.

Traveling?
Homeowner’s policies do not cover outside of the home, our coverage follows you worldwide. Never worry about having to leave your favorite jewelry behind.

Damage to Rings, Watches, and Necklaces?
Diamonds are the hardest known mineral, they still aren’t impervious to harm. Diamonds can crack when dropped on a hard surface or fall out of their settings when subjected to impact. Rubies, sapphires and other precious stones are also susceptible to chipping, cracking, or breaking. Emeralds are especially brittle, and pearls can easily be damaged or crushed if improperly protected. Homeowner’s policies typically do not cover damage to your rings, watches, and necklaces.

Personal Jeweler?
Many people have a preferred jeweler, as opposed to just having someone trying to sell you something in the display. A Personal Jeweler really gets to know you and your tastes. Well, you won’t have to give them up. When placing a claim with us you get the same quality workmanship that you are used to.

Loss buyback.
There is sentimental value in the keepsake, our policies give the option of repurchase if lost or stolen and later recovered or it declared a total loss.

For more information visit artinsurancenow.com, call us at 800.921.1008 or fill out EZ application here.

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

 

5 Things Every Collector Needs to Know about Art Insurance

anFor many of us, amassing a robust collection of works by the artists we love is more a dream than a reality (though startups like Art Money are working to provide interest-free loans that should make buying art more manageable). But for emerging collectors and seasoned vets alike, the actual purchase of a piece is only the beginning of what it means to actually own art. Though not flashy, art insurance is a crucial part of collecting. It ensures that, should an artwork be damaged, it can be repaired or, in the case of a total loss, some kind of remuneration can be provided. So what do you need to know about art insurance? We sat down with Robert Pittinger, senior vice president and director of underwriting at AXA Art Americas Corporation, to get some helpful tips.

Know the Process

When a collector buys specialty art insurance, they’ll work directly with a broker who can assess the collection and determine what policy the collector might need. That broker, in turn, works directly with the insurance companies to find the right fit. A common misunderstanding of the process, Pittinger says, is that “collectors confuse the broker with the insurance company.” It’s helpful to know that “the role of the broker and the art insurer complement one another; however, the roles themselves vary and they are different. A specialized fine art broker is an advocate for the collector in seeking the best possible insurance terms for their clients.” As an insurer, AXA itself works with a select group of fine art brokers.

Keep Documentation

The first step toward getting insurance is—unsurprisingly—to determine what is going to be insured and for how much. To this end, documentation is key. “One of the biggest things is that the collector needs to have all the documentation for their collection before they go to the broker, because the broker has to have a very thorough understanding of the price of the collection,” Pittinger says. When approaching a broker, collectors should have a list of all the works, descriptions, invoices of sale prices, the purchase dates, and subsequent appraisal prices.“The collector’s management of their collection is critical, whether they have an online management system or a spreadsheet or they have manuals with all the documentation and their appraisals—that is a critical part of purchasing the insurance,” Pittinger says.

Assess Your Needs and Options

All this information is important to provide to the broker so they can determine what insurance is best for you. Though most collectors who need insurance already have it, some collectors think they’re covered by everyday, run-of-the-mill homeowners insurance. And they can be. But, as Pittinger notes, “A homeowner package policy generally is an add-on coverage. It doesn’t go into detail.” Homeowners insurance that covers art might have high deductibles, might not cover a collection across multiple houses, or might not cover the work during transit. That last one is a particularly sticky issue because “any time a collector moves their art, there is increased risk of damage,” Pittinger says. “That is the number one cause of loss for the insurance industry that specializes in art insurance.”

All this is why, for collections larger than just a few items, Pittinger recommends specialty art insurance. Even lower-priced works and emerging collections can receive insurance: For pieces priced as low as $2,500, AXA offers a 12-month policy of $75, with a minimum premium. Generally, however, it is hard to say exactly how much art insurance costs—it depends on too many factors. “Art insurance is very reasonably priced compared to other types of insurance,” Pittinger says. “The price range varies depending on the type of works, the size of the collection, security, where it is kept, if it is in a fine art storage warehouse or in their home or in a museum—all those factors go into pricing a fine art collection.”

Stay Up to Date and Be Careful

Broadly, in the event of damage, an insurance policy pays out in one of two ways: Either the policy will pay a set, agreed-upon amount determined by the insurer and the collector in advance, or the policy will pay out based on the work’s current market value. Pittinger says collectors opting for the predetermined payout structure may do so for a number of reasons, including peace of mind so that they “wouldn’t have to worry about substantiating the value of the works” in the case of damage. Agreed value can also move up and down over the life of a policy if the collector decides to get the work reassessed.

Current market value is exactly what it sounds like: The work is insured for its current value if that figure exceeds an agreed value. “But the important thing to remember is there would be a restriction—the company would by no means pay more than the total limit of the policy,” says Pittinger. In other words, if a collection is insured for $10 million total, and one work that has radically increased in value is damaged in excess of $10 million, the insurance would still not pay more than the total cap.

Be a Smart Buyer

One final note: Do your research. Make sure you get a full condition report prior to purchase. “It’s also critical that the collectors be careful with the provenance of the piece to make sure there’s not a gap in the ownership that could come back to haunt them later,” Pittinger says. If there is an issue and the work is seized for, say, having been looted by Nazis, insurance typically won’t cover that turn of events (there are, however, some specialty insurers that would protect against such loss with what is known as title insurance). So when it comes to art insurance, the old adage “buyer beware” certainly still applies.

—Isaac Kaplan

BY ISAAC KAPLAN

 

 

For a quote apply here or call us at 800.921.1008

Art Collection Insurance Program Expanded to Include Jewelry and Watches.

Diamond Ring PhotoAn engagement ring can cost an average of $6,000 and up, heirloom pieces and other jewelry often have significantly higher values. Jewelry is a favorite for thieves and most often never recovered. This valuable property is usually not adequately covered under the victim’s homeowners or renters insurance and has even less coverage options while travelling.

Our Fine art insurance coverage has broadened its collectibles program to offer expanded coverage of up to $250,000 in jewelry and watches. The enhanced offering represents a significant expansion to the Art and Collectibles Insurance program.

Specific items eligible for coverage include antique and designer gemstones, pearls, bracelets, charms, earrings, necklaces, pendants, and rings and watches comprised of silver, gold, platinum and/or other precious metals or alloys. Watches include vintage, collectible and every day time pieces worn on the wrist, as a necklace or in a pocket. Under this program, mysterious disappearance is an included risk, and coverage travels with the policyholder worldwide. (Note: no coverage in baggage unless in your hand and while on the premises of Hotel/Motel, unless being worn or in hotel supervised vault.) No appraisal is required at application for pieces valued less than $50,000, and a no deductible option is also available.

Collectibles Insurance is offered nationwide which offers tailor-made coverage solutions for private and corporate collections, museums, galleries and artists. Visit us here for more info or for a quote on your collectible call 800.921.1008

Insuring Art, Art Gallery, Art Dealer, Artist and the Art world needs