Tag Archives: collectors insurance

Glass Artist Loses ‘Every Single Piece’ in Napa Valley wildfire; Our Exclusive Artist’s Insurance Policy Pays Off.

Napa Valley is typically a peaceful, relaxing place but not for Glass artist Clifford Rainey who lost his home, his studio and most of his work in the Atlas wildfire. The wildfires Fueled by powerful winds have scorched more than 200,000 acres including the beautiful homes of artists and collectors.

 

On Friday morning, Oct. 13, as Rainey surveyed the damage for the first time after his Mount George home and studio burned, said “Every single piece of artwork I own I’ve had since college was lost”.

 

Rainey’s life’s work is far from all lost. His work has exhibited extensively, featured in numerous public collections, including the Victoria and Albert Museum in London, the Corning Museum of Glass in Corning, New York, the M. H. de Young Memorial Museum in San Francisco, and the Los Angeles County Museum of Art, as well as in the permanent collections of the Museum of Arts & Design, New York, Museum of Fine Arts, Boston, the Irish Museum of Modern Art, Dublin, and the Montreal Museum of Fine Arts.

 

The emotional value cannot be replaced but having an artist’s policy to cover financial losses prevents having to start from zero. Our Artist Insurance Policy is designed for the active Artist. Your Art is covered while in the Studio, in Transit, while at Exhibitions and when in storage along with Your Materials, tools and reference library.  No more worrying about, Theft, Fire, Water Damage or Vandalism. These coverages and more are covered in our Artist Insurance Policies.

 

For more information or to discuss your particular situation contact me, William G. Fleischer CIC | Principal.  T: 212 566-1881 ext.111 or visit us at www.artinsurancenow.com to fill out a quick EZ application for a fast, free quote.

Iconic Muhammad Ali print stolen from museum.

The Print, which was stolen while the museum was open to the public depicted Ali in a classic boxing pose painted in the brilliantly colored, expressionist style that LeRoy Neiman was known for. Brazen thieves ripped the print from the wall even with security cameras watching, It’s important to understand the value of art insurance and protect yourself by covering your valuable collection.

Although risk extends beyond theft (47 percent of art loss is attributed to damage during transit according to The New York Times) art trafficking is a very real thing and according to statistics ranks third behind drugs and arms.

In a case of  theft, the loss is irreversible. Not only the artwork is irreplaceable itself but also even the reputation of the organization suffers from a mere fact that such situation has occurred. Without having a comprehensive fine art collectors insurance from a trustworthy art insurance broker, the masterpieces are subjected to risk.

Apply for coverage here or call me if you have any questions or to discuss your options.

William G. Fleischer CIC | Principal
T: 212 566-1881 ext.111
E: wfleischer@bfbond.com
W: ArtInsuranceNow.com

 

 

David Bowie’s Art Collection to be auctioned, how would a collectors policy respond?

Not just David Bowie’s Estate sends work to the art auctions but individual collectors do also.

The most popular conversations I have are collectors looking to insure their work while in transit to an auction house like Christie’s, Sotheby’s, de Pury, and Phillips house.

Many times the auction house will either visit the collection or ask the collector to send the item to be auctioned directly to the house, either to be further evaluated or to be inserted into the auction rotation.

The preferred Collector’s insurance policy I like to sell, include and is not limited to coverage in transit and away from premises, in exhibitions and in storage and does not exclude auction houses.

The evaluation of the Art is based on two different models. Depending on the Art Insurance Company policy wording, One base is on the schedule amounts of the item on file (either with the Insurance company or the Collector) and the other is based on the current market value (onus of proof is on the collector).

In the case of David Bowie, Jim Hendrix or even Robin Williams, the auction house receives these items on consignment and will charge a hefty fee to insure them while on the premises.  I advise my clients to not use auction house insurance because most of the policies I sell have coverage for unnamed locations or broad enough to cover the works given for sale on a stated amount.

One of the downfalls of using the insurance, the auction houses give you, is how their insurance establishes values of the art at claim time.  Usually, it is not based on the artwork consignment agreement but on the lowest estimated value. The cost to you for using their insurance is usually much more expensive than what you are currently paying. The standard auction house’s most common policies have wording to the effect of;

Property of others consigned to you for auction, at the lowest pre-sale estimate” and “Where no consignment receipt exists but the article appears on your records fully described, such property shall be valued at the lowest anticipated pre-sale estimate or the amount for which you are held legally liable, whichever is less”

This may be lower than your schedule or market value to entice attention for a bidding war.

When in doubt, call me to discuss your unique situation.

William

William G. Fleischer CIC | Principal
T: 212 566-1881 ext.111
E: wfleischer@bfbond.com
W: ArtInsuranceNow.com

 

AXA Art Insurance Company

 
Good News! After 29 years in the Insurance Business, I have partnered up with   AXA and Travelers Insurance Company. We can now negotiate favorable terms and conditions with very competitive pricing. I now have the facility to insure all types and size collections, Dealers, Museums and Non-profit galleries.
If you are involved in the art world, I can insure your exposures.

• Commercial Art • Art and Antique Dealers • Restore and Conservators • Museums • Private collectors • Large or Small inventories. • Domestic or International. • Art Fair transportation, while at fair,     shipped to collectors • Art loaned to Museums or non- profits, • Art being shipped or carried on board, • Coverage for special events, Parties,     Gala’s, Dinners. • Non-profit organizations and more

There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss. The premiums begin around $2,500 for about $250,000 worth of protection.

Recent successes:  An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy

$300,000 premises limit $300,000 unnamed location $300,000 while in transit We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage. Premium is $3100 with $1,000 deductible.

The Genuine Article“Total flexibility with market-leading security – the ultimate high-net-worth coverage for art and antique collectibles, buildings, and contents.”
Call me with your questions.

William G. Fleischer, CIC 212 566-1881 ext 111 wfleischer@bfbond.com

Dealer Insurance, Museum Insurance, Corporate/Private Fine Art, and Collectibles Insurance.

If this doesn’t display correctly, view the online version

 

Art and Antiques Specialist Risk Management Advice

Because I am always receiving all sorts of art related information I have decided to share some excerpts.

This is from a Zurich informational flyer.  Its a helpful flyer breaking down various aspect’s, like:

Understand how to Assess the risk, climate control for fine arts and Antiques,  placement of rugs and carpets away from fireplaces. The flyer gets into special care for paintings, moving art, security advice and professional valuations and photographs.   it’s worth a quick read.

Click here for an application to insure your Art and antiques.

William G. Fleischer, CIC

President

29 Broadway, Suite 1511

New York NY 10006

212 566-1881 ext. 111

Email: wfleischer@bfbond.com

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.

 

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

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

What is Conversion exclusion in a fine art, Antique, Jewelry policy

The Story;

A collector or Museum consigns a work to a dealer to sell.  The dealer does his job and sells the work, but does not pay the Collector or Museum.  This is now considered a loss of property and if your current policy does not address this type of loss you may not have coverage.

Now if the consignment date has expired and the dealer is not willing to return the work, in many incidences this would be classified as theft and be covered by your fine arts policy.

For more information on Conversion Exclusion call us at 1.800.921.1008, visit our website at www.ArtInsuranceNow.com or fill out one of the applications below for a fast and easy quote.

APPLICATIONS:

Art Dealers
Artist Transit/Exhibition/Studio Insurance
Auctioneers
Conservators/Restorers
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

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