Tag Archives: Exhibitions

Art Exhibition Insurance – The Details

As representatives of the top Insurance carriers that insure exhibitions locally, in multi-states and internationally, we know coverages.

Each company has their own distinct forms to insure the unique exposures related to exhibitions. Coverages while in transit, at the exhibition venue, and in storage vary by company.

Below are some highlighted coverages to consider when placing insurance for an exhibition, how to protect the lenders, and what is the right valuation method.

 

About Exhibition Coverage

Most Art Insurance policies not only insure the work on exhibition, but also the didactic and ancillary materials such as vitrines, hardware, technology, and supportive structures.

A typical Policy I use with my insureds exhibition policy includes:

  • Agreed Value: We usually require a schedule prior to binding, but different terms can be negotiated.
  • Worldwide coverage for transit: is important when gathering works from overseas collectors.
  • Named Location: some policy covers only named location and excludes transit
  • Scheduled or Blanket: 
    • The schedule:  Establishes the price of the work to be insured.
    • Blanket: policy usually has a per item cap along with the onus of proof of value is on the insured.
  •  Loss Payee Certificates: These are issued if a lender requires proof of coverage and insures the check will be made to them in case of a loss.

 

  • Additional Important Exhibition Coverages one should verify if covered:
    • Packing crates, catalogs, and brochures included
    • Nail to Nail coverage:Coverage from point of pick up until returned.
    • Goods in transit
    • Art in storage in-between transit

 

  • Broad, all-risk coverage
  • Blanket limits on propertyin your care, custody, and control at scheduled locations and any other unnamed locations. Beware of sub-limits.
  • Domestic and international transit: To/from list of Exhibition Locations
  • No coinsurance clause penalty
  • Valuation clauses: important to know how a loss will be settled. Our policies are designed for the art industry
  • Coverage for jointly-ownedworks of art should be disclosed and understood how a loss will be paid in those instances.
  • Special clauses for “loss buy back” or “pairs and sets”
  • Relaxed appraisal requirements with most companies
  • Based on Consignment value established at time of pick up.

 

About Exhibition Exclusions and Conditions:

These policy forms usually include the standard and not so standard Exhibition polices.

Wear and tear, moth, vermin, and insects.

Damage resulting from any repair, restoration, or retouching process.

Nuclear, radiation, biological or chemical contamination.

War, invasion, an act of foreign enemies, hostilities, military or usurped power.

Confiscated, damaged or destroyed by or order of any government or public or local authority, except if taken at the time of a fire to prevent it’s spread.

In Conclusion: Art insurance has many variables and sections which can be negotiated, if you are a knowledgeable Art Insurance broker.

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

 

 

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

 

How to evaluate your own work as an artist

Since my Launch of an Artist’s Insurance website: I have had numerous conversations regarding “How an Insurance Company evaluates Art.”

The policy evaluation is straightforward. Sales price minus 30%.

This is a simple formula if you have a track record of sales.  Where the conversation turns, is when the artist is new to the market.  I say this because I have worked with artists who, at various ages and experience are now, entering group shows and exhibitions.

A seasoned artist knows the consignment agreement or the exhibition agreement requires the artist to place a value of their Artwork in the form, but for the neophyte, this is where the “tire hits the Road” or the “paint hits the canvas” and takes the discussion deeper.

So what are the methods of pricing one’s own work, and will the insurance company accept the sale price of an artist, who never sold?

This is how I approach the question.

First, everything has a value.  Fundamentally;  material, time, education, experience, teachers, demographics, size shape, media, subject, along with time spent, researching and actually producing the work. etc…

Of course, the Artist understands this, but what is the valuation sale price, I tell them to just make up a reasonable sale price using the fundamentals as your guiding denominator. Usually, they are within range and the Insurance does not dispute and pay the claim.

In the policy form, it is up to the Artist to prove what the value of sales, so if they put an unrealistic sale price on the work, the insurance company using similar methods will determine the sale price is way over inflated.  At this juncture, an independent third party will then appraise the work and the valuation will be established, and the claim would be paid out accordingly.

Bottom line, price your work based on the merits of your talent and experience with keeping the ego in check.

New Artist Insurance Program custom designed for the serious Artist.

 

Limits start at $100,000

 

  • Exhibition
  • Transit,
  • Studio
  • Storage
  • Worldwide Coverage
  • Includes Material and commissioned work in progress
  • Visit artinsurancenow.com for all your Art insurance

 

Premiums start at $1000

 

Kindly help me get the word out by passing this along

 

Thank You

 

William

William G. Fleischer, CIC
President
29 Broadway, Suite 1511
New York NY 10006
T. 212 566-1881 ext 111
F. 212 566-1615
C. 917 863-8787
wfleischer@bfbond.com
www.BFbond.com
www.ArtInsuranceNow.com

Exhibition Policy or not?

Email regarding having Artist shows in an Office Environment.

I am an attorney, however, I put an art gallery in my law firm space. The agreement I have with the artists is that they allow me to hang their work for 3 to 4 weeks. I promote their work to my clients and throw a party in the artist’s honor, where the artists agree to be present and talk about art.

We serve some refreshments and invite everyone we see. There is no charge to the artist. I do not pay the artists. I do not sell art. There is no charge to the people who attend. It is a community event intended to bring a little culture to our small town and, admittedly, let people know where my office is without in-your-face law office marketing.

The rules in Iowa are the strictest in the country about regulating attorney advertising. I cannot hand someone a business card and say, “hi. I’m a lawyer. What can I do for you?” But, I can hand someone a party invitation flyer and say, “Hi, please come to my law firm’s gallery party and meet some cool artists, see some great art, listen to some inspiring music, and have a little wine and yummy appetizers. It’s so much fun!” I know. Crazy stupid.

When the party is over, the artists take their work away and three or four new artists bring in work to hang, and we do it all over again. My 4th party is November 14, 2014.

The artists for this party are asking if I have insurance to cover the art in the case of fire, vandalism, or theft. My insurance guy is not helpful. He says I have no insurable interest, so I cannot insure them with the exception that if I trip over them, my liability insurance might cover it. Lame.

The artist could sue me if something were to happen to their paintings while in my control. I do have an insurable interest, at least while they are in my custody and control.

Can you assist me in finding a way to obtain insurance or a bond of some type that will protect me in the case that something unthinkable would happen to these paintings?

Thank you,
Warmest regards,

The Answer… or my Answer.

When I further inquired I found the Artist work was hung without any paperwork. Interesting.

1. If the work was Loan during the show to the office, it may be covered under the office BOP policy, usually, there is $25,000 limit for Fine Art.

2. A dealer art insurance policy could be bought, for $150,000 on location limit, $30,000 Art Transit and $30,000 at unnamed locations.

3. Have the Artist buy their own Artist Insurance policy. $100,000 of Art Insurance while in transit, in the studio and while at Exhibitions for an annual price of $1,000.00.

4. Explain to the Artist,  it’s a business risk and art is a risky business.  The odds are higher of damaged or stolen while in transit, and less than their work in the studio, at lease your office is alarmed or locked 🙂

She explained to me even though a hold harmless could be drawn up and signed, there was still the exposure of a negligence lawsuit by the artist. So here is the question to ponder, buy insurance and not worry or understand it is a business risk you are taking verse the benefit of letting the people know your law office exists.

 

 

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

Artist who Exhibits… Read further.

artists-expenses

I have been working with many artists who have opportunities to exhibit in venues where the venue only offers the space but not the Insurance for the Art installed.

Many times as I interview these Artists, I find out the Artwork limits requested and the time period required will trigger the policy minimum premium of $1,000.

Being that I care about artists and the expenses they go through I explain for the same cost, Insurance is available to cover Artwork in the studio, in storage, while in transit and while the Art is at exhibitions.

Call me at 1.800.921.1008 to find out how you can protect your artwork or fill out the artist application here at www.artinsurancenow.com

William G. Fleischer CIC

Bernard Fleischer & Sons

 

What AXA Says about Insurance

ain-axa
AXA is a worldwide leader in financial protection strategies and wealth management

 

Fine Art and Collectibles Coverage
(applications: www.ArtInsuranceNow.com)

We understand the collector’s passion and desire for expert service, responsiveness, and absolute confidentiality. We cater to those needs while writing policies that are as individualistic as the collectors themselves. Because we understand the risks involved far better than a non-specialist insurer, we can generally provide important benefits. For example, we can often be flexible in our rating for certain large collections based on one probable maximum loss, providing the insured with sufficient coverage yet at significant cost savings over less sensitive plans. Our underwriters are highly qualified fine art and collectibles professionals who will understand a collector’s needs and the many insurance options open to them. They will make the task of providing the right coverage easy for you and simple for your client.

Personal Jewelry Coverage
(applications: www.ArtInsuranceNow.com)

Few people have to think twice about insuring valuable jewelry. But doing so with a firm renowned as the world leader in art insurance might seem unnecessary. Why not a rider on a standard homeowners policy? At AXA Art, we understand that jewelry is an art form. Whether artist—designed, antique, fine or costume, jewelry has three kinds of value: financial, which we can insure; cultural, which we can help you preserve; and value to you, which is everything. In addition to a wide and flexible range of Personal Jewelry policies, we offer conservation advisory and services to help you keep your pieces precious.

Rare Books Coverage
(applications: www.ArtInsuranceNow.com)

Books, said Thoreau, are carriers of civilization. Rare volumes also give intense pleasure — and can fetch high prices. A rare book is a complex object with conflicting needs. Made of paper, glue, textiles, leathers, adhesives, inks and perhaps other materials, it requires informed handling, proper care, and a protective environment. The experts at AXA Art can provide bibliophiles with comprehensive insurance and a complete range of conservation and other services needed to help preserve a book’s value and the enlightenment it contains.

Antique Weapons Coverage
(applications: www.ArtInsuranceNow.com)

Many antique weapons — those at least 40 years old — are products of exquisite craftsmanship or technical wizardry, mark an important technological advance, or are famous as a result of an owner. Theodore Roosevelt’s African Safari rifle, for example, sold for $550,000 at auction in 1994. An antique weapon may seem durable. After all, unless strictly ceremonial, it was made to serve in the field. But a startling variety of accidents and deterioration have befallen antique weapons, and restoration — when possible — can be costly. AXA Art specializes in affordable protection for antique weapons against loss and damage, and in providing collectors with a complete range of support services, from appraisal through conservation, shipping, handling, and exhibition.

Vintage Wine Coverage
(applications: www.ArtInsuranceNow.com)

Wine differs from other collectibles in that its eventual purpose is to be consumed. Proper care and handling can ensure wine’s drinkability and help retain its value. The best protection is a storage facility with stable temperature and humidity control, accompanied by a Vintage Wine policy, so your wine can mature and mount in value with security. AXA Art believes in covering not only your vintage wine collection against accidental loss or damage but also the means to controlling its environment: our insurance can include wine containers, storage units, climate control systems, wine cellar furnishings and accessories.

Vintage Vehicles Coverage
(applications: www.ArtInsuranceNow.com)

Classic and antique vehicles have caught on the last two decades and those of great marques — Bugatti, Hispano Suiza, Rolls—Royce, Duesenberg — have been excellent investments. The same is true for certain beloved production models. And what collectible can be driven at highway speed? This is precisely why a rare automobile requires insurance from a specialist. We offer Vintage Vehicles policies against accidental loss or damage to antique vehicles at least 25 years of age, classic vehicles of unique or rare design, and most limited production models. We understand the passion collectors have for their cars and tailor our policies to their needs, including insuring as a matter, of course, a trailer used to transport a vehicle to a meet, concourse or show.

Rare Stamps and Coin Coverage
(applications: www.ArtInsuranceNow.com)

Philately and numismatics are deeply rewarding areas of collecting, with at least one thing in common: Many collectors in each field are underinsured. One reason: The fulfillment of finding and owning a rare stamp or coin seems far above pedestrian finance or security. At AXA Art, we understand both the compulsion to possess something rare and the necessity of securing one’s investment of time, effort and money in both senses: financial and conservatorial. As the world leader in art insurance, count on us to understand the nuances of a focused collection and a collector’s many needs, including secure and protected travel, the value of a personal reference library and a controlled environment. You’ll find that we embrace them.

Emerging Collectibles Insurance
(applications: www.ArtInsuranceNow.com)

The major areas of collecting were once thought fixed and unvarying. Then the second half of the 20th century occurred. Today thanks to durable glamour, historical necessity, potent nostalgia, or simply keen interest, many classes of objects from couture to cooking utensils, rock guitars to tin cars, have acquired value and an active market fed by dealers, curators, collectors — and AXA Art. As the world leader in art object coverage and related services, we are quick to understand the value of rare objects. We are familiar with the collector’s reluctance to divert funds that could be used for purchases, the complexities of risk, and the need to provide proper conservation. As a result, our collectibles insurance is surprisingly cost-effective.

Exhibition Coverage
(applications: www.ArtInsuranceNow.com)

As the world’s leading fine arts and collectibles insurer, we thoroughly understand the many complex and delicate issues involved in exhibiting, borrowing, handling and shipping fine art. Our coverage is genuinely worldwide and as flexible as you wish. It is generally wall to wall — that is, starting when it is removed from its place of residence until it is returned — and covers just about everything in between but government seizure or nuclear hazard. Because we understand the risks involved, we can provide virtually any type of coverage imaginable — at extremely competitive rates.

Museum Coverage
(applications: www.ArtInsuranceNow.com)

We are insurance and art professionals and we understand the many complex and delicate issues involved in exhibiting, conserving, and handling and shipping fine art, including objects from a museum’s collection as well as objects on loan. We are a large-capacity insurer and our underwriters understand that museums have to contend with large volume and small budgets. We are renowned to be creative and flexible to accommodate those we insure. Working as a team, our underwriters share their expertise to bring forth the very best solutions for comprehensive policies — and most of all achieve important cost-efficiencies for the institutions as well.

Corporate Fine Art Coverage
(applications: www.ArtInsuranceNow.com)

We are experts in the insurance of fine art and collectibles and we appreciate the numerous benefits of a corporate collection to a company’s well-being and corporate culture. You will find that we thoroughly understand the many complex and delicate issues involved in handling a large collection. In addition to broad, worldwide coverage we offer automatic coverage on newly acquired objects of up to 25 percent of the total policy limit with a 90 day-reporting obligation. Our coverage is extremely flexible — we welcome small and large collections and tailor our terms and conditions to fit the needs of those we insure. For example, we cover a collection’s works of art whether on corporate premises or in private homes.

Fine Art Dealer Coverage

Our focus on fine art and collectibles allows us to better serve the specific needs of those we insure. Our underwriters follow collecting trends and fluctuations in the art market. They understand that galleries are in the business of installing and de-installing shows at short notice. We are usually able to bind coverage on both large and small risks over the telephone. Because we share a collector’s interest in and passion for fine art and collectibles and understand the risks involved, we can provide virtually any type of coverage imaginable — at extremely affordable rates.

Historic Property Program
(applications: www.ArtInsuranceNow.com)

We are pleased to offer a special insurance program designed specifically for Historic Properties. Many Historic Properties are themselves works of art. As such, they are expressions of a life-ethic, a bygone era that inspires artists still today. Prime examples of these structures demonstrate the artistic flair of the men and women who designed them, built them, furnished them and lived in them.

The descriptions of policy provisions in this web site provide a broad overview of coverages only. All coverages are subject to conditions, coverage limits, limits of liability, limitations, and exclusions as contained in the policy. See the policy itself for an exact description of the coverage provided. AXA Art is licensed to write insurance in every jurisdiction in the U.S. with the exception of with the exception of American Samoa, Guam, Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands.

(applications: www.ArtInsuranceNow.com)

Art Collection Insurance

Art Collection Insurance

Consultation for fine art, collectibles and personal property management.

Bernard Fleischer & Sons have developed a unique, valuable service for collectors, other high net worth individuals and families. We review with you or your Art Consultant, Curator, or Family member alternative coverage options. We can introduce ways to help assure that your insurance coverage is always up to date and as responsive as possible. William Fleischer, CIC is a highly knowledgeable and experienced professional. His New York-based network has access to appraisers, trust, and estate advisors, dealers, and attorneys.

Our focus is on individual, family and corporate needs. Our client confidentiality is very important to a long-term relationship.
As one of New York’s oldest brokerage firms, we work with the best Insurance companies in the business.

Let us protect you and help design the appropriate protection for your collectibles:

•Fine art and antiques
•Musical instruments
•Rare books
•Jewelry
•Photographs
•Sculpture
•Art glass
•Porcelains
•Stamps
•Antique silver
•Auction Houses
•Dealers
•Exhibitions
•Fine Art Packers and Shippers
•Galleries
•Museums
•Private Collectors and Corporate Collections
•Stately Homes
•University libraries and collections
•Vintage Cars

Art Insurance Now, AXA, Chubb, Chartis, Markel, and Travelers all have a history of working with:
auction house experts, dealers, trust and estate advisors & attorneys.
affiliate-logo-layout-1Their referral lists can help you in:

  • Obtaining specialized appraisers
  • Inventory management systems and cataloging
  • Specialized shippers, warehouses, restorers
  • Working with galleries and auction houses

For more information and to fill out an application for a fast free quote visit us at www.ArtInsuranceNow.com or call 1.800.921.1008