Tag Archives: Museums

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.

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.

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

What AXA Says about Insurance

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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