linked-in twitter facebook rss

Posts Tagged ‘art insurance’

Terrorism for Art Galleries and Dealers – La Playa

Tuesday, May 22nd, 2018

TERRORISM INSURANCE FOR ART DEALERS

None of us like to contemplate terrorism, particularly experiencing it in our own country. But the reality of the 21st Century is it’s here and with the increased use of vehicles and lone shooters causing chaos on the high street, it’s a more tangible and rapidly perpetrated threat than ever before.

If an incident occurs, clearly your first concern will be for your safety and that of your loved ones. But have you considered what a terrorist incident in your area could mean for your business?

As a business owner, the government-backed insurance protection provided is different from what you have as a private individual.

Did you know, for example, that damage caused by a terrorist attack to private property is automatically covered by insurers in both the US and the UK and in the case of a major incident underwritten by the government, but damage to commercial interests are not?

Terrorism is most commonly defined as the ‘use of force or violence and/or threat for political, religious, or ideological purposes and with the intention to influence any government and/or to put the public or any section of the public in fear’. Along with cyber attack, nuclear damage, political violence and radioactivity, it is a standard exclusion on commercial business policies.

You need to opt in for terrorism insurance for your business to recoup your financial loss to stock and property and get your business up and running again quickly. It is also important to note that if you purchase Business Interruption insurance which reimburses you for loss of earnings or increased cost of working as a result of an incident, this is normally only as a result of a physical damage loss.

If your own premises or stock are not actually damaged by a terrorist attack you may well find yourself seriously out of pocket because your customers are steering clear of your gallery or even the entire neighbourhood. This can also happen in the event of a bomb scare or other terrorist threat, even if no actual incident takes place.

You need to consider whether your business will be affected by disruption to local infrastructure, road closures and services as a result. Cover for this may be purchased as an extension.

Depending on your circumstances, terrorism insurance for specialist art galleries and dealers can be expensive and hard to get hold of when not attached to a package policy. Make sure you’re talking to a broker who knows the market and can get you an all-inclusive Dealer’s package, or access quality stand-alone insurance.

Call us or drop us a line in the UK on: +44 1223 200650 or in the US on: +1 646 665 7737 to discuss your needs.

La Playa UK

Art Fair Liabilities: Have you got it covered? – A post by AWAD Partner La Playa: Insurance with Intelligence

Monday, February 5th, 2018

With Art Fair season rolling around every quarter, or every month if you exhibit overseas, there never seems to be “down” time during which you can properly take stock, deal with your in-tray and assess your overall annual needs, rather than just planning for the next event.

“What will I exhibit?” “Do I have enough people to staff both the fair and the gallery?” “Does my insurance cover what I want to do?”

An area we find UK gallerists frequently struggle is with exhibiting at art fairs overseas, particularly in the States. If your insurance policy is with a UK insurer or broker, they may not be able to give cover for your stock or more importantly, your liabilities to the public and other third parties, whilst you are abroad. (more…)

AWAD welcomes a new Partner for our NYC Chapter: La Playa

Wednesday, November 11th, 2015

la playa-insurance with intelligence LOGOAWAD, the Association of Women Art Dealers, is pleased to welcome a new Partner to our New York Chapter, La Playa.

La Playa provides specialist insurance for art galleries, dealers, restorers, conservators, valuers and collectors.

We’re passionate about art and about preserving our cultural heritage for generations to come – protecting it with excellent risk management and specialist insurance coverage.

The business of buying and selling art involves very specific risks – which can change even from hour to hour as the work is installed, de-installed, handled and shipped worldwide. We understand that art dealers and galleries need an insurance provider who is easy to communicate with, can respond swiftly and can flex infinitely.

La Playa Fine Arts can take care of all your business insurance, from inventory and objects on consignment through worldwide transit, Bailee legal liability, art fair and private event coverage to general liabilities, workers’ comp and business property. 

La Playa Private Client can help your clients with specialist coverage for their collections – either on a standalone basis or as part of a specialist homeowners’ policy.  

Private or public, profit or non-profit, and whatever medium is your forte – we’ll support you with expert advice and specialist coverage so that when crunch time comes, your claim is paid.

For more information, visit La Playa’s website or find them on Facebook here.

Follow La Playa on Twitter via @LaPlayaAdviser

Terms & Conditions | Privacy Policy | © Association of Women Art Dealers 2012

Web Design London by Top Left Design