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Posts Tagged ‘insurance’

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…)

From our Partners at La Playa: 4 Pillars of Good Stewardship for Art & Instruments

Monday, November 30th, 2015

AWAD recently welcomed a new Partner to our New York Chapter, La Playa, a provider of specialist insurance for art galleries, dealers, restorers, conservators, valuers and collectors.

La Playa will be sharing their expertise through regular posts on this blog, starting with the important topic of preserving artworks and musical instruments for future generations.

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4 Pillars of Good Stewardship for Art & Instruments

Those of us privileged with owning fine art and instruments have a responsibility to protect them for future generations. Protecting your valuables doesn’t have to be complex or confusing – nor should it break the bank. But many “standard” insurance policies include conditions and exclusions that could potentially cause you real problems.

These good practices will help protect your art and instruments, your bank balance, and – to some extent – your legacy…

  1. Valuation: changing trends in the art, antiques and jewelry markets mean that the replacement value is constantly shifting – and premiums may need adjustment (up or down). If you’re not aware of the value of your assets (or if it’s not documented), you could find yourself significantly under-insured. After the trauma of a theft, the last thing you need is the worry of a difficult negotiation over the value of each piece. Regular valuation, inventory appraisal and photographic records will all help.

  1. Security: better protection can mean lower premiums; insurers recognize the extra care taken. If your jewelry collection is valued over $25,000, consider installing a home-safe (and for collections over $50,000, a second safe connected to the alarm system). We can advise on security marking, and anti-intruder installations that won’t compromise the integrity of your home.

  1. Insurance: make sure you have a personalized policy fine-tuned for your specific needs and lifestyle. These need not be prohibitively expensive; indeed fine art and instruments normally cost less to insure than standard contents – especially if you have evidence of taking extra steps to protect your belongings. If you’re still buying ‘standard’ homeowners’ policies, you might be in for some surprises when you make a claim – read our 5 good reasons art & instrument collectors need specialist insurance. 

  1. Documentation: it’s important to keep safely:

  • Appraisals

  • Historical records

  • Insurance paperwork

  • Repair paperwork

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Art & Insurance – an insider’s view from Stephen Canning, Brownhill Insurance, AWAD’s favourite Insurance Broker

Wednesday, March 26th, 2014
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Art’ and ‘Insurance’: One might assume that these two worlds exist at opposite ends of a wide spectrum. This is not the case – in lots of ways they are very closely linked… says Stephen CanningBrownhill Insurance.

I get to know art dealers well through my job and their business, like mine, is an art itself. No one situation, product or client is the same – each scenario deserves a personal and creative approach. Insurance – particularly of art – requires a deep understanding of the value of an item, its audience, its provenance, its custodian (the dealer), and how it is going to be displayed, stored, shipped, packed, paid for, framed and then enjoyed (we insure the end customer – the collector – too).

The majority of people working in the Art World are enthusiasts who have the good fortune (intelligence) to combine business with their passion. However, whilst art might be your love, it is business that pays the bills and to insure your business is to be realistic about things outside of your control. All business owners need to insure. More so the art dealer – there is arguably no more precious a stock of “products” than an art collection that has been entrusted to a dealer by an artist. His or her stock is – in many respects – unreplaceable. However, it is certainly not uninsurable.

For a chance to learn more about this topic in an informal setting, do join the next AWAD Social that Brownhill Insurance is kindly sponsoring on 2nd April, 6.30pm in Cork Street with The Cynthia Corbett Gallery. Click here for more information.

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