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INSURANCE FOR ART DEALERS

INSURANCE FOR ART DEALERS. Working as an art dealer comes with a combination of possibilities and risks that are difficult to predict and prevent…. WHAT DO YOU NEED TO INSURE?. YOU NEED TO INSURE … Your “STOCK” - works of art / collectables and items in a reference library

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INSURANCE FOR ART DEALERS

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  1. INSURANCE FOR ART DEALERS

  2. Working as an art dealer comes with a combination of possibilities and risks that are difficult to predict and prevent…

  3. WHAT DO YOU NEED TO INSURE? YOU NEED TO INSURE… • Your “STOCK” - works of art / collectables and items in a reference library • Business Property and Buildings • Computer Equipment • Your Liabilities • Your Money • Provenance Documents • Yourself! (Directors and Officers)

  4. What IS Art??...“Anything with a market value or which can be bought or sold at auction” Accidental Loss or Damage Theft Damage in Transit Business Interruption Loss of Money and Personal Assault Public and Products Liabilities Employers’ Liability Theft from Unattended Vehicles Professional Indemnity Loss of Documents Business Travel Delays and Losses Defective Title WHAT YOU SHOULD INSURE AGAINST….

  5. ART DEALER INSURANCE HIGHLIGHTS • Automatic cover for loss of up to £25,000 in profits following the breakage of glass shop fronts should the replacement take longer than three days and that any delays are beyond their control. This is in addition to up to £10,000 cover for the glass itself. • Free cover of art works at exhibitions, trade fairs and auction houses for up to 50% of the art sum insured (Most non-specific retailer insurances totally exclude work away from retail premises other than for the purpose of collection and delivery) • Generous valuationsin the event of a claim • £25,000 of cover for Defective Title includedFREE OF CHARGE • Money lostthrough personal assaultat the premises or on the road • £2,000,000 Public Liabilityand £10,000,000 Employer’s Liabilitycover • Art Event Insurance: ranging from a “Pop-Up” or art fair to a charity auction. Cover includes Public Liability, Employers Liability, Event Property, Cancellation, Abandonment or Postponement.

  6. ADDITIONAL INSURABLE RISKS OTHERINSURANCE POLICIES MAY… • Not make a provision for the intrinsic artistic value of a piece • Try to pay just for a canvas, oil paints or materials used and the purchase cost of the frame plinth or display in the event of a loss • Notpay for loss of value if an artwork is damaged and repaired • Not pay for a specialist to restore works of art that can be repaired • Not cover your customers’ goods in trust (consignment sales) • Not have sound expertise within their claims teams when it comes to understanding values/damage • Not give generous valuations for young artists’ work If there is a fire at your premises

  7. VALUATIONS Brownhill Insurance Group can help you make sure that your sums insured are correct – we can recommend a valuation service and help you think through what you have by way of stock, property and business exposures.

  8. WHY Expertise (Art, Personal, Business) & innovation + Long term commitment, stability, responsive claims service & dedicated team + Marketing Support to our HNW clients = Leading, specialist insurance provider

  9. RISK MANAGEMENT Optimal Conditions of Art Works How to Hang Paintings Cleaning and Securing Statues How to Clean Furniture Caring for Photography Shipping and Packing Artwork Condition Checks and Reports Inventory and Cataloguing Services Art Authentication Services and Security Storage Solutions Specialist Framing Installation Conservation DNA Marking Alarm Systems Business Continuity Planning Working closely with our specialist insurance and art service partners, Brownhill Insurance Group is able to draw on a panel of expertise and offer its clients the most up-to-date advice about art collection management.

  10. also insures…. • Up-and-Coming Art Collectors • Established Art Collectors • Artists • Public Galleries and Museums • Artists/ Photographers • Corporate Art Collections • Short and Long-term Art Exhibitions • Art / Trade Fairs • Restorers and Conservators • Specialist Art Shippers and Storage facilities • Valuation & Art Advisory Services …and has a wide personal and business offering outside of the art world • … Feel free to recommend us (and let us know if you’d like to become an introducer).

  11. “The solution is to seek coverage from a specialist. Commercial art gallery/dealer insurance policies are often no more expensive than standard shop policies. Rather than taking a huge risk, we strongly advise art owners, dealers and custodians to invest in an appropriate policy from an appropriate provider” Gillian Henderson, Director, BrownhillInsurance Group and avid art collector “In a standard ‘shop’ policy, general insurers will certainly replace or reinstate items of stock that are stolen… but at their choice and only according to their experiences and expertise. Our sensitivity and flexibility with regard to the nature and value of artwork - in addition to our unique glazing offering - highlights us as the nimble and client-orientated broker that we are.”Gary Tommy, Head of Commercial Insurance at Brownhill Insurance Group For a no-obligation quote, please contact: Stephen Canning Art Dealer Account Handler 020 8358 8959 Stephen.Canning@BrownhillGroup.co.uk

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