What do you need to know when insuring your collection?

by leslierankowfinearts

Charles Bennardo heads CEB Advisors, located at United Nations Plaza in New York.  Charles works as an insurance expert with The Bullen Group, who enjoy an excellent reputation on informed responsiveness to their clients’ needs. They have strong relationships with their chosen insurance partners and pave the way for prompt and uneventful payment of claims. Charles appreciates art and has had the opportunity to view and become knowledgeable about the wonderful collections of fine art that his clients have amassed over the years.  His “shark story” (yes, Damien Hirst) is one of the many memorable and enjoyable anecdotes he has in his repertoire.

I have asked Charles to zero in on how to protect oneself from the more common oversights that a collector can experience when insuring works of art.  To continue…

WHAT ARE THE PITFALLS THAT MOST CLIENTS HAVE EXPERIENCED WHEN INSURING THEIR COLLECTIONS? HOW DOES YOUR COMPANY SAFEGUARD AGAINST THEM?

A major pitfall a client can experience is not getting their fine arts collection re-appraised by a reputable, established appraiser. If a loss occurs, you want to ensure that the value on the schedule has not fallen below the appraised value. Some of our efforts to safeguard against this include referring an insured to a reputable appraiser such as Gurr Johns, working with the appraiser on behalf of the insured in some instances, and providing an annual review to ensure that the insurance schedule is accurate and current.

WHAT IS THE INFORMATION THAT YOU NEED IN ORDER TO INSURE A WORK OF ART?

In order to insure a work of art, we would need an appraisal or bill of sale. We would need a full description, value and location in which the item is kept.

WHAT IS THE ADVANTAGE OF WORKING WITH THE BULLEN INSURANCE GROUP? WHO ARE YOUR AFFILIATE UNDERWRITERS AND HOW DO YOU SELECT THEM?

With an operation on Long Island, and over thirty employees nationwide, Bullen employs a dedicated talented team of insurance professionals who are passionate about delivering the highest level of personal service and advice. We are a boutique of insurance brokerage and risk management firms, with a thriving business in personal lines and commercial products. Our specialized practice in advising high net worth individuals and families in the protection of their valuable property is among the best in the business.

My clients through whom I met Charles in the course of providing some paperwork when they were insuring an acquisition, mentioned this which, as a layman, makes perfect sense to me. The Bullen Group is able to negotiate very advantageous fees since the high net worth individual frequently has multiple homes and a variety of valuable collections such as jewelry, boats, cars and wine, thus lowering the overall costs of insurance.

Next week, I will ask Charles to expand on this and to recount some of the more memorable experiences he has had in the daily course of business.