The art of insuring art in a variety of locations
In this last blog with expert insurance advisor, Charles Bennardo, President of CEB Advisors, an affiliate of The Bullen Group, we learn the nuances of art insurance versus general insurance and the management of a collection that is located in several personal and business residences. I am very grateful to Charles for providing such detailed and informative information in such a specialized aspect of being an art collector.
HOW DOES THE POLICY FOR ART FIT INTO THE GENERAL INSURANCE POLICIES THAT YOU PROVIDE FOR YOUR CLIENTS?
Collections can be included on a property policy as a separate category known as valuable articles. We can also write a separate “monline” value articles policy. We are experts at working with the insurance companies to create the right balance of personal property and valuable articles coverage so that you will have complete coverage in the event of a loss.
WHAT KIND OF INSURANCE IS REQUIRED TO MOVE A WORK FROM ONE RESIDENCE TO ANOTHER WITHOUT HAVING TO NOTIFY THE INSURANCE COMPANY ABOUT EACH CHANGE IN THE COLLECTION?
Most of the companies that we write with offer worldwide coverage. Therefore, if an item is moved from one residence to another, coverage is not affected. That being said, we do recommend that we are notified whenever an item is being moved. The firsts reason is to make sure that particular item is scheduled. There are times when clients with large collections forget to add an item to a policy so keeping in close communication with our insured gives ous the opportunity to limit the chance of missing something.
WHAT IS THE PUNCH LIST THAT YOU CAN PROVIDE THAT COVERS ALL OF THE MAJOR CONCERNS IN INSURING A COLLECTION?
The information provided above provides 99% of most major concerns in insuring a collection. As a full service organization, we are dedicated to assisting with any questions or concerns that an insured may have.
Charles loves what he does and is fully engaged in his work. If you have insurance needs and questions, I am certain he will answer them.
Next week, I have the pleasure of introducing you to an exceptional dealer and colleague who specializes in American modernist art, Meredith Ward, who owns Meredith Ward Fine Arts, located at 44 East 74th Street,
New York, in an elegant townhouse. When I first started as a dealer, I specialized only in contemporary art. It was my initial passion as a wannabe artist (luckily a short-lived goal, I just didn’t know there were other ways to be involved with art growing up than “creating” it). Thanks to the diversity and caliber of my clients, I was encouraged to learn about 19th Century American art and 20th Century Modernism to be responsibly receptive to their interests and taste. I attended Sotheby’s Institute and it opened a wonderful and rich period of American art to me that was not a focus in school. Meredith Ward has earned the trust and confidence of families who had an important artist in their family and will share with us her knowledge of modernism in general and artist estate management in particular.
Until then, thank you all!