Art Fairs and Protecting Art in Transit

Artists, Art Dealers and Institutions use art transport services regularly, but insurance in particular, is a gray area in which most misunderstandings occur. Pay close attention to the bill of lading and understanding the fine print. The standard form limits the exposure of a claim on the art to weight, not value. Our policies are written either as a schedule or market value less a percentage. Either way your art will be protected while in transport.

Whether buying or selling at Art Fairs be sure that your work or investment has the maximum coverage with minimal headaches by using the Trusted One Stop Art Insurance for the Art Community since 1949, Bernard Fleischer & Sons Inc. www.artinsurancenow.com

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Upcoming Art Fairs

viennacontemporary underlines it’s significance not only as a marketplace but as a location for the presentation of young and established artists and for the information on the development of the art scene in the focus countries of the program.

a contemporary art show in the heart of southern California featuring an international slate of artists and galleries. The show features over 500 leading contemporary artists, museum exhibitions, Art Labs, events, and Art Talks focused on collecting. Now in its ninth year, the four-day event attracts over 15,000 high-net-worth collectors. Join us for an unforgettable four days of cutting-edge art, entertainment, and special events.

FOTOSEPTIEMBRE USA SAFOTO 2017 runs from August 26 through October 30 across various galleries and other venues in San Antonio and the Texas Hill Country.
October 2017 Art Fairs

Frieze London features more than 160 of the world’s leading galleries. View and buy art from over 1,000 of today’s leading artists, and experience the fair’s critically acclaimed Frieze Projects and Talks programmes

 

Frieze Masters features more than 130 leading modern and historical galleries from around the world, showcasing art from the ancient era and Old Masters to the late 20th century.

 

Now in its 8th year, Moniker Art Fair aims to spotlight emerging and established talent from a burgeoning and increasingly diverse contemporary art movement forged by its subversive and innovative spirit. Staged during London’s most important art week in October, Moniker Art Fair attracts some of the most talked about artists, galleries and collectors from the finer side of the street art movement and its related subcultures.

Art Miami’s International Contemporary and Modern Art Fair on the West Coast, centrally located between Silicon Valley and San Francisco.

Texas Contemporary, Houston’s leading contemporary and modern art fair, brings top galleries to the area’s discerning collector base.

 

  • FIAC (Paris, France)
    October 19 – 22, 2017

For its 44th edition, which will be held from 19 to 22 October 2017 in Paris, FIAC hosts at the Grand Palais a selection of the most important galleries on the international art scene. The fair reinforces the presence of the leading galleries, covering the modern and contemporary periods, and renews its support for the emerging galleries through a 2017 promotion of the Lafayette Sector which will not fail to surprise by its freshness, diversity and relevance. The fair, an unmissable event this autumn, confirms the attractiveness of the Place de Paris on the market.

 

October 27 – 29, 2017
CLIO ART FAIR 2017 focuses attention on the kinds of contemporary art and interventions that are being created by independent artists the world over. Without the constraints and usual concerns of the art business, these artists have no set boundaries – using different materials and media to deviate from accepted art practice definitions in the gallery space. The works exhibited seek to foster a dialogue that transcends prescribed geographies, hierarchies, and markets, expanding the opportunities for greater expression of new media and groundbreaking content.
November 2017 Art Fairs

The IFPDA is an organization of expert art dealers who champion

the work of artists in the artistic medium of printmaking.

Paris Photo, the first international fair dedicated to the photographic medium, will present its 21st edition from 9 to 12 November 2017 at the Grand Palais in Paris.

A must-see for collectors, professionals, artists and art lovers, Paris Photo focuses on the diversity and quality of the artists and works presented and proposes an ambitious and demanding public program.

The Salon Art + Design welcomes the world’s finest galleries exhibiting historical, modern and contemporary furniture, groundbreaking decorative arts, and late 19th and 20th century fine art. Visitors will find designs by the great 20th century masters, as well as creative works by today’s most innovative young artists.

Jewelry Insurance A to Z

In the jewelry insurance business, the word jewelry includes different sorts of adornment, such as bracelets, necklaces, rings, earrings, watches, etc. However, the meaning is often more precious than its price; a symbol of love, unforgettable memory or a significant moment in the past. Considering these invaluable meanings, jewelry is priceless. Hence, you may feel devastated if you lose such a possession. Usually what happens, when placing jewelry on a standard homeowner’s or rental policy, their items are not covered properly. Thus, it is better to sign up for a standalone personal jewelry insurance policy. This policy enhances and provides higher limits while a homeowner policy only covers jewelry up to some point. For instance, if you have a $15,000 ring that has been stolen a typical homeowner policy only covers from $1,000 to $1,500 due to the sub limit within the policies.

What kind of coverage is there in jewelry insurance? There are two types, itemized coverage and blanket coverage. Itemized coverage is a schedule of items describing what will be insured including the insurance value. Some companies require appraisals that value and descriptions are written in. In the event of loss, the insurance company will pay based on the value in the schedule. The appraisal is used to verify authenticity, so that payment would be made without any dispute. When insuring multiple items of lesser values, blanket coverage is the suitable option. It covers multiple pieces under certain total policy limit; some policies have a maximum per item value and a maximum per loss limit. This can be positive if you own many types of valuable articles that are relatively under $25,000 but cumulative into hundreds of thousands.

Then how does jewelry insurance work? There are two ways that insurance companies can handle this. First is to compensate what they have been claimed. The insurance company will pay you cash and the amount depends on which compensation valuing method the company chooses, between replacement cost and actual cash value. According to the Insurance Information Institute, replacement cost is to pay the amount of cash required for replacement but limited by the maximum dollar amount shown on the declaration page of policy. Actual cash value pays the dollar amount of replacement cost minus depreciation. The second one is to repair or replace the valuable articles rather than receiving cash to replace the item. With this option there are no worries as to how much you will get reimbursed, since the insurance company will repair or replace the jewelry with the same quality of the original one.

Since there are many insurance carriers with different terms, it is difficult to find the best suitable insurance without speaking to a knowledgeable Insurance Broker. Here are two tips for choosing the right company for personal jewelry insurance. First, look for a policy that does not mandate you replace an item to receive the full value of the settlement. Second, select a company that makes it easy to insure your jewelry by requiring appraisals only on high value pieces. Here is information on several companies dealing with separate jewelry insurance.

Bernard Fleischer & Sons Inc has teamed up with AXA Insurance Company to provide a countrywide insurance product with worldwide coverage, in other words, the coverage travels with the policyholder. It covers many kinds of losses including accidental breakage, fire, theft and mysterious disappearance. No appraisals are required on items under $50,000 and in collaboration with fine art insurance, the coverage can be as much as $2,500,000 and more. They use a blanket policy up to $250,000 and then switch to Schedule as the value increases. The most significant item is that for your coverage, you will get compensated with cash, rather than the repaired or replaced pieces.

Jewelers Mutual, one of the historic companies in jewelry business, provides worldwide personal jewelry insurance. They cover various losses, similar to AXA, from theft and damage to mysterious disappearance. Their coverage is different because it is based on the repair / replacement insurance, which the company pays directly to the jeweler and the insured is responsible for his or her deductible. Some of the customers are happy with their service while others are dissatisfied with their policies. For instance, not covering wear and tear peril and not insuring the replaced jewelry. Nevertheless, the company shows consistent concern for their customers, since every review has comments from Jewelers Mutual on it.

Chubb, another historic insurance company, has worldwide insurance for valuable jewelry articles. They provide worldwide all risk coverage for most causes of loss and mysterious disappearance. Also they provide automatic coverage for newly acquired items which are up to $50,000 for 90 days on the premise that customers have already itemized jewelry on Chubb policy. New appraisals are not required for jewelry under $100,000 and offer an endorsement paying up to 150% of the amount itemized on the policy to protect customers from inflation.

Another big insurance company, Travelers provides jewelry insurance along with valuable articles. These valuable items include jewelry, pedigreed dogs and guns. There are two options that customers can choose. One is Personal Articles Floater, which can be purchased separately and it is for more expensive valuables that exceed the coverage provided by residential policies. With this policy, every item should be listed with its description. The other is Valuable Items Plus, which is available as an add-on coverage to homeowners insurance, which works as a blanket coverage up to certain cost.

Lavalier, administering insurance policies issued by Berkley National Insurance Company, manages only jewelry insurance. Lavalier policy provides repair / replacement and all risk is covered except for the wear and tear, manufacturer’s defect and intentional loss and damage. Provided that the customer has at least one item scheduled, they also provide unscheduled coverage with $1,000 per item limit and $5,000 total value limit for jewelry of lesser values. Moreover, only items above $5,000 require appraisals and for items valued under $5,000, sales receipt can take the place of an appraisal.

Art Insurance for the Young or Established collector

We have been issuing Fine Art Insurance policies for many Young collectors, who belong to the Guggenheim, The Metropolitan Museum of Art,  The Frick Collection , The Whitney , The Morgan Library & Museum, Museum of American Art , Dia Art Foundation , The Jewish Museum , Museum of Art & Design, New York Foundation for the Arts, Museum of the City of New York, New York Botanical Garden, Rubin Museum and these are just a few in New York. These Collectors, who’ve either recently purchased work or inherited work for their collections, have engaged our services to properly insure objects of Art, Rarity, or Historic Merit of Every Nature and Description.  As an Art Insurance Broker, we represent Insurance Companies, like AXA, Travelers, XL, Chubb, Markel, Great American and Philadelphia to seek out policies to cover the unique risks associated with insuring Art.

 

Our Collector’s Insurance policy covers the art you own, anywhere and everywhere. Most polices can focus on 3 situations.

  1. Transit coverage which is where most damages occur.
  2. Coverage at given named location(s).
  3. While in Storage.

Collections can add up in value very quickly and you want to be sure it’s covered in the case of a loss.  A new collector may look towards placing the art pieces on a homeowner’s insurance policy, the majority of the time there are many gaps and exclusions in homeowner policies, which Standalone policies fill.

Even beginning collectors prefer artwork to be restored if something unforeseen happens. Many times the value of restoring effects the current market value, our policies will pay you the difference in value. According to William Fleischer CIC, and President of Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com “A high percentage of claims being filed are partial losses, and most happen when something is being transported. Restoring is an option, but not always the case”.

A little tip; in many polices, the frame is required to be described and have value to be insured. This is a little detail that’s often overlooked. It’s all about properly insuring, it’s important to know your policy, The Conditions, Restrictions and Exclusions. I hope this encourages you to hedge your financial downside and most of all, enjoy the Art.

We are always watching out for the benefit of the established and new collector, it’s what we do best here at Bernard Fleischer & Sons, Inc. / ArtInsuranceNow.com call us at 1.800.921.1008 or visit us at www.ArtInsuranceNow.com to apply and live chat with an agent.

 

Corporate Art Insurance 3 trends

As a leading Art Insurance Broker, I have seen a rise in 3 types of  policies focusing on the Art Corporation are showing in their  businesses.

  1. The rise of using  Art leasing/ renting companies for a short time, rotating exhibition space. These new type of lending services,  fill a niche by adding style to an office by using a wide range of art, Prints, Sculptures, Paintings, Glass and tapestry.  I have insured the works in Doctors’ offices, hospitals, corporate offices and temporary spaces, not to mention in all types of residences.
  2. Pure old fashion Corporate Art insurance. Art can make a space interesting and appealing to visitors or staff. Manny CEO Private Collections are starting to show off their collection. I design policies to insure the art while in the office, in storage or enjoyed at home.
  3. Exhibition Insurance. Many curators are able to assemble a strong show, using a common theme or thread to enhance the corporate culture creativity. They invite Artist or ask Collectors to loan works fulfilling the vision of the project.

 

EZ to apply at  www.artinsurancenow.com

Affordable Art Fair NYC Spring begins March 29!

Sponsored by

We at Bernard Fleischer and Sons, Inc. / ArtInsuranceNow.com (New York City Based Art Insurance Brokers) love it when fine art is made accessible, and one of the premiere events for attainable art is Affordable Art Fair. With all art under $5,000, making it affordable to everyone. This year we are proud to be sponsoring this global initiative to bring art to art lovers in New York City.

The very first edition of the Affordable Art Fair launched in Battersea Park, England in October 1999. 10,000 art lovers descended upon the fair to take advantage of the ease of buying, range of choice, and of course, the affordable prices!

Holding over 230 fairs and spanning over 10 different cities, which today include Amsterdam, Milan, Hong Kong, Hamburg, Brussels, Singapore, and Stockholm. Now, with an extended program that includes live artist performances, innovative talks and tours, hands-on workshops, live music and irresistible restaurants and bars, the Affordable Art Fair continues to grow and bring art to new audiences around the world.

While collecting art is a wonderful endeavor, it is very important to protect an art investment with an insurance policy that is designed specifically for the special coverages fine art demands. Visit us at ArtInsuranceNow.com so we can tailor a policy for your small or extensive unique collection.

After your visit to the Affordable Art Fair NYC Spring, protect your investment with expansive coverage for your Paintings, Prints, Photography, Jewelry and Drawings. Art Insurance policies are written on a blanket basis, Schedules and Appraisals are not required. www.ArtInsuranceNow.com or call 1.800.921.1008

Tate to Exhibit Ultimate David Hockney Retrospective

We at ArtInsuranceNow.com are excited that Tate Britain is staging the most extensive retrospective of David Hockney’s work to date in February 2017. As his 80th birthday approaches, over six decades of Hockney’s work will be shown at the U.K. institution including painting and drawing, as well as prints, photography and videos.
From his first one-man show when he was 26 in 1963 he most recently exhibited at the National Gallery of Victoria, Melbourne Australia (DAVID HOCKNEY: CURRENT). He is credited as being one of the most influential living artists.
Tate Britain’s director Alex Farquharson has said: “David Hockney is without doubt one of Britain’s greatest living artists. His impact on post-war art, and culture more generally, is inestimable, and this is a fantastic opportunity to see the full trajectory of his career to date.”
Hockney is also quite the armchair philosopher and a search of the internet will find many quips and quotes, A book on art conservation which cites an AXA Art Insurance funded research laboratory quotes him as saying “Love will decide what is kept, and science will decide how it is kept”.
AXA Art Insurance is one of our many affiliate partners in bringing you the most comprehensive Art Insurance coverages available; to learn more visit us at www.ArtInsuranceNow.com, fill out an application to receive a fast free quote or call 1.800.921.1008 to protect your art and collectibles. Don’t miss David Hockney, on show at Tate Britain from February 9 until Monday May 29 2017 followed by showings in Paris and New York City.

Travelers Insurance, AXA Art, Markel ART, Chubb Ar,t XL Art, Philadelphia Art, Great American Art, Ironsure Art, USAA Art

 

Things To Know About Coverage For Jewelry And Other Swag.

Art Insurance Now, AXA Art, Fine Art Insurance

Your Homeowners Insurance May Cover partially What You’d Pay to Replace High-Value Watches, Rings, Necklaces, Bracelets and other Items.

Standard homeowners and renters insurance policies include some coverage for jewelry and other precious objects such as watches and furs. Like other possessions, high value items are covered for losses caused by all the perils included in your policy such as fire, storms, theft and vandalism.

However, there are special Sub-limits of liability for certain items, simply meaning that the insurer will not pay more than the amount specified in your policy. One significant limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a somewhat low limit for theft coverage, generally $500.00 to $1,500.

If you own costly jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability, or by “scheduling” your individual pieces through the purchase of “Special” Jewelry Policy. Raising the limit of liability is the least expensive option in terms of insurance premium cost; however, there is generally a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.  We recommend buying a Blanket Jewelry policy which includes all your items, and in most cases the best value for your insurance dollar.

Choosing the right Insurance policy is personal.  Our Blanket policy pays claims based on current Market value and is limited to the total limit you purchase.

Non-Scheduling each piece or item may cost more in premiums, but it offers broader protection because the Policy usually covers losses of any type, including accidental losses—such as dropping your ring down the drain or mysterious disappearance—that standard policies do not cover. All policies have conditions, limitations and exclusions. That’s why, when purchasing a Jewelry policy you should always work with a reputable broker like Bernard Fleischer and Sons. Insurance has grown increasingly complex over the years. There are literally thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Plus, policies are often filled with disclaimers and insurance jargon that can confuse the average consumer. We can decipher the jargon and deliver the best protection for your valuables. For more information and a fast, free quote visit us at www.ArtInsuranceNow.com or call us at 1.800.921.1008

Art Insurance Now, AXA Art, Art Insurance, Fine Art Insurance

Artist’s Nightmare at the Museum

527aafe86ad5996c7cb838dd1ca02e95Just imagine, you are an artist without an Artist Insurance Policy and you finally get an exciting call from a museum to tell you that they have chosen your work for an exhibition for several months.  You work extremely hard on creating the exhibit and receive a contract from the museum that says they will insure your artwork while it is on display. A friend from out of town visits and you take them to see the exhibit and notice your prized sculpture in the exhibit is damaged. Immediately, you contact the museum and call for a plan of action; you ask to see the security footage and request more information about submitting the insurance claim. The museum seems uncooperative, explains to you the security cameras aren’t operating, there isn’t any evidence to support your claim the sculpture was damaged while on display and there is no insurance information they can provide for you at this time. You continue to push for an insurance claim, the museum continues to be evasive and you feel like you are getting nowhere. It looks as though the museum is not going to submit a claim on your behalf and the repairs will cost an enormous amount of money and numerous hours of your time.

This is a real-life insurance horror story from cases that the Philadelphia Volunteer Lawyers for the arts (PVLA) have heard over the years. Unsurprisingly, insurance disputes are a common occurrence with PVLA arts clients. The underinsurance of artwork presents artists with various problems which are much more commonly associated with their profession than others. Another unique problem with the underinsurance of artwork is with its valuation. Artwork is often not treated with the same financial diligence as other assets because it can be difficult to place a value on it and can cover a broad range of items including paintings, sculpture, architecture, printmaking, digital graphics, ceramics, collage, photography, statuary, textiles, art glass and other decorative items.

Insuring fine art presents challenges that are not encountered with other types of real property; an experienced art insurance broker like Bernard Fleischer & Sons (ArtInsuranceNow.com) can address these problems and provide an art insurance policy with coverage fitting the particular situation. Our artist insurance policy values your art at market value less a percentage. The policy covers your art anywhere in the world, while at exhibitions, galleries, storage and in the studio including transit, materials and tools. Art insurance buyers require the services of knowledgeable insurance professionals because “It’s a different type of insurance”. With most insurance you are just buying a financial promise, any insurer knows how to fix a roof or rebuild a building but with art insurance you are buying knowledge as well. Bernard Fleischer & Sons (ArtInsuranceNow.com) are leaders in appropriately insuring artists, art dealers, collectors, conservators, galleries and museums. For more information visit our website, call 1.800.921.1008 or fill out an application here.

Insurance for Artwork in Transit

fragileThe movement of Art is massive, now art is transported coast to coast, internationally or just to your winter home or local Gallery. When handling artwork, packing for transportation is a top concern for insurance carriers. Many polices list as a condition, professional packed, meaning it must be packed as someone in the industry would pack it, safe, secure and preventive from breaking if possible.
If you use a transportation service, either a fine art mover, a local mover, or common carrier, you must verify if they have or offer Insurance, what are their limits, conditions and the cost of the coverage. Insurance carriers differ and may have restrictions or limitations while your valuables are on the road, on a ship or in air transit. The most common, efficient and safe way of moving art over long distances, domestically or internationally is by air transport, but it is very common to move the work yourself, so make sure your policy covers self conveyance.
Some art transporting choices such as those offered by, United Parcel Service (UPS), DHL, Federal Express (FedEx), and other private art handling companies or commercial air freight carriers have limitations on coverages, territory and deductibles. Keep in mind that while these are services used for fragile and non fragile fine arts, things happen within their control and outside of their control. Looking to your own insurance policy for protection is the right way to limit your financial losses and the quickest way to have the claim settled.

Artists, art dealers and institutions use these Art transport services regularly, but Insurance in particular, is the gray area in which most misunderstandings occur. Pay close attention to the bill of lading and understanding the fine print. The standard form limits the exposure of a claim on the art to weight, not value. Our policies are written either as a schedule or market value less a percentage. Either way your art will be protected while in transport. Caution, it’s important when securing transit art insurance to add extra days of transport for the unknown delays. Also note the declared value placed in customs forms or the bill of Lading is usually not used when settling a claim, but look for wording which would specify to the contrary.
According to FedEx,

“shipments (packages or freight) containing all or part of the following items are limited to a maximum declared value of $500: Artwork, including any work created or developed by the application of skill, taste or creative talent for sale, display or collection. This includes, but is not limited to, items (and their parts) such as paintings, drawings, vases, tapestries, limited-edition prints, fine art, statuary, sculpture, collectors’ items, customized or personalized musical instruments, Film, photographic images, including photographic negatives, photographic chromes and photographic slides.

Any commodity that by its inherent nature is particularly susceptible to damage, or the market value of which is particularly variable or difficult to ascertain.”

According to UPS, articles of “unusual value” are prohibited from being offered for shipment. This definition explicitly includes “works of art.” As the November New York-based auctions ended and Art Basel Miami Beach began, for collectors buying and selling art no doubt demanded lots of their attention, they also should be thinking about keeping their art safe and properly insured as it moves between locations. With the expansion of the global art market, risks increase. To discover a larger number of buyers, auction houses and art dealers often display art at multiple locations, including a growing number of art fairs around the world like Art Basel. The high volume of art exchanging hands increases the risk of improper handling and accidental damage and therefore increases the number of fine art insurance claims.
You should know where your art will be stored while in the possession of art dealers or auction houses. This is critical. For example, many consigned works were stored in art gallery basements in Chelsea during Hurricane Sandy, leaving many damaged. Art galleries may also store artwork at an off-site storage facility. Being notified before your piece is moved from one location to another is also a precaution, and obtaining confirmation on how it will be packed and transported will help to ensure a smooth consignment process. Don’t presume that the auction house, gallery owner, art dealer, or shipping company with possession of your artwork has insurance for its loss, theft or damage. It’s very important to have your own fine art policy.
Collectors should always consult with an insurance agent. The agent can tailor a policy to a specific collector and discover any special provisions in the collector’s fine art policy. With about $2 billion of art changing hands in the November New York auctions alone, the risk of incidents involving packing, shipping, and storage is great. Collectors and their advisers would be wise to work with knowledgeable insurance brokers like Bernard Fleischer & Sons (www.ArtInsuranceNow.com) that can guide you in obtaining the right fine art insurance for your unique requirements. For more info visit www.artinsurancenow.com, call 800.921.1008 or get an application here.

Art Insurance for Collectors; Schedule vs. Blanket

antique_and_medieval_azerbaijan_art_collection_of_azerbaijan_national_art_museum_7As an art insurance broker, I readily come across collections that are an intricate part of retirement and inheritance planning.  It’s a great asset to pass down.  Baby boomers bought artwork for the love of the art.  Art as an investment vehicle was a small part of the decision making, not like today which is the main focus.  In the past 15 years as the art market sales and demand took off, the art bought 40, 30 or 10 years ago is worth a lot.  Hence, I am seeing collector’s policy limits rise into the millions. I will explain some key differences in the type of policy offered in today’s market place.

Art Insurance and collectible insurance demands are a new focus with some insurers. Beware, like the art world, no two are the same, read the exclusions, conditions and valuation clauses in a policy.  Understand what schedule means and its limitations, some say the maximum they will pay is what is on the schedule or schedule plus 125% or 150% and then some added or market value whichever is less.  A popular coverage is Blanket Insurance; usually this is for the collection under $300,000. The advantage is that you are not required to supply the companies with appraisal, bill of sale or any other documentation when you bind the coverage. Only at the time of loss the onus of proof of value is on the collector.  This is not a big lengthy process; either go back to your paper work and ask for a current valuation from a dealer or show your work to a dealer and put the value in a letter.

Both methods of either scheduling the art or using the blanket limit are tools I use when working with my clients.  Each person looks at insurance in different ways and has different requirements. Let me work with you and answer all your questions to present a program which is satisfactory to all those involved.

William

William G. Fleischer CIC | Principal
T: 212 566-1881 ext.111
E: wfleischer@bfbond.com
W: ArtInsuranceNow.com

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Insuring Art, Art Gallery, Art Dealer, Artist and the Art world needs