Please see below for articles covering an array of potential areas of risk and issues you may face, along with some related claims scenarios, and ways you can potentially help mitigate those risks.
HOW TO SAVE ARTWORK FROM MOLD AT FINE ART INSTITUTIONS
By: Isabelle de St. Antoine
Mold can appear on artwork in different ways. Mold damage can either go undetected or appear minor; however, if not tackled right away, it can lead to significant damage. Isabelle de Saint Antoine from Huntington T. Block sat down with Greg Smith, a world-renowned fine art claims insurance authority at Berkley Asset Protection to get his insights on what the main causes of artwork mold are and how to best prevent mold from occurring.
By Anne Rappa
By Huntington T. Block Insurance Agency, Inc.
As insurance market volatility continues to be a prominent and growing concern, Huntington T. Block Insurance Agency, Inc. (HTB) is dedicated to helping keep you informed. In this article, we will provide you with an introduction to Aon Private Risk Management Insurance Agency, Inc (APRM) which offers custom personal insurance solutions and risk management to high net worth collectors.
Many museums offer interactive experiences involving minors, such as classes, workshops, field trips, summer camps, overnight stays, and more. Even with rigorous oversight and precautions, these activities have inherent risk exposures relating to Sexual Abuse and Molestation (SAM), and it is important to plan accordingly and understand what insurance options are available to help safeguard your museum, staff, members, and patrons.
By Lela Hersh, ASA, ISA AM
Written by Taylor Armstrong
Sometimes, it’s only after an institution suffers a loss (fire, theft, flood, etc.), that it discovers that its collection is under-insured. Appraisals are a fundamental tool for cultural institutions in purchasing insurance for their collection. This article will discuss the importance and benefits of using appraisals when museums are in the process of determining their level of fine art insurance.
An insurance policy is written with specific maximum payout amounts called limits; usually these limits are written on a per-occurrence basis, meaning that the limit is the most the insurer will pay in any one event or disaster.
This article discusses what considerations a gallery or dealer should take when determining what policy limit to obtain at each renewal and throughout the year.
Written by Isabelle de St Antoine
A homeowners insurance policy is designed to insure your home rather than protect your art collection. If fine art is covered under a homeowner’s policy, it is generally limited coverage.
This article discusses why a personal art collector should consider a fine art insurance policy to protect their art against the unexpected, and what steps to take and consider when seeking a fine art insurance policy.
Written by Adrienne Reid
An insurance policy is written with specific maximum payout amounts called limits; usually these limits are written on a per-occurrence basis, meaning that the limit is the most the insurer will pay in any one event or disaster. A museum’s limits may be considered “blanket” and as such, applied as needed for losses to permanent collection and/or loans.
This article discusses what considerations your museum should take when determining what policy limit to obtain at each renewal and throughout the year.
By Ana Pereu, Intelligence Group, Aon’s Cyber Solutions
Increased digitalization, the development of Artificial Intelligence and cryptocurrencies, and an overall rise in cybercrime activities have impacted all sectors of the economy, including the art world. How can you better protect yourself and minimize your risk?
In this article, our team examines three areas of increasing cyber risk: third party cyber risk (systems and platforms), non-fungible tokens (NFTs), and the changing regulatory environment.
By Isabelle de St Antoine
By Anne Rappa
Prior to the Covid-19 pandemic, disaster planning for fine art traditionally focused on being prepared for natural disasters affecting particular regions.
In March 2020, as the world came to a standstill, all businesses and individuals had to stop everything, and rethink about how they would continue to operate under such a level of uncertainty. Disaster preparedness took center stage and became a critical tool used to help determine essential operations and implement a continuity plan.
When shipping your artwork either through long-haul transit to an international art exhibition or short-term warehousing, it is important to understand and review the safety and security of the shipping method as well as any temporary storage locations used along the way.