If you love modern art, you’ll love these great tips from R L Sparks and Charlotte Perman, Private Collection curators for Martin Lawrence Galleries (MLG) in New York.  And after you purchase your new pieces, don’t forget to protect their value with the right insurance cover!

1. Condition is king.
We cannot overstate this. A great lesson and example would be to review the sale of Superman #1.  A printing of this comic categorised as a Grade 9.0 sold for $2.16 million in November 2011.  An edition categorized as an 8.5 sold in March 2010 for $1.5 million.  The difference between an 8.5 grading an a 9.0 was described to us as a “small fold in the cover”…a $616,000 fold to be precise! The same applies to art. The best condition works equate to the best values.

2. Don’t disregard prints.  
After all Andy Warhol was a printmaker and not renowned for his painting skills! Some of the most important works in art history are prints – Picasso’s deeply personal Vollard suite, Chagall’s stunning lithographic series Daphnes and Chloe, and Lichtenstein’s The Melody Haunts My Reverie, all of which are housed in museum collections.  Don’t get tied up in the “cult of canvas”!

3. Good buys can still be found under $10,000.  
Take Takashi Murakami for example, the so-called Andy Warhol of the 21st Century whose artwork hangs in the Museum of Modern Art.  Though his paintings and sculptures sell for millions of dollars, his hand-signed limited edition prints are available to purchase for under $10,000, with many under $5000.  These prints are exquisitely designed, employing some of the most high-tech practices in printmaking today – embossed backgrounds, layers of gloss inks and utterly unique style.

4. Buy for love, but only under $10,000. 
We both agree that collecting should be fun and owning art should be enjoyable.  If you can afford to decorate with art up to a price point of $10,000 then we support that, but beyond that we recommend making a more educated purchase that will hold its value in years to come. There is a strong likelihood that you will be able to marry the two, acquiring a piece you enjoy living with that will also secure your initial investment, if not improve upon it.

5.  Buy to hold.
The media is rife with stories of people ‘flipping’ small purchases for high returns but these are the exception to the rule.  True collectors buy to hold and by doing so see the best return on their investment. In truth one should be looking to buy with a view to living with the art for a minimum of 5 years.  A speculator and a collector are two very different things!

About Sparks & Perman

R.L. Sparks and Charlotte Perman manage Private Collections for the Martin Lawrence Galleries.  With almost 40 years’ history, MLG likely has the largest privately held inventory of any gallery or collector, amounting to some 10,000+ units of art, all owned, none on consignment.  Sparks and Charlotte specialize in the rarest works from within the collection by the most significant artists of the 20th Century, including Andy Warhol, Pablo Picasso, Roy Lichtenstein, Marc Chagall, Sam Francis, Salvador Dali, Alexander Calder and Keith Haring.

To learn more about the collection and Sparks and Charlotte please visit their websites:.

www.sparksinnewyork.com

www.charlotteperman.com

If you’re skiing this season, take a minute to make sure your travel insurance is all in order – and make time to talk through some winter sports safety points* with your family or group.

Despite the safe ‘bubble’ feeling on the slopes these days, you’re still at the mercy of the elements and the weather – and as we’ve seen recently, accidents and avalanches are a real threat.

Even the most competent skiers and snowboarders can be involved in collisions or accidents. Read our top tips for staying safe on the slopes*:

  1. Take out the right winter sports travel insurance package and keep hold of your travel insurance medical emergency helpline number – as well as your policy number. Many of our policies include Winter Sports – with others it’s an option.
  2. Make sure your skiing or boarding equipment, whether your own or hired, is in good order. It should fit your height, weight and skill level.
  3. Wear protective headgear or a helmet – make helmets mandatory for your children.
  4. Take lessons if you’ve never skied before. If you haven’t been on the piste for a while, a lesson or two will polish up your skills.
  5. Remember that skiers or boarders in front or below you on the piste have right of way.
  6. Know your limits – ski or snowboard to your skill level.
  7. Respect the mountain and obey all warning signs – especially during avalanche season.
  8. Never go off-piste unless you are authorised to do so by the resort. Your insurance won’t cover off-piste skiing unless you’re accompanied by a qualified guide.
  9. Carry a fully-charged mobile phone with you.
  10. Don’t drink and ski. A glass of wine or beer with your lunch is fine, but excess alcohol will slow your reactions and affect your observation and balance.

Many of La Playa’s home policies include winter sports travel insurance, but do check – and be aware that if you go off piste, you’re not covered!

Happy ski-ing!

To talk through your travel or home insurance, contact Charlene Gill.  Our advice is always free and without obligation.

*with thanks to Aviva

“Jane Byde is Head of Fine Art at La Playa Limited, a boutique specialist insurance brokerage with offices in Cambridge, London and New York. Her clients include private and corporate art and jewellery collectors, galleries and dealers.”

Tell us about your work
As a broker, my job is to listen and understand clients’ needs, assess the products available and advise as appropriate, making sure the client is doing everything they should to make it work for them. We are not employed by insurance companies, nor are we lawyers, so cannot advise on the minutiae of what will be decided in a court of law if anything goes wrong. Ultimately, it is about managing expectations, being a go-between for clients and underwriters and explaining why the cover costs what it does.

What led you to your current role? Are you yourself passionate about art?
I have always been an art lover, visiting museums and galleries from a very early age, so it was natural to study Art History at undergraduate and Museum Studies at postgraduate level. After university I worked for six months in galleries on Cork Street, before ending up in hospitality management, gaining a diploma from the Wines & Spirits Education Trust. In the course of my work, I met many people in the insurance industry who encouraged me to become a broker because attention to client needs is critical for both roles.

I found a role in marine insurance with a top-three insurance brokerage and studied alongside my job for three years to obtain my ACII, which is the equivalent of an insurance ‘degree’. Another five years later an opportunity opened up in the Fine Art sector and I jumped at the chance as the role allowed me to progress my career, but utilises my knowledge base and passion for art.

How can you make your insurance work for you?
Many people are understandably frustrated when what they feel is a legitimate claim is declined or the value paid out below what they expect. Frequently though, the reasons for insurance not performing as you expect are simple and result from poor housekeeping which could easily be avoided.

Having an up-to-date valuation of your treasures is critical for getting the most out of your insurance. Most of the contentious claims we see are where an assured has little evidence of the value they are claiming for.

A private insurance policy is usually based on Agreed Value which means that in case of a loss, insurers will pay up to the value of the item as listed in the inventory, which is based on the latest professional valuation of your collection. Insurers expect valuations to be done every 3-5 years. Some insurers will pay an increase to the inventory price to match the current Market Value if prices have gone up since the valuation, but this is often capped at a level which may be insufficient for certain artists and jewellery in particular.

Most auction houses will do a simple low-cost appraisal of your art and antiques whilst professional appraisal firms will do a thorough one for somewhat more. There are many services available and it is not essential to use one of the big three auction houses.

What if you have lots of items to insure? It seems like this could become a bit of a time drain for serious collectors!
All policies covering art and antiques will have a limit at which all items under this value are lumped in together as a “total unspecified value”. Each item exceeding this value needs to be listed on the inventory or schedule, which your valuer will provide. Standard High Net Worth homeowner’s policies usually have an unspecified article limit of £10-15,000, whilst a dedicated art collection insurance policy will normally have a much higher limit of £25-30,000 per item. This means you will only need to list your significant pieces and not every last silver salt shaker.

Couldn’t a wealth manager take care of all of that?
Most wealth managers are not specialists in insurance and in all but the most straightforward cases will involve an insurance broker in your case anyway. In the High Net Worth sector in particular, time-poor clients frequently become highly reliant on their trusted advisers to organise their affairs on their behalf. Whilst strong relationships are an important part of keeping your affairs in good shape, don’t be afraid to question them, talk to other people or set the challenge of proving they are interrogating your coverage correctly. Finally, make sure they are speaking to a specialist broker who is trained and experienced in the appropriate sector.

I have had my insurance policy for years and it seems to suit me fine. Why should I look elsewhere?
Insurance moves with the times just like everything else. Risks that weren’t covered or were costly years ago may be feasible now and vice versa; some elements you have taken for granted may no longer be covered depending on your circumstances or the claims experience of the industry. Take time to consider one or two alternative insurance providers as far in advance of your renewal date as you can, ideally a month or so ahead.

What is the single highest value item you have insured?
A few years ago I helped insure a single cut diamond for display at a well-known London department store, with an insured value of £50,000,000. As you can imagine, the security measures surrounding the item would have fit well into a Mission Impossible script! Individual paintings or antiques are rarely insured on a stand-alone basis other than for exhibition or transit purposes as economies of scale and risk-spread normally mean a collection is best insured as a whole.

What’s the one piece of advice you’d give to someone looking for insurance?Insurance is built on trust. Underwriters rely on the information we provide them with and if a claim arises from a risk they weren’t informed about, that trust can be broken and problems paying claims may arise. Of course unexpected accidents happen and that’s what insurance is for, but being honest and upfront, disclosing everything can about the risk you are looking to insure is a good start.

Allow your broker to visit your home or spend time chatting to them on the phone and they will do much of the work for you. One of the benefits of using a Lloyd’s Broker over an online tool or a volume broker, is that we still speak face to face with underwriters about your circumstances. We look them in the eye and develop relationships to win their trust, just as we do with you as clients. It is a powerful communication tool which helps us get the best terms for you, and differentiates us as a quality specialist broker.

Finally, if you cut corners by not disclosing critical details, your upfront premium could be wrong and this in itself could be problematic if you have a claim, due to underinsurance. Your insurer may be within their rights to decline to pay all or part of the value because you didn’t disclose facts relevant to the risk.

Can you give some examples of these critical details that may affect a claim?
Not advising that you kept certain artworks stored in a basement could be one. Or perhaps failing to disclose that you only have security cameras pointing to the front of the house and not the back, or that you don’t have locks on the windows of your ground floor apartment.

What if your circumstances change?
Admin is tedious but necessary. Ensuring the correct individuals and locations are listed on your insurance policy helps avoid disappointment. On a good quality homeowner’s insurance policy, your art collections should be covered anywhere in the world including in transit, if securely and adequately packed. If you move home or purchase an additional property and move artwork there you need to inform your insurance company, because the security measures will be different. Sometimes, such changes are for the better and occasionally will improve your premium, for instance if you move away from a flood-prone area or transfer your most valuable painting from the ground floor of a townhouse to a second floor apartment in a gated and concierge-monitored block.

What happens to property insurance if a policy owner dies?
You may not be aware that property insurance does not operate like a life insurance policy; there is no automatic beneficiary and the policy does not automatically transfer to heirs upon death of the original owner. Making sure your heirs and trusted advisers are aware of the insurances you have in place, and potentially listing heirs as joint-assureds, is a sound idea for ensuring protection of homes and collections in the event of your death.

Let’s say Mrs Smith, a widow of ten years, passes away leaving her home and the art collection inside to her son. He holds on to the property as he is considering moving into it with his own family, but does not think to transfer the insurance policy into his own name. A few months later a burst pipe damages some of the furniture and art work. In this case the homeowners’ insurance would be unlikely to pay any restoration or replacement costs for the art work except possibly on an “ex-gratia” goodwill basis, as the new property owner is not listed on the contract of insurance.

What can you do if your (ex) spouse is the policy holder, and they refuse to disclose valuations?
If your (ex) spouse is refusing to add your new property to the insurance policy as above or will not provide a copy of the current valuation, there’s not much you can do without instructing your lawyer to pursue them specifically on this point. It is much simpler and no doubt significantly cheaper to get another valuation done and obtain your own policy for the items you are keeping within the divorce agreement.

What is the most unusual insurance claim you’ve ever encountered?
Thankfully fine art claims are rare because collectors generally take good care of their valued possessions, but we did once have a claim for artwork shipped with an obvious dent and tyre marks on the packaging, from having been run over, presumably by the shipper’s own van! The worst claim we have seen was a damaged old master canvas torn by a rolled up magazine flying at it, during a row. In the wider Private Client team I work with we have seen a Porsche roll into a pond when the handbrake was left off and a pheasant-rearing shed on a smallholding burn down, killing several thousand tiny occupants.

How have technological advancements affected the responsibility placed on the individual?
Previous generations relied on paper ledgers, hand-written receipts or even a handshake from their dealer as proof of purchase. In this day and age, lack of attention to records for valuable purchases and failure to ensure your evidence is backed up, just doesn’t cut it. Technology has streamlined our record-keeping via use of email, retailer’s databases and the advent of cloud storage, meaning that even storing files exclusively on a home computer is an unnecessary risk to take. Most valuers or appraisers will provide an e-copy inventory with photographs as well as a hard copy. It sounds obvious but you can even take your own pictures and store them digitally. If you receive paper receipts from a purchase, snap a picture of the invoice on your smart phone or scan it in using local facilities. Ensure your broker has a copy of your inventory and that you also have it saved somewhere secure, preferably in a secure online storage facility such as iCloud or Dropbox.

“Jane Byde is Head of Fine Art at La Playa Limited, a boutique specialist insurance brokerage with offices in Cambridge, London and New York. Her clients include private and corporate art and jewellery collectors, galleries and dealers.”

Tell us about your work

As a broker, my job is to listen and understand clients’ needs, assess the products available and advise as appropriate, making sure the client is doing everything they should to make it work for them. We are not employed by insurance companies, nor are we lawyers, so cannot advise on the minutiae of what will be decided in a court of law if anything goes wrong. Ultimately, it is about managing expectations, being a go-between for clients and underwriters and explaining why the cover costs what it does.

What led you to your current role? Are you yourself passionate about art?

I have always been an art lover, visiting museums and galleries from a very early age, so it was natural to study Art History at undergraduate and Museum Studies at postgraduate level. After university I worked for six months in galleries on Cork Street, before ending up in hospitality management, gaining a diploma from the Wines & Spirits Education Trust. In the course of my work, I met many people in the insurance industry who encouraged me to become a broker because attention to client needs is critical for both roles.

I found a role in marine insurance with a top-three insurance brokerage and studied alongside my job for three years to obtain my ACII, which is the equivalent of an insurance ‘degree’. Another five years later an opportunity opened up in the Fine Art sector and I jumped at the chance as the role allowed me to progress my career, but utilises my knowledge base and passion for art.

How can you make your insurance work for you?

Many people are understandably frustrated when what they feel is a legitimate claim is declined or the value paid out below what they expect. Frequently though, the reasons for insurance not performing as you expect are simple and result from poor housekeeping which could easily be avoided.

Having an up-to-date valuation of your treasures is critical for getting the most out of your insurance. Most of the contentious claims we see are where an assured has little evidence of the value they are claiming for.

A private insurance policy is usually based on Agreed Value which means that in case of a loss, insurers will pay up to the value of the item as listed in the inventory, which is based on the latest professional valuation of your collection. Insurers expect valuations to be done every 3-5 years. Some insurers will pay an increase to the inventory price to match the current Market Value if prices have gone up since the valuation, but this is often capped at a level which may be insufficient for certain artists and jewellery in particular.

Most auction houses will do a simple low-cost appraisal of your art and antiques whilst professional appraisal firms will do a thorough one for somewhat more. There are many services available and it is not essential to use one of the big three auction houses.

What if you have lots of items to insure? It seems like this could become a bit of a time drain for serious collectors!

All policies covering art and antiques will have a limit at which all items under this value are lumped in together as a “total unspecified value”. Each item exceeding this value needs to be listed on the inventory or schedule, which your valuer will provide. Standard High Net Worth homeowner’s policies usually have an unspecified article limit of £10-15,000, whilst a dedicated art collection insurance policy will normally have a much higher limit of £25-30,000 per item. This means you will only need to list your significant pieces and not every last silver salt shaker.

Couldn’t a wealth manager take care of all of that?

Most wealth managers are not specialists in insurance and in all but the most straightforward cases will involve an insurance broker in your case anyway. In the High Net Worth sector in particular, time-poor clients frequently become highly reliant on their trusted advisers to organise their affairs on their behalf. Whilst strong relationships are an important part of keeping your affairs in good shape, don’t be afraid to question them, talk to other people or set the challenge of proving they are interrogating your coverage correctly. Finally, make sure they are speaking to a specialist broker who is trained and experienced in the appropriate sector.

I have had my insurance policy for years and it seems to suit me fine. Why should I look elsewhere?

Insurance moves with the times just like everything else. Risks that weren’t covered or were costly years ago may be feasible now and vice versa; some elements you have taken for granted may no longer be covered depending on your circumstances or the claims experience of the industry. Take time to consider one or two alternative insurance providers as far in advance of your renewal date as you can, ideally a month or so ahead.

What is the single highest value item you have insured?

A few years ago I helped insure a single cut diamond for display at a well-known London department store, with an insured value of £50,000,000. As you can imagine, the security measures surrounding the item would have fit well into a Mission Impossible script! Individual paintings or antiques are rarely insured on a stand-alone basis other than for exhibition or transit purposes as economies of scale and risk-spread normally mean a collection is best insured as a whole.

What’s the one piece of advice you’d give to someone looking for insurance?

Insurance is built on trust. Underwriters rely on the information we provide them with and if a claim arises from a risk they weren’t informed about, that trust can be broken and problems paying claims may arise. Of course unexpected accidents happen and that’s what insurance is for, but being honest and upfront, disclosing everything can about the risk you are looking to insure is a good start.

Allow your broker to visit your home or spend time chatting to them on the phone and they will do much of the work for you. One of the benefits of using a Lloyd’s Broker over an online tool or a volume broker, is that we still speak face to face with underwriters about your circumstances. We look them in the eye and develop relationships to win their trust, just as we do with you as clients. It is a powerful communication tool which helps us get the best terms for you, and differentiates us as a quality specialist broker.

Finally, if you cut corners by not disclosing critical details, your upfront premium could be wrong and this in itself could be problematic if you have a claim, due to underinsurance. Your insurer may be within their rights to decline to pay all or part of the value because you didn’t disclose facts relevant to the risk.

Can you give some examples of these critical details that may affect a claim?

Not advising that you kept certain artworks stored in a basement could be one. Or perhaps failing to disclose that you only have security cameras pointing to the front of the house and not the back, or that you don’t have locks on the windows of your ground floor apartment.

What if your circumstances change?

Admin is tedious but necessary. Ensuring the correct individuals and locations are listed on your insurance policy helps avoid disappointment. On a good quality homeowner’s insurance policy, your art collections should be covered anywhere in the world including in transit, if securely and adequately packed. If you move home or purchase an additional property and move artwork there you need to inform your insurance company, because the security measures will be different. Sometimes, such changes are for the better and occasionally will improve your premium, for instance if you move away from a flood-prone area or transfer your most valuable painting from the ground floor of a townhouse to a second floor apartment in a gated and concierge-monitored block.

What happens to property insurance if a policy owner dies?

You may not be aware that property insurance does not operate like a life insurance policy; there is no automatic beneficiary and the policy does not automatically transfer to heirs upon death of the original owner. Making sure your heirs and trusted advisers are aware of the insurances you have in place, and potentially listing heirs as joint-assureds, is a sound idea for ensuring protection of homes and collections in the event of your death.

Let’s say Mrs Smith, a widow of ten years, passes away leaving her home and the art collection inside to her son. He holds on to the property as he is considering moving into it with his own family, but does not think to transfer the insurance policy into his own name. A few months later a burst pipe damages some of the furniture and art work. In this case the homeowners’ insurance would be unlikely to pay any restoration or replacement costs for the art work except possibly on an “ex-gratia” goodwill basis, as the new property owner is not listed on the contract of insurance.

What can you do if your (ex) spouse is the policy holder, and they refuse to disclose valuations?

If your (ex) spouse is refusing to add your new property to the insurance policy as above or will not provide a copy of the current valuation, there’s not much you can do without instructing your lawyer to pursue them specifically on this point. It is much simpler and no doubt significantly cheaper to get another valuation done and obtain your own policy for the items you are keeping within the divorce agreement.

What is the most unusual insurance claim you’ve ever encountered?

Thankfully fine art claims are rare because collectors generally take good care of their valued possessions, but we did once have a claim for artwork shipped with an obvious dent and tyre marks on the packaging, from having been run over, presumably by the shipper’s own van! The worst claim we have seen was a damaged old master canvas torn by a rolled up magazine flying at it, during a row. In the wider Private Client team I work with we have seen a Porsche roll into a pond when the handbrake was left off and a pheasant-rearing shed on a smallholding burn down, killing several thousand tiny occupants.

How have technological advancements affected the responsibility placed on the individual?

Previous generations relied on paper ledgers, hand-written receipts or even a handshake from their dealer as proof of purchase. In this day and age, lack of attention to records for valuable purchases and failure to ensure your evidence is backed up, just doesn’t cut it. Technology has streamlined our record-keeping via use of email, retailer’s databases and the advent of cloud storage, meaning that even storing files exclusively on a home computer is an unnecessary risk to take. Most valuers or appraisers will provide an e-copy inventory with photographs as well as a hard copy. It sounds obvious but you can even take your own pictures and store them digitally. If you receive paper receipts from a purchase, snap a picture of the invoice on your smart phone or scan it in using local facilities. Ensure your broker has a copy of your inventory and that you also have it saved somewhere secure, preferably in a secure online storage facility such as iCloud or Dropbox.

Why would anyone hack the NHS? Why would anyone hack your business?

But you should be thinking “when”, not “if” now.

Cyber security is a pressing management issue – and with new GDPR data laws, the potential cost of an attack or breach is spiralling.

TIP: make sure your Cyber Risks Insurance covers Crime: financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.

If you don’t already have Cyber Risks Insurance, talk to us as a matter of urgency. Our advice is always free and without obligation.

6 BASES TO COVER IN PREP FOR A HACK OR DATA BREACH

The majority of small businesses have had their digital defences breached in the past year. It’s vital to protect your intellectual property, business information and customer data against online theft and exploitation. Read on for a basic checklist on preparing for an cyber attack:

1. Risk assessment on security and the “what ifs” for your business

2. Security controls: maintain, regularly update and stress-test them

3. Incident response plan: create and share it, and make sure you have the right professional help at the ready

4. External back up systems in place

5. Educate and train all staff to reduce human error

6. Cyber Risks Insurance – make sure it covers Crime:

If you don’t yet have Cyber Risks Insurance, just try quantifying the potential costs of a hack or breach. Even with well-trained teams and systems in place but it may still happen to you. With data breaches, hacks, ransomware and human error – you need to make sure you’re covered and have a team of experts on hand to resolve the issue.

If you do have Cyber Risks Insurance, check your covers and limits are still adequate, and that you have access to emergency response teams. Make sure your policy covers Crime: financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.

To talk it through, or if you need connections to professional services in these areas, don’t hesitate to get in touch.

Jane Byde – Head of Fine Art:
E: [email protected]

La Playa: Insurance with Intelligence

People like you like us. Passionate. Discerning. Independent.

Those of us privileged with owning fine art and instruments have a responsibility to protect them for future generations.

These good practices will help protect your art and instruments, your bank balance, and – to some extent – your legacy…

1. Valuation: changing trends in the art, antiques and jewelry markets mean that the replacement value is constantly shifting – and premiums may need adjustment (up or down).  If you’re not aware of the value of your assets (or if it’s not documented), you could find yourself significantly under-insured.  After the trauma of a theft, the last thing you need is the worry of a difficult negotiation over the value of each piece.   Regular valuation, inventory appraisal and photographic records will all help.

2. Security: better protection can mean lower premiums; insurers recognize the extra care taken.  If your jewelry collection is valued over $25,000, consider installing a home-safe (and for collections over $50,000, a second safe connected to the alarm system).  We can advise on security marking, and anti-intruder installations that won’t compromise the integrity of your home.

3. Insurance: make sure you have a personalized policy fine-tuned for your specific needs and lifestyle. These need not be prohibitively expensive; indeed fine art and instruments normally cost less to insure than standard contents – especially if you have evidence of taking extra steps to protect your belongings. If you’re still buying ‘standard’ homeowners’ policies, you might be in for some surprises when you make a claim.

4. Documentation: it’s important to keep safely:

• Appraisals

• Historical records

• Insurance paperwork

• Repair paperwork

This can really help with claim resolutions and the repair or replacement process.

Tragic events in Paris and Belgium are a sad reminder that terrorism is rarely confined to government or military targets – all public venues and transit routes are considered fair game.

Your business could be affected not only by a terrorism incident but also by a threat or false alarm. If roads are closed or access restricted, that could hit your income – and without separate Terrorism coverage, your insurance is unlikely to cover it.

If you don’t have Terrorism Insurance and would like a quote, or if you’re unsure if your current policy covers Terrorism, do get in touch – my advice is always free and without obligation.

Email me at Charlene Gill or simply call 646 665 7737.

If you’re organizing events this year, it’s worth considering the impact if they were cancelled – do you need Cancellation Insurance to protect your finances?

Cancellation insurance is an affordable, flexible solution; you can insure any portion of your budget – and opt to insure the key risks that would hit your bottom line the hardest.

4 Top Tips on Cancellation Insurance

  1. Insure against specific risks: what’s your worst “what if”? Venue closure due to fire, flood, failure of safety curtain, sanitation problems or access being denied (e.g.: if the area is cordoned off by the police)? Non-appearance of artists due to illness, injury or travel delays? Terrorist attack or threat at the venue or in the vicinity? Adverse weather for outdoor events? A water-logged site deemed too dangerous by the Health & Safety officer, or staging declared unsafe due to high winds?
  2. Insure a specific period of time.
  3. Insure specific parts of your budget: areas where cancellation would really impact your revenue – for example your highest earning tour, or your biggest performer.
  4. Get the coverage in place in good time: 3 months in advance for better rates – but 14 days as a minimum.

If you have questions about cancellation insurance for your event, get in touch anytime: 646 665 7737.

La Playa Arts & Entertainment: Insurance with Intelligence

People like you like us.
Passionate. Discerning. Independent.

If you need to ship part of your art collection – between homes or on loan, perhaps – make sure you ask the right questions and get the right insurance to preserve the value of their investment.

10 Crucial Questions to Ask Before Putting Your Art into Shipping

1. Who will be my point of contact for the shipment? You should be assigned a point person to oversee the course of your shipment, door-to-door, nail-to-nail. This person should be available to answer any questions you may have, as well as gather important information from you about the shipment.

2. Are the people handling the shipment trained art handlers? Your shipper should not only be able to confirm that the staff is trained, but provide evidence and examples of such training.

3. How will the shipment tracked? GPS tracking should be standard for all fine art shipments.

4. What are the pertinent truck specifications? Climate control, air-ride, security systems?

5. If traveling by air, will my cargo be screened and by who? A handful of fine art shippers are Certified Cargo Screening Facilities, a TSA certification that allows the company to inspect and seal crates prior to air shipment. Those who do not have this certification must outsource to a 3rd party company, find out who that CCSF is and if their staff are trained to handle art (not all are!)

6. What are the contingency plans in place for inclement weather, cancelled flights, etc?

7. How will my object be packed prior to transport, and why? It is the responsibility of the shipper to know the best methods and materials to prepare your object for shipment. There are a wide range of options, from simple wooden boxes to museum-quality crates. Ask what their plan is and why.

8. What third-party carriers will be handling my artwork during shipment and how did you select them? Sometimes it is necessary to employ the services of a third-party carrier during a shipment. If this has to happen, you have the right to know who these people are, what their credentials are, and what their liability is for their portion of the service.

9. What documentation must be provided for customs? In the US and abroad, it’s important to discuss this early so you have time to gather any supporting documents you need.

10. What documentation will you provide me to show the shipment was safely delivered?

with thanks to Crozier Fine Arts

With windows rattling in the wind and temperatures at rock bottom, we’re all wondering whether we’ll get snowed in, cut off, flooded or lose windows in the windstorm.

Although winter storms rarely cause significant risk to life, the frequency of low-level damage and interruption to services is high, and businesses can be crippled for days or even weeks after a severe storm.

Gallery owners in particular may have cause for concern for several reasons;

In addition to physical damage to art or premises, winter weather brings increased risk to public safety for which your business may be liable, as well as the possibility that you may have to stop trading for a period of time.

Easy Risk Management:

There are many simple risk management measures you can take that cost little.

The good news is, when it comes to protecting your business, it’s easy. Once you have done everything you can to guard against the effects of bad weather, ensuring your insurance policy is up to date and provides cover for all eventualities, is critical.

If you are not sure you have the right coverage or would like a health check of your insurance, La Playa offer a complimentary surgery. We are happy to take a quick look over your policy and make sure you have all the coverages you need to the right levels, at no cost. We will also quote against your current provider to ensure you are being charged appropriately. If you like what we do for you and decide to place your business with us, as an AWAD member you are entitled to a 10% discount off your premium.

 

Call us or drop us a line on: +1 646 665 7737 or [email protected] to discuss your needs.

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