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Posts Tagged ‘insurance’

Terrorism for Art Galleries and Dealers – La Playa

Tuesday, May 22nd, 2018


None of us like to contemplate terrorism, particularly experiencing it in our own country. But the reality of the 21st Century is it’s here and with the increased use of vehicles and lone shooters causing chaos on the high street, it’s a more tangible and rapidly perpetrated threat than ever before.

If an incident occurs, clearly your first concern will be for your safety and that of your loved ones. But have you considered what a terrorist incident in your area could mean for your business?

As a business owner, the government-backed insurance protection provided is different from what you have as a private individual.

Did you know, for example, that damage caused by a terrorist attack to private property is automatically covered by insurers in both the US and the UK and in the case of a major incident underwritten by the government, but damage to commercial interests are not?

Terrorism is most commonly defined as the ‘use of force or violence and/or threat for political, religious, or ideological purposes and with the intention to influence any government and/or to put the public or any section of the public in fear’. Along with cyber attack, nuclear damage, political violence and radioactivity, it is a standard exclusion on commercial business policies.

You need to opt in for terrorism insurance for your business to recoup your financial loss to stock and property and get your business up and running again quickly. It is also important to note that if you purchase Business Interruption insurance which reimburses you for loss of earnings or increased cost of working as a result of an incident, this is normally only as a result of a physical damage loss.

If your own premises or stock are not actually damaged by a terrorist attack you may well find yourself seriously out of pocket because your customers are steering clear of your gallery or even the entire neighbourhood. This can also happen in the event of a bomb scare or other terrorist threat, even if no actual incident takes place.

You need to consider whether your business will be affected by disruption to local infrastructure, road closures and services as a result. Cover for this may be purchased as an extension.

Depending on your circumstances, terrorism insurance for specialist art galleries and dealers can be expensive and hard to get hold of when not attached to a package policy. Make sure you’re talking to a broker who knows the market and can get you an all-inclusive Dealer’s package, or access quality stand-alone insurance.

Call us or drop us a line in the UK on: +44 1223 200650 or in the US on: +1 646 665 7737 to discuss your needs.

La Playa UK

Art Fair Liabilities: Have you got it covered? – A post by AWAD Partner La Playa: Insurance with Intelligence

Monday, February 5th, 2018

With Art Fair season rolling around every quarter, or every month if you exhibit overseas, there never seems to be “down” time during which you can properly take stock, deal with your in-tray and assess your overall annual needs, rather than just planning for the next event.

“What will I exhibit?” “Do I have enough people to staff both the fair and the gallery?” “Does my insurance cover what I want to do?”

An area we find UK gallerists frequently struggle is with exhibiting at art fairs overseas, particularly in the States. If your insurance policy is with a UK insurer or broker, they may not be able to give cover for your stock or more importantly, your liabilities to the public and other third parties, whilst you are abroad. (more…)

From our Partners at La Playa: 4 Pillars of Good Stewardship for Art & Instruments

Monday, November 30th, 2015

AWAD recently welcomed a new Partner to our New York Chapter, La Playa, a provider of specialist insurance for art galleries, dealers, restorers, conservators, valuers and collectors.

La Playa will be sharing their expertise through regular posts on this blog, starting with the important topic of preserving artworks and musical instruments for future generations.


4 Pillars of Good Stewardship for Art & Instruments

Those of us privileged with owning fine art and instruments have a responsibility to protect them for future generations. Protecting your valuables doesn’t have to be complex or confusing – nor should it break the bank. But many “standard” insurance policies include conditions and exclusions that could potentially cause you real problems.

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.

  1. 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.

  1. 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 – read our 5 good reasons art & instrument collectors need specialist insurance. 

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

  • Appraisals

  • Historical records

  • Insurance paperwork

  • Repair paperwork


Art & Insurance – an insider’s view from Stephen Canning, Brownhill Insurance, AWAD’s favourite Insurance Broker

Wednesday, March 26th, 2014
Art’ and ‘Insurance’: One might assume that these two worlds exist at opposite ends of a wide spectrum. This is not the case – in lots of ways they are very closely linked… says Stephen CanningBrownhill Insurance.

I get to know art dealers well through my job and their business, like mine, is an art itself. No one situation, product or client is the same – each scenario deserves a personal and creative approach. Insurance – particularly of art – requires a deep understanding of the value of an item, its audience, its provenance, its custodian (the dealer), and how it is going to be displayed, stored, shipped, packed, paid for, framed and then enjoyed (we insure the end customer – the collector – too).

The majority of people working in the Art World are enthusiasts who have the good fortune (intelligence) to combine business with their passion. However, whilst art might be your love, it is business that pays the bills and to insure your business is to be realistic about things outside of your control. All business owners need to insure. More so the art dealer – there is arguably no more precious a stock of “products” than an art collection that has been entrusted to a dealer by an artist. His or her stock is – in many respects – unreplaceable. However, it is certainly not uninsurable.

For a chance to learn more about this topic in an informal setting, do join the next AWAD Social that Brownhill Insurance is kindly sponsoring on 2nd April, 6.30pm in Cork Street with The Cynthia Corbett Gallery. Click here for more information.


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