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Archive for August, 2013

AND — apparently, be careful who arranges to store it for you. 

As the story below explains, the famed auction house Christie’s is being sued by an insurance carrier, and accused of negligence in storing a large art collection in an unsafe manner.  http://www.insurancejournal.com/news/east/2013/08/20/302355.htm

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A Powerful new documentary video has been produced that shows the devastating aftermath that can be created when a driver turns their attention to a single, meaningless text.  Please consider sharing this with someone in your life who may benefit: http://about.att.com/newsroom/new_documentary_shows_the_aftermath_of_texting_while_driving.html#sthash.wUdDsu25.dpuf

 

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The Atlantic hurricane season’s peak months — August through October – have begun. National Oceanic and Atmospheric Administration’s Climate forecasters say the season is “shaping up to be above normal with the possibility that it could be very active”. I know, you’ve read this before. What still surprises me: that so many homeowners in our area wait until a hurricane is a day or two away before they take any real action.

Why not get prepared now, just in case? If you do not have flood insurance, buy some. If you do not have a generator, get one. If you are not aware how your insurance will respond to a hurricane, find out. No emergency supplies? Get them now. No plans to protect window openings? Call me for ideas and solutions. Do you have trees that are vulnerable to damage? I can direct you to an arborist to assist. Need to arrange for someone to check on your property after a storm? I can even assist with this. The key is to take action NOW, before the next hurricane arrives. Let me know if you or someone you know needd assistance developing a hurricane preparedness plan.

For a complete report on the peak hurricane season, check this eye opening report in Newsweek: http://www.newsday.com/long-island/hurricane-season-still-tracking-as-very-active-1.5856598?firstfree=yes

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It should come as no surprise that Jet Skis rank highest on the list of watercraft thefts. The National Insurance Crime Bureau (NICB) keeps such statistics, and the number of jet ski thefts is alarming. Perhaps more surprising —- half of all the yachts stolen last year have not been recovered. Is there such a thing as a yacht chop shop? To learn more: http://www.claimsjournal.com/news/national/2013/08/05/234172.htm

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A recent article in ARTnews asserts widespread art losses caused by Hurricane Sandy in lower Manhattan caused a “paradigm shift” for art underwriters. While that characterization is a bit sensationalized, carriers have certainly learned some costly lessons from Sandy (and other recent catastrophic losses) and are revising their underwriting and pricing strategies.

The central theme of the observations provided in the article: expect rates for art and other collectibles to rise, and expect much greater underwriting scrutiny for how and where art is located. Not quite a paradigm shift. After all, carriers have never operated under the underwriting paradigm that storing art in a basement – whether in Chelsea, Southampton, or Pikes Peak – was ever a good idea. To read more: http://www.artnews.com/2013/08/05/sandy-creates-paradigm-shift-for-insurers/

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