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Archive for the ‘Protecting Valuable Articles’ Category

pounce of protectionEspecially over the past decade, several insurance carriers have introduced a wide range of valuable services to help those who collect all sorts of valuables understand their vulnerability to loss and take steps to reduce a wide range of risks.  If you want the long story on the many services available, check this article:  http://www.irmi.com/expert/articles/2012/obrien11-personal-risk-management.aspx

For those who prefer the short story —- this 2 minute video http://bcove.me/0rt69i82 features Ron Fiamma and Rand Silver of AIG Private Client Group explaining the services their team of risk management specialists offer. Most industry insiders would agree that the Risk Management Services provided by AIG Private Client Group are viewed as “best in class” for those with significant collections.

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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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INTERPOL and law enforcement authorities across the globe report that theft and fraud involving priceless and high value art and antiquities is rising. While arranging for quality insurance coverage is one risk management strategy, such coverage only provides for compensation after a loss.  Working with third-party providers who offer much more than just insurance coverage, we can assist collectors to assemble a comprehensive risk management program.  Such programs address security, electronic protection, and transport, coupled with periodic inspection audits, resulting in a lower frequency of claims, lower claims costs, and lower insurance pricing that reflects a vastly superior risk.

Anthony C. Roman, CEO of Roman and Associates, a global insurance & corporate investigation, risk management, and security consulting firm, has recently reported on the connection between organized crime, terrorist groups, and high value art theft.  Click the following link to read Roman’s article, The Black-Arts , published by National Underwriter.

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No More Clutter !

No More Clutter !

 I am fortunate to have been asked to contribute an article by Private Asset Management, a publication of Institutional Investor that is focused exclusively on investment management, financial and advisory services to the high-net-worth arena, and especially on delivering breaking news before it appears anywhere else.   

While property and casualty related topics are not often covered by this fine publication, the editors have found that subscribers do have an interest in P&C topics that are both newsworthy and relevant to protecting the assets of high-net-worth clients. This brief article that I have authored explains how a simplified, effective and cost efficient coverage solution has been developed to replace the clutter, confusion and expense associated with the multiple insurance policies purchased by families who own valuable residences and personal possessions often located in several states.  Please contact me for more information about this innovative solution.

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The Times of London reported in the spring of 2008 news of an astonishing degree of fakes, inventions, and alterations in many historical objects and antiques.  This fascinating article  in the Chubb Collector by  Jennifer Garland Ross of Art Peritus, LLC in New York City offers great insights on avoiding the risk of buying fake antiques.      

 

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Frances Zeman, Accredited Senior Appraiser of the American Society of Appraisers, reminds us in this important one page primer of the importance of being able to document the value of what one owns.  Ms. Zeman encourages collectors to consider themselves as custodians for the property they own, and shares several good ideas on how to do so effectively.  Armed with a close understanding of the pitfalls awaiting those who fail to plan, Ms. Zeman can provide you or your clients a better understanding of the appraisal process. Ms. Zeman concludes her article by reminding collectors of the dangers of subscribing to the adage “what you don’t know won’t hurt you.” 

 

 

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Or so it was written in a fortune cookie. 

For those with significant liquid assets stored in a wine cellar, careful consideration should be given to the risks that can threaten a valued collection.

In addition to arranging insurance solutions to protect against such risks, we can also assist those with significant wine collections by providing a vulnerability assessment to identify and address the risks that can threaten even well cared for cellars.  Click here for a link to review a series of thoughtful solutions and services designed to help protect wine collections.  

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