Fireman’s Fund Insurance Company announced the new death of an artist loss settlement provisions, as well as the introduction of 7 other coverages to additional states as part of their Prestige Collections Coverage.
The following states are offering this: AL,AZ,CO,DC,FL,GA,IN,KS,KY,LA,MO,MS,NE,NV,NH,NJ,NM,NY,OH,OK,PA,SC,TN,UT,WA,WI
“To stay ahead of emerging trends in collections, particularly the rapidly evolving fine art market, we have upgraded our popular offering with new and contemporary enhancements,” said Michelle Impey, fine art director at Fireman’s Fund. “Active collectors will appreciate a host of coverages that protect special elements of collecting that they might not have considered before.”
An underserved area of risk for collectors is what happens to their investment if a loss occurs after an artist unexpectedly passes away and the value of the piece increases. Fireman’s new death of artist provisions will pay up to 200 percent of the scheduled value within 12 months of the artist’s passing.
Coverages and provisions include:
- Death of an Artist – Pays up to 200 percent of the scheduled value when an artist dies within 12 months prior to a loss.
- Care and Custody – Automatic protection with no immediate reporting requirements for items consigned, entrusted to, or borrowed by a policyholder.
- Conservation – Pays for damage during restoration/retouching of fine art or collectibles, including a higher coverage limit if a pre-approved conservator is employed to do the work to repair the piece.
- Collections Reference Library – Provides for losses to books, catalogues and electronic media.
- Provenance** – Provides coverage for research and for defense of a claim for defective title. It also covers research and investigation costs to determine whether artwork is a fake or forgery.
- Ransom and Reward Coverages – Provisions for the recovery and return of stolen artwork, including ransom and reward coverage.
- Works in Progress – Coverage for commissioned works of art that are damaged or destroyed from a covered peril before completion or can’t be completed due to the artist’s death.
- Collector Car Endorsement (New!)** – Protects collector cars on display and only driven infrequently or for maintenance purposes.
** Provenance Expense and Collector Car coverages may not be available in all states.
Source: Fireman’s Fund