One area of personal property that is easily overlooked, but vital to a collector is ART. Many artworks are making headlines around the world with phenomenal prices. I am going to offer some names of insurance companies that specialize in Title Insurance, which is the name of what a person needs to buy. The focus is managing “risk”, and often the collector is not aware that such entities exist to aid them in the protection of a major asset, or assets.
ARIS Title Insurance can start off our list. Http://www.aris-corporation.c om. A year-to-year policy could cost the owner about $2,500., which could cover a collection valued at tens of millions of dollars. Some wealth managers are beginning to suggest such policies for their clients. There is also a new fangled way to get loans on your art. Aris’s policies guarantee the legal title and provenance until the owner or the owner’s heirs sell it or give it away. London-based Hiscox backs Aris policies with reinsurance, however, this is only available in the USA.
Chubb Group of Insurance Companies is another tried and true name to bank on. Http://www.chubb.com. The credit crunch has us all a bit nervous, so I thought it might be a good time for my readers who collect art, to rethink how they manage their collections. Fireman’s Fund Insurance will pay $10,000 in provenance research after a title claim is filed. Art Title Advisors check law enforcement and art authorities to verify if a work of art has been reported lost or stolen or sold under duress. Http://firemansfund.com/art.
AIG’s director of fine art and jewelry buesiness development tells us to use a good dealer, aske for the provenance, and pursue getting a lawyer, or attend to the details of checking stolen art registries, and/or consignment arrangements. Http://www.aigpcg.com.
The Art Loss Register, the FBI, and Holocaust art registries list stolen artworks, should you feel the need to not purchase works that you may have come upon through unscrupulous connections. Http://www.ubs.com/artbanking . Art Banking at UBS provides a due-diligence service.
Generally speaking, those who can afford to collect good art, also understand good fine jewelry. Check out Http://www.jewelersmutual.com . Most homeowners insurance has approximately $1500 coverage for a collection, which in fact, wouldn’t even cover a good platinum ring mounting, let alone the gemstone. Historical pieces can be identified by the stamped hallmark on the metal, or interior characteristics of a plotted stone. Always note social significance and maintain any pertinent documentation.