Should I have a specialist Art & Antique Dealer Insurance policy?
By Alexandra Richards, Private Clients Development Executive
The business of an art and antique dealer is, generally speaking, a little different to the average retailer. You may own a gallery or work from home, attend fairs and exhibitions, hold stock on consignment, ship works of art either within the UK or internationally, buy from auction or arrange for works to be restored before in a saleable condition.
The art and antiques that you sell are unique and each piece has a story to tell. If something happened to them, you cannot simply buy the same stock again. Your insurance policy should be able to react accordingly. For instance if you had a work of art stolen, that you had already sold, but not yet delivered to a client, your settlement should be the amount you have invoiced to the buyer. Alternatively, if you have works consigned to you for sale (and so should be insured for the amount stated in the consignment note), and they were damaged by the ingress of water to the property, you would want to ensure that the works would be covered for their restoration, plus any subsequent depreciation in value.
An art and antique dealer’s policy should also be able to offer you protection against defective title. This is cover for claims made against you from the purchase of stock for which the vendor has a defective or no title. You would be out of pocket if you have to relinquish the work in question.
In addition to ensuring that your stock has the proper basis of settlement in the event of loss, an art and antique dealers’ policy will also provide cover if needed, for your buildings, general contents, business interruption (or loss of income), your liabilities and other commercial covers all in one policy.
But why use a broker? Often insurers provide different, more competitive rates to brokers because they know we will have been through the client’s insurance requirements with them and discussed what their needs are and assisted them with getting their sums insured right. A broker who understands the nature of an art and antique dealer will know the sort of insurance requirements your business needs. People also often think that is ‘easier’ to go online, but actually the reality can be quite different especially when it comes to changing something mid-term. A broker can also crucially really add value when it comes to making a claim and will take the strain, acting on your behalf to get the best result for you.
If you would like a free, no obligation review of your gallery’s insurances, please contact firstname.lastname@example.org or call 07464 545648 or complete our Art & Antique Dealer’s Fact Find and email it to email@example.com.
Photo credit: Rountree Tryon Gallery https://www.rountreetryon.com/