Last year Pandora Art Services conducted two workshops at the IFASIC global art & specie conference in Antwerp where we shared new perspectives on the three key risk areas for fine art in specialist situations such as superyacht environments along with new solutions to support forensic analysis on claims and to inform pre-loss risk analysis.
As we all know, Art and objects falling under a HNW fine art & specie policy can be varied. They may range from snuff boxes to vast canvasses and monumental sculptures. They may comprise precious metals and stones or everyday materials, like paper or clay. Some are ancient, and others are the work of living artists. Others may be of a fragile or delicate nature. Nevertheless, the one thing that the owner-collector and the Insurer have in common is an overwhelming need for such pieces to be accurately valued, protected from loss or damage and preserved for generations to come.
As the value of artwork is sometimes quite subjective, underwriters will assess premium calculation and claim pay outs on the following as agreed with the proposer:
- Price at auction or market value at the time of a loss;
- Purchase price;
- Projected replacement cost/agreed value
- Pre-loss valuations
It is vital therefore to have the best assistance in calculating not only the appropriate level of insurance cover, but also that clients are encouraged to take steps to ensure that their Art or artefacts are not damaged or lost through a lack
of knowledge or lack of care.