Insurance coverage on consigned art

[trkalmbach]

We have a gallery/frame shop. Is it customary to have insurance coverage on art that is consigned to our gallery or should the artist be responsible for that coverage. Any information on this subject would be greatly appreciated!!

[Cheryl Crocker CPF GCF]

We had coverage for the art in our gallery. It covered wholesale, not retail amount. Basically enough to pay the artist in the event of a catastrophe.

Any time art was removed from the gallery we made sure the in-transit amount covered the value. If art was to be temporarily placed in another venue for sale...either we or the other party covered it.

Check with CAPAX if that is still an option (with the merger/affiliation with PMA). I went through several policies before finding a comprehensive, satisfactory coverage. Most companies will try to write you a standard biz policy then attach a ton of riders. Check and double check what you are getting. CAPAX was about $1,000 cheaper a year with a ton more coverage tailored to our needs (plus with flexibilty to meet short term/immediate additional coverage issues).

[jvandy57]

What Cheryl said!

Jerry

PS Welcome to the Grumble