Customer Needs Insurance for Painting

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Steven6095

Steven6095

SGF, Supreme Grumble Framer
Joined
Feb 14, 2004
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1,352
Loc
Nicholasville, KY
Hello. I have a customer with a painting valued at nearly 1/4 million dollars.
Currently being restored, but she does not want it back in her house unless it is insured.

The company that does her house insurance pretty much said no.

Has anyone here had any experience with art insurance at this level?
Companies??????
Chubbs was mentioned in the other thread, but anyone else?

Thanks
 
Chubb is excellent. They will possibly run about 8-10% higher than other insurance companies but from personal experience they are well worth the slightly higher premium. :thumbsup:

I had a home fire where the pump behind my aquarium caught fire with the resultant smoke damage being in the 40K+ range. They paid EVERY claim within 10 days. They even offered to pay for the dead fish! One claim they paid for ($ 5000.00) which amazed me was a painting by a family member that is a relatively well known artist that hung above the aquarium. The even more amazing thing is that the artwork was not listed on my policy and I had no appraisal. They paid the $ 150.00 appraisal fee after the fire and the appraised price no questions asked.

I can't say enough about the way they handled the claim and the expedience and ease with the process.

They will only take on clients that have very high end homes, art and antiques, antiques automobiles and the like.

After a number of life changes I wouldn't qualify anymore... :o
 
Howdy:
My suggestion will be ask hi/her to call Softby's in NYC, they are a prestigious gallery and auction house. I'am sure they will send your customer in the right direction.

Some years back a friend game me an etching by Goya he told me it was an original. I took it to Softby's and they verify it for me. To my amazement they did not charge me a penny. But if i wanted in writing then I will have to pay $100.00

Hope this help.
 
Any insurance is going to require a current appraisel, once it acurately appraised, maybe the appraiser can recommend someone. I mentioned Chubb on another thread, I personally know several clients with significant collection, Chubb is what the use and they are well known for dealing with fine art, my insurance (State Farm)agent is not and they are a PIA to deak with.
 
I have nothing but excellent service with State Farm, especially when I have had claims. They evaluated and paid the claim immediately and were very fair with their settlement. They insure my home, autos, non-owned autos, my daughter's apartment (renter's policy), my rental properties (two), and also an umbrella.

My wife is currently involved in a lawsuit and State Farm is even sending a representative to court with her

Their electronic billing and website is excellent and easy to navigate and they accept credit cards for premium payments (and I get airline miles).

My agent and his staff are equally as good. After the recent San Diego fires, he/we did a full re-evaluation of my replacement costs to confirm that we had adequate levels of insurance. He stores digital pictures of my home and possessions in his office.

I do not, however, use them for by business general liability as they do not insure customer's goods while actively being worked on.
 
That's great, Rob... everyone knows how hard it is to get insurance on their umbrellas!
 
Rob Markoff said:
I do not, however, use them for by business general liability as they do not insure customer's goods while actively being worked on.
Click to expand...
Actually they do, OPP, other peoples property, while its in your care, but not for your craftsmanship or if the work is damaged while worked on. I suppose it depends on the dilegence of your agent to. I had to find out after a break in that I only had about $250 dollars worth of OPP coverage. I have an Aunt who works for a indiviual insurance agent and they reviewed my business liablity insurance and said it was one of the best around.

Anyways insurance questions are best handled by insurance agents IMO
 
Which is exactly what I said-

They DO NOT offer coverage for damage to a customer's piece while it is being worked on.

So, if you accidentially drop something on a piece and it "ruins" it, and you DO NOT have coverage for damage to customer's goods while BEING WORKED ON, you are SOL.
 
My wife sell s insurance and does write fro Chubb, she has nothing but great things to say about them and their claim service. She always uses them for higer end homes/cars, ect. 1/4 million dollar artwork, I would go to Chubb.
 
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