Designing Your Insurance Program Covering Risk at Every Angle Emily - - PowerPoint PPT Presentation

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Designing Your Insurance Program Covering Risk at Every Angle Emily - - PowerPoint PPT Presentation

Designing Your Insurance Program Covering Risk at Every Angle Emily Weiss Derya Kovey Larry Giacoletti Steve Pincus Account Executive Associate Registrar Registrar & Collections Manager Senior Managing Director DeWitt Stern Group New


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SLIDE 1

Designing Your Insurance Program

Covering Risk at Every Angle

New Orleans, Louisiana November 14, 2015

Emily Weiss Derya Kovey Larry Giacoletti Steve Pincus Account Executive Associate Registrar Registrar & Collections Manager Senior Managing Director DeWitt Stern Group New Museum The Noguchi Museum Dewitt Stern Group

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SLIDE 2

Why an Insurance Handbook?

  • Improve understanding of:

n Fine Art Insurance Basics n Different Roles in Fine Art Insurance Industry n Loan Agreements n Exhibitions n Property & Casualty Insurance Basics

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SLIDE 3

Fine Art Insurance Basics

  • Physical Loss or Damage
  • All Risk, Worldwide Coverage
  • Limits: Premises, Any Other Location, Transit
  • Deductible
  • Special Valuations
  • Common Conditions
  • Specialists
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SLIDE 4

Standard Exclusions

  • War, government confiscation, civil

authority

  • Nuclear/radioactive
  • Damage due to conservation/

retouching

  • Wear, tear, gradual deterioration,

inherent vice, moths, mold, vermin

  • Earth movement
  • Flood/Hurricane
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SLIDE 5

Fine Art Insurance Industry

Insured Broker Underwriters Claims Adjusters

Registrars Appraisers Surveyors Risk Managers Packer/Shippers Conservators Consultants/ Advisors Framers

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SLIDE 6

Fine Art Loans & Exhibitions

  • Do your incoming and outgoing loan agreements

align with your insurance policy?

n

Specific Exclusions

n

Additional Insured / Loss Payee

n

Waiver of Subrogation

  • Exhibition Options

n

Insure artwork under your current policy limits and increase/decrease limits as necessary

n

Insure artwork under a separate exhibition policy

n

Allow borrowing venues to use their insurance

  • General Liability Implications
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SLIDE 7

New Museum

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SLIDE 8

Carsten Höller: Experience

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Jeanine Oleson: Hear, Here

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SLIDE 10

Performance Archiving Performance

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David Horvitz: Gnomons

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The Noguchi Museum: Pre-Sandy

  • Noguchi Museum Disaster Plan: Pre-Sandy
  • What happened DURING Sandy
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SLIDE 13

The Noguchi Museum: Pre-Sandy

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Claims: The Post Sandy Experience

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Claims: The Post Sandy Experience

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Claims: The Post Sandy Experience

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Claims: The Post Sandy Experience

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Claims: The Post Sandy Experience

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SLIDE 19

Questions?