What Do Songwriters, Ice Dancers & Flyboys Have To Do With Keeping Your Fine Arts Coverage Up To Date?

WASHINGTON, DC - Lennon-McCartney were arguably among the greatest songwriting duos of all time. Torvill and Dean's Olympic performance put Great Britain on the ice dancing map. And, thanks to aviation pioneers Wilbur Wright and Orville Wright, it's now faster to get there from here. While these teams are stuff of legends, they illustrate the value of a solid partnership. While Flather & Perkins earned a reputation as the premier broker for insuring dealers and collectors during our first century, it has formed a new partnership to offer clients even more.

Flather & Perkins has joined forces with Hub Insurance, a leading full-service global insurance broker. Ranked among the top ten insurance brokerages, Hub shares a commitment to providing client satisfaction while adding a vast array of resources. While this association provides even more resources to clients, it affects in no way the personalized service and competitive rates the company provides dealers and collectors. In fact, it strengthens the company's ability to be on top of the latest industry information to advise clients of any changes that may affect them.

For fine arts dealers, we underwrite each account individually ensuring the insurance coverages provided are tailored to the specific needs of the client. It's important to review each account annually to adjust coverage, accounting for any changes in actual exposures. Transit and Other Location coverage is important to provide protection worldwide for exhibitions and/or shows; in storage; at the restorers; at a client on approval, etc. (This coverage also applies to transit, including FedEx, UPS, Fine Arts carriers, as well as while being transported by the insured or their agent.) In addition, owned goods are insured using a predetermined valuation based upon cost, cost plus a percentage, or selling less a percentage. We provide coverage for consigned goods at the lowest agreed consigned value plus a percentage. And items sold, but not delivered, are covered at the selling price. Finally, non-inventory Business Personal Property coverage is always something we recommend, with $1,000,000 General Liability.

For collectors, it all starts with knowing current values. Get your collection reappraised every three to five years. And keep a list of items covered updated, making sure you add new treasures as you acquire them. It is not unusual for collectors to forget to do this right after a purchase and the new acquisition will undoubtedly be the one that is damaged and won't be covered.

The most common losses facing collectors of fine arts and antiques are breakage and accidental damage. Although you may be tempted to keep your collection in storage, the solution to your peace of mind is to be sure your appraisals are up to date and your coverage sufficient should there be some unforeseen disaster. Working with an insurance broker with the expertise - from transit protocols to loss prevention counsel, coverage for an individual work or an entire collection - not only can greatly increase your comfort level, but it can also minimize your loss in event of damage or theft.

Bruce Coleman Perkins is president of Hub/Flather & Perkins, Inc., a firm specializing in insuring many of the finest museums, galleries, collections and fine arts dealers in the United States for more than 50 years.

Hub/Flather & Perkins, Inc. is at 888 17th Street. For information, www.hubinternational.com or 202-466-8888.