Partnering with the right insurance broker is crucial for the collector, their financial planner as well as their art advisor. It is important they work together to help identify and seal any potential insurance gaps that may arise. This not only involves maintaining an up to date valuation for each piece with the insurance carrier and ensuring new pieces are correctly covered at time of purchase, but also in helping to customize a protection strategy for the entire collection.
Whether utilizing certain works as collateral, loaning pieces to institutions, borrowing from a gallery on consignment or transporting between locations, it is imperative that the proper coverage be in place to cover any unexpected eventuality. A dedicated private client broker understands the needs and complexities that come along with these exposures to risk. Employing such a broker also enables the client to consolidate all their insurance coverage (including home, yacht, planes, auto, collections and excess liability) in a single location. The broker also has the advantage of being able to find the most competitive rate between the competing dedicated high net worth insurance companies.
In the event of a loss, the broker will work directly with the chosen insurance company on behalf of the client. The broker will utilize their knowledge of the product and the carrier to help navigate through the intricacies of the claim process.
Edward Jarrett is an insurance advisor with Dayton, Ritz & Osborne in East Hampton.