Art purchases are increasingly gaining regard as investments which can be resold for a profit or used as collateral for a loan, especially as they appreciate in value.
Caitlin Kelly, assistant vice president of Frenkel & Co. International Insurance Brokers for its fine art and connoisseur program, told Insurance Business in an email exchange that “it goes without saying that it is essential that the collector invest in the protection of that artwork.”
“This includes hiring fine art trained shippers, and handlers of the artwork, and installing fire and security protections in the location where the artwork will be installed,” she added.
Kelly also said that clients who take active steps to protect their collections are “signalling to the insurers that (they) are an attentive, responsible collector who (have) a vested interest in the preservation of (their collection).”
To read the rest of this article, visit: www.insurancebusinessmag.com