| The dog days of summer are coming!
Welcome to the fifth edition of the Johnsonese Brokerage Art & Antiques Insurance Newsletter. The goal of our newsletter is to provide useful information about insurance to individuals, businesses and non-profits involved in the fine and decorative arts.
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| San Francisco's Mission Neighborhood Visited by Art Thefts |
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Valencia Street is located in San Francisco's Mission neighborhood, not a traditional home to fine art galleries. As a local TV station put it, 'San Francisco's Valencia Street may be offbeat, but it's not the kind of place you'd expect an art heist.'
Nonetheless in March robbers sawed through the doors of the Michael Rosenthal Gallery and then turned off the alarm. The crooks made off with four paintings by artist Terry Hoff estimated to be worth $50,000.
The crooks didn't touch computers or other valuables, giving the appearance at least of a professional art heist.
-NBC Bay Area website, Mar 20, 2009
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| Museum Loses Irreplaceable Artifacts in Spring Flood |
The Regional Military Museum of Houma, Louisiana flooded with up to 14 inches of rainwater during late March storms. Damage to military uniforms in the collection may not be permanent, but other artifacts and memorabilia weren't so lucky. Numerous books and paper records were casualties of the flood.
Sadly, this is the second time the museum has been flooded by rain storms. After a similar event in August of  last year, the museum elevated all of its displays and uniforms 5 inches off the ground. But it wasn't enough. "Some of this World War II stuff is irreplaceable," said the museum's CEO and founder, "and the stuff that isn't is very expensive on the collector's market." The Regional Military Museum only had liability insurance, which does not cover damage done from flooding.
-Daily Comet, Louisiana, March 29, 2009
Small museum directors often tell me that they do not need property insurance because their collections are irreplaceable. My response is that while individual items often are irreplaceable, insurance funds can be used to build a new collection in the event of a major loss. Your mission should be continued even if the current collection is destroyed. As in this case, going out to the private market can be very expensive for a small organization.
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| Apparent Natural Gas Explosion Destroys Most of City Block |
A March 5th explosion in Bozeman, Montana claimed the life of one person and leveled Main Street businesses, including the Montana Trails Art Gallery. The victim was a gallery employee. The apparent cause was a natural gas leak.
 Tragically, authorities say their investigation revealed that numerous witnesses smelled gas in the hours before the explosion, however no one called 911. Investigators also said that several people smelled natural gas in that area on and off for four to eight weeks before the blast but did not report it.
This tragedy reminds us of the importance of staff training. All of us need to be periodically reminded of even seemingly common sense safety procedures (such as calling 911 if you smell gas).
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| AXA Art Insurance's Hurricane Checklist |
AXA Art Insurance has assembled a checklist with key elements for hurricane catastrophe planning to aid collectors.
1. Fine art inventory: maintain a list of valuable artworks. Keep an extra copy with your insurance agent.
2. Protection of documents: secure important documents in water and fire proof safes. Keep additional copies at a separate secure location.
3. Art storage: plan in advance to make arrangements for art transportation to an arts storage facility or create art storage crates for your home.
4. Reinforced home: protective shutters and roof hurricane clips in place, outside furniture securely bolted, tied down, or stored indoors.
5. Emergency supplies: stock up on flashlights, fans, dehumidifiers, hurricane lamps and oil, matches and coolers.
-AXA Art Insurance press release, June 1, 2009
Separately, CNN reported the first first tropical system of 2009 on May 28th - beating the June 1 start of hurricane season by a few days.
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Summer is traditionally a slow season in the art world--take advantage of this time to review your insurance coverage. At the Johnsonese Brokerage it is always our goal to reduce your insurance costs! Call 773.252.8750 or Email info@johnsonese.com.
Regards,
Christopher Johnson
Johnsonese Brokerage LLC
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About the Johnsonese Brokerage |
The Johnsonese Brokerage LLC is a licensed and bonded independent insurance agency that focuses on serving the fine and decorative arts community.
Who we insure:
- Art Galleries
- Art Consultants & Advisors
- Museums
- Corporate Collections
- Private Art Dealers
- Film Productions
- Studios
- Collectors
- Framers
- Conservators
- Appraisers
- Antique Dealers
- Furniture & Design Dealers
- Boutiques
- Shippers, Packers & Handlers
We are licensed in the following states:
- Illinois
- Indiana
- Michigan
- New York
- Ohio
- Wisconsin
Upcoming events:
- American Association for State and Local History annual conference August 27-28; look for use in the exhibitor hall
- Association of Midwest Museums annual conference September 28-29; look for us in the exhibitor hall
How are we doing? Your feedback is always welcome!
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Common Insurance Terms
1. Occurrence Limit
For liability insurance, the amount of coverage for an individual accident.
2. Aggregate Limit
For liability insurance, the maximum amount of coverage for the contract period, no matter how many separate accidents occur. The aggregate limit must be equal to or greater than the occurrence limit.
3. Inland Marine
Simplistically, a category of insurance that includes coverage for personal
property that potentially moves among different locations. Fine art, contractor's equipment and film stock can be covered under inland marine insurance because these items can be moved.
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Vandals recently threw paint-filled balloons at Rome's Ara Pacis Museum. They splashed the red and green colors of the Italian flag against the outside white wall, police said.
Some believe this act was a protest in support of critics who say the modern building clashes with Rome's classical architecture.
-New York Times, June 1, 2009
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To reduce risk of permanent damage, works on paper that have been exposed to moisture from storms, floods or leaks can be put into a freezer until professional help arrives. This tip comes from AXA Art Insurance.
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