| Summer!
Welcome to the ninth 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 with the fine and decorative arts, antiques and collectibles.
Summer can be slow in the art world. Take advantage of your downtime this year to review your insurance. You might be able to save some money!
Stonehenge on the Summer Solstice
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Gallery Owners Should Use Caution When Renting Spaces for Private Events | |
 A West Virginia art gallery that claims it got trashed while hosting an Ohio University sorority event says its insurance company is paying $44,000 to cover damage. The gallery says there were food fights, drinks were dumped out on floors, and a sink was pulled from a wall during the sorority's March 6 winter formal.
Make certain that your insurance in fact includes coverage for private events. And consider asking for references or doing a quick background check of potential clients. A Google search might have revealed that the sorority in question had recently been suspended by Miami University of Ohio for one year because of damage and misconduct during an event at a lodge.
-Claims Journal, June 1, 2010 |
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Human Error Biggest Threat to Private Collections |
According to Chartis, a major insurer of private collections, human error is the biggest threat. While 17% of its largest 200 claims paid in 2008-09 related to theft and mysterious disappearance, 47% where the result of broken or damaged items. Including damage in transit would bring the total to 53%.
Example claims included a Picasso ceramic the was blown over by wind from an opened window. Common problems are paintings that are hung low enough to be bumped by chairs, paintings hung over fireplaces where smoke damage can occur, and statues placed where they can be easily bumped.
-New York Times, April 2, 2010
-CTV News May 2010 |
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Two Organizations Cooperate to Save Museum |
The Springfield Museum of Art opened in 1951 and owned a 35,000 square foot facility. Due to the high operating costs of the building, the museum was struggling to maintain its arts programming. Enter Wittenberg University which acquired the building. The museum will stay independent and continue its programming, by leasing back its current gallery and office space from the university. Joint programming efforts are underway and include converting some space for theatrical performances and student-directed plays.
It sounds like a win-win solution for a tough economy.
-Dayton Business Journal May 24, 2010
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Canada, a Dumping Ground for Stolen Art? | |
A stolen Henry Moore sculpture and a Paul Klee painting were recovered this spring by alert gallery owners in Toronto and Montreal respectively. But some say recovering stolen artworks in Canada is more the exception than the norm. "Art thieves and black market dealers in cultural heritage material have a better chance of unloading their valuable booty - and avoiding prosecution - in Canada than almost anywhere else, say two prominent stolen art experts."
 "There are no specialist art theft investigators in the Toronto police force, and none in the OPP (Ontario Provincial Police) or the RCMP (Royal Canadian Mounted Police). It's impossible to know just how much art is stolen and resold in Canada because there's virtually no one keeping track of it."
"Even when art thieves are prosecuted in Canada they get very light or conditional sentences. There are no guidelines for the prosecution of cultural theft, unlike in the U.S., where the FBI has 13 special art crimes investigators, and cultural heritage crimes are considered more serious than most other kinds of theft."
-Toronto Star, March 26, 2010
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Theft Still Happens--Even at Major Institutions |
Even major art institutions still occassionally fall victom to theives. In May five paintings were stolen from the Paris Museum of Modern Art, including major works by Picasso and Matisse. It's believed that the museum's security system, including some of its surveillance cameras, had been broken or disabled. There were three guards on duty overnight but "they saw nothing."
The missing paintings and a broken window were discovered about 7 am. The paintings appeared to have been carefully removed from the disassembled frames, not sliced out. Alice Farren-Bradley of the Art Loss Registry in London said the Paris theft "appears to be one of the biggest" art heists ever, considering the estimated value, the prominence of the artists and the high profile of the museum.
-Associated Press, May 20, 2010
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At the Johnsonese Brokerage it is always our goal to reduce your insurance costs! To get started immediately call 773.252.8750 or Email info@johnsonese.com.
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 focused on insuring the fine and decorative arts community.
Who we insure:
- Creative Businesses
- Art Galleries & Consultants
- Antique Dealers
- Appraisers & Conservators
- Artists
- Photographers
- Framers
- Furniture & Design Dealers
- Art & Antique Fairs
- Cultural Institutions
- Museums
- Libraries & Archives
- Historical Societies
- Non-Profit Art Galleries
- Monuments
- Historic Buildings
- Collectors
- Corporate Collections
- Art Collectors
- Antique Collectors
- Stamp & Coin Collectors
- Sport Memorabilia
- Classic Cars
- Wine Collections
We are licensed in the following states: - California (license #0G69323)
- Florida
- Illinois
- Indiana
- Maryland
- Michigan
- Minnesota
- New York
- Ohio
- Pennsylvania
- Wisconsin
- Texas
Upcoming events: - Association of Midwest Museums Annual Conference, October 7 - 8, 2010, Cleveland - look for us at booth #8 in the vendor hall
How are we doing? Your feedback is always welcome! |
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Common Insurance Terms
1. Errors & Omissions Insurance
A form of professional liability, it covers for losses due to errors by the insured in their work product (important coverage for photographers)
2. Fire Legal Liability
Coverage for damage to property (such as a rented office or gallery) resulting from the insured's negligence
3. Inland Marine
Insurance
Simply, insurance for things that can normally be moved from place to place (fine art and collectibles fall into this category)
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Active 2010 Hurricane Season Forecast
The National Weather Service Climate Prediction Center has forecasted an "active to extremely active" hurricane season this year, with the anticipation of 8 major storms along the Atlantic basin.
If you live in hurricane territory, make certain that you have a disaster plan in place.
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| Our Business Partners
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American Collectors
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AmWins
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AXA
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Chubb
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CNA
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Insurance Noodle
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Markel
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Paychex
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Philadelphia
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Risk Placement Services
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