Welcome to Summer! This is the thirteenth 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.
I hope to see some of you at the Association of Midwest Museums conference later this month. We'll have a booth in the vendor hall for the third year running. We're especially excited to welcome some of our clients to our home town of Chicago! Please stop by and say hello.
As we head into the dog days of summer, some of you will be facing a slow period. Take advance of this time to review your insurance. We're here to help you reduce your insurance costs and improve your coverage.
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Blaze Rips Through Hamptons Art Dealer's Mansion |
In late June a fire ripped through the Hamptons mansion of art dealer Larry Gagosian. The fire erupted around 9 p.m. as a caretaker performed some soldering work in the home's kitchen area. Errant sparks induced flames behind a refrigerator and the blaze quickly spread towards the ceiling. About fifty firefighters battled the blaze as it moved into a bedroom and living room area.
The fire department subdued the blaze in less than half and hour and limited fire damage to the three rooms. But firefighters said there was a lot of smoke damage on the walls. The smoke and fire itself doubtlessly damaged some of the countless artworks inside the mansion.
-New York Post, June 29, 2011
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The Rules: Renting Space | |
The Art Newspaper recently reported on some rules to follow for organization's that rented their spaces for private events:
- Require liability insurance protecting the museum if anything untoward happens
- Set the time when guests and their caterers must leave
- Limit noise
- Protect collections from careless guests
The Phillips Collection in Washington, DC also specifies: 
- No candles
- All trays to be carried below shoulder height
- Champagne to be uncorked in the basement
- No Bloody Marys to minimize the risk of stains
-The Art Newspaper, 17 May 11
I would also suggest avoiding red wine if possible. Red wine stains are a significant source of fine art insurance claims.
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Insurance Company Sues Historical Society for Collapse | |
A couple's home in a small Pennsylvania town was severely damaged when a heavy snowfall caused the historical society's building next door to partially collapse onto their home. The couple's insurance company settled their claim for $156,000.
 Now the insurance company is suing the historical society to recover that same amount of money. Under the legal concept of subrogation, the insurance company has the right to seek to recover claims paid to its clients from third parties that the insurer believes are ultimately responsible for the loss.
In this case the historical society needs insurance coverage adequate both to pay for the damage to the neighboring home, and to rebuild its own facility. If this is not the case, the historical society could be closed permanently.
-Pittsburgh Tribune-Review, April 1, 2011
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Can Insurance Companies Make the World Greener? |
CNA Insurance, one of our insurance partners, is offering a new product that does just that.
The "CNA EcoCareŽ Property Upgrade Extension Endorsement for Small Business" provides for green building upgrades as a result of a covered loss to a building or contents. Normally when buildings are destroyed by fires or storms, insurance pays to re-build them as they were before.
With this endorsement a building can be re-built using green technologies, even at higher costs than typical construction methods.
Automatic additional coverages include:
ˇ Vegetative roofs
ˇ Recycling additional expenses
ˇ Architect and engineering expenses
ˇ Certification or recertification expenses
ˇ Ventilation of reconstructed buildings
Similarly, Hartford offers a feature with its Commercial Auto coverage that will pay you extra if you replace a totaled vehicle with a hybrid. Under the company's broad form endorsement, you can receive an additional 10% of the Actual Cash Value of your old vehicle, up to $2,500, to pay for the upgrade.
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Use Extra Caution Around Pool Chemicals This Summer | |
 Every summer mishandled pool chemicals result in thousands of injuries and emergency room visits across the country, according to the federal Centers for Disease Control and Prevention and other sources.
Here are some safety tips from industry professionals.
1. Read and follow package directions
2. Don't mix chemicals in the house
3. Don't combine different pool chemicals (i.e., algaecides
& chlorine)
4. Add the chemical to the water, and never pour water into
chemicals
5. Wear eye goggles and gloves when applying pool chemicals
6. Use a dedicated scoop for each chemical container
7. Don't combine materials between "new" and "old" containers
8. Store chemicals in sealed containers in an exterior shed or
tub
9. Don't leave chemicals in the sun
10. Keep chemicals out of children's reach
11. Don't store chlorine near stainless steel objects, such as
pool ladders
-Staten Island Live, August 08, 2010
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The Johnsonese Brokerage can assist you with most of your art insurance needs. To get started immediately call 773.857.0242 or Email info@johnsonese.com. Thanks for reading our newsletter, Christopher Johnson |
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About the Johnsonese Brokerage | The Johnsonese Brokerage LLC is a licensed and bonded independent insurance agency focused on insuring the creative community.
Who we insure:
- Creative Businesses
- Art Galleries & Consultants
- Antique Dealers
- Appraisers & Conservators
- Artists
- Book & Manuscript Dealers
- 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
- Book & Manuscript Collectors
- Stamp & Coin Collectors
- Sport Memorabilia
- Classic Cars
- Wine Collections
Upcoming Events:
Association of Midwest Museums annual conference, July 25-26, 2011, Chicago
We are licensed in the states of Arizona, California (license #0G69323), Florida, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Pennsylvania, Texas and Wisconsin. How are we doing? Your feedback is always welcome!
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Common Insurance Terms
1. Auditable
Some insurance policies are auditable. This means that the insurance company has the right to review the insured's results for the policy period and adjust the premium upwards or downwards as necessary.
2. Minimum Earned Premium
This is the portion of the policy premium that is non-refundable. Even if the policy is cancelled early by the insured, the insurance company is entitled to retain at least this portion of any pre-paid premium.
3. Premium Finance Agreement
This is basically a short-term loan covering some portion of a policy premium. This loan gives the insured the option of making payments for a policy that requires pre-payment of the full premium. The agreement is usually from a third-party finance company and interest charges do apply.
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We are Now Licensed in Arizona!
At the Johnsonese Brokerage we pride ourselves on customer service. When a California client recently moved to Arizona, we obtained our local license in order to follow them.
Tell your friends in Arizona that we are ready to insure them!
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Our Business Partners
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AmWins -
AXA -
Chubb -
CNA -
Hartford -
Insurance Noodle -
Markel -
Philadelphia -
Risk Placement Services
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We Appreciate Referrals!
As a service business, referrals are our biggest source of new clients.
If you know of any other organization needing insurance, please let us know. We promise to give them the same personal and professional service that you've come to expect from the Johnsonese Brokerage. |
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