Hello Art Lovers! This is the twenty-first 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.
And follow-us on Facebook for updates on insurance info concerning the arts between our quarterly newsletters.
Or contact me today to schedule an appointment!
Chris
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Rothko Painting Defaced at Tate Modern
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 A Russian man admitted to daubing black paint on Rothko's Seagram murals at the Tate Modern. The man apparently wrote, "...A Potential Piece of Yellowism" on the painting.
He claims that 'Yellowism' is an element of contemporary visual culture and that he may have even added value to the painting. He further claims to be a co-founder of Yellowism. The man did his 'work' during open gallery hours in front of other museum patrons, and then simply walked out.
-Eagle News, October 8, 2012
You can never predict all the motivations that can lead to the defacing of artworks. But at least good art insurance can help to cover the cost of conservation.
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Meteorites are Valuable Collectibles
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A major auction of meteorites is planned for this month in New York City. The meteorite with the highest estimate is $340,000 to $380,000 for a moon rock. Apparently only a tiny portion of meteorites have lunar origins.
Another piece is valued because of its shape--some people  say it resembles the figure Munch's Scream painting. It has an estimate of $175,000 to $225,000.
Other meteorites are prized by collectors because of their history. One such story is a meteorite known to have struck a Chevy Malibu north of Manhattan in 1992.
-Associated Press, September 26, 2012
Yes, we can insure meteorites. Even chunks of rock are subject to theft, vandalism, accidental breakage, earthquakes and major storms.
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LA Bond Trader Offers $1.7 Million Reward for Return of Stolen Art Collection
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The trader says that he returned to his home after a two day business trip to find his $10 million art collection missing. Also taken were watches, rare bottles of wine and a Porsche.
 $1 million of the reward was set aside for a Mondrian painting, which may be the largest reward ever for a single painting.
-L.A. Now, September 25, 2012
It was not reported as to whether the trader had his art collection insured. But one of the lesser known uses of art insurance is to provide rewards for the safe return of stolen or missing artworks.
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Why Are Commercial Insurance Rates Increasing?
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Many commercial clients are currently experiencing rate increases when their insurance policies renew. No one likes a price increase, especially with economic growth still less than stellar. Independent Agent magazine recently gave a helpful explanation for why insurance companies are pushing rate increases at this time.
Record property catastrophe losses in 2011 are a major factor. Protracted low interest rates have decreased investment income for insurers. Insurers invest premiums to help fund future claims. Increased scrutiny by ratings agencies after the financial crisis is forcing insurers to maintain higher levels of capital to protect their credit ratings. Finally, reinsurance rates have increased. (Reinsurance is essentially insurance coverage purchased by insurance companies themselves.)
-Independent Agent, September 2012
As an independent agency our job is to find the most cost effective coverage for our clients. If you're experiencing premium increases, let us know and we will 'shop your coverage' looking for a better deal!
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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
(dba Johnsonese Insurance Agency LLC in CA)
insurance for the creative community
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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.
We are licensed in the states of Arizona, California (license #0H55862), Florida, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Pennsylvania, Texas and Wisconsin.
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
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Common Insurance
Terms
This quarter we focus on Commercial Auto terms:
Comprehensive Coverage - Physical damage coverage for losses by fire, theft, vandalism, falling objects and other non-crash related perils. (Called 'Other Than Collision Coverage' on Personal Auto policies.)
Personal Injury Protection (PIP) - No-fault benefits in states that have enacted no-fault automobile insurance coverages.
No-Fault Insurance - Auto accident victims collect from their own insurance company regardless of who was liable for the accident.
Auto Loan/ Lease Gap Coverage - In the event of a total loss to an auto that is subject to a loan or lease , the amount of outstanding indebtedness will be paid if it is greater than what the insured could otherwise recover.
Uninsured/ Underinsured Motorist
- Coverage for accidents for which another driver is liable, but who is unable to pay due to having insufficient insurance or no insurance
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We Are a Trusted Choice ® Agency
Trusted Choice® agencies are insurance firms whose access to multiple companies and commitment to quality service enable us to offer our clients competitive
pricing, a broad choice of products and unparalleled advocacy.
"You need an independent insurance agent"
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Our Business Partners
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AmWins -
AXA -
Berkley -
Chubb -
CNA -
Hartford -
HCC Specialty -
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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