Travelers Identifies Common Claims in Fine Art
Travelers' New York City Office Enhances Access to Emerging Artists
NEW YORK, Sep 29, 2010 (BUSINESS WIRE) -- While art can be a sound investment, according to Travelers (NYSE: TRV), art is at greatest risk for damage when it is in transit either from the gallery to an art show or to a collector's living room, potentially leaving it worthless. To make certain that collectors are able to enjoy the work of art long after making their purchase at this year's Affordable Art Fair New York Fall 2010, Travelers encourages buyers to take steps to protect their investment.
"After taking the time to evaluate a work of art, but before making a purchase, it is important that collectors consider how they are going to protect their investment," said Andrew Gristina, Fine Art Specialist, Travelers Inland Marine. "Most people buy art because of the aesthetic beauty, however, it's also a financial investment, which is why insurance coverage and proper handling should be a consideration with each purchase."
Protecting art during the time when it is most vulnerable is vital in maintaining the value of the piece. Having insurance that includes coverage while the artwork is in transit is a good first step in protecting the investment. Below, Travelers identifies three leading causes of damage while in transit and suggests ways to avoid mishaps:
- Breakage - Use appropriate packing materials like those available at Travelers' wrapping station at the Affordable Art Fair NYC Fall 2010;
- Impact by other objects such as car doors, forklifts and/or sharp items - A taxi may suffice for small works of art, while other pieces may require more specialized transport;
- Water, humidity, extremes of heat and cold, dirt, debris, soot and other foreign substances that may be detrimental to the condition of the art - Choosing the appropriate wrapping materials and mode of transportation will help to protect from these dangerous conditions.
Art insurance is critical for individual collectors, exhibitors, gallery owners and dealers. Depending on the value of the work, an individual collector's homeowners or renters insurance policy may not completely cover a piece of work if it is damaged. Likewise, exhibitors, gallery owners and dealers need to make certain that their insurance policy includes or has been endorsed to cover items on exhibit at art fairs and sold but not yet delivered.
Travelers' New York City office is proud to support the more than 60 galleries from around the world and the fine art community through its sponsorship of the Affordable Art Fair NYC Fall 2010. For the third year, Travelers is sponsoring the wrapping station, where buyers can have their treasured new acquisitions professionally packaged for transport free of charge. Affordable Art Fair NYC Fall 2010 will be held at 7 W New York (7 West 34th Street) from Thursday, September 30, through Sunday, October 3.
"Travelers welcomes the first-time buyer, the savvy collector and all of the galleries and dealers that will be at this year's show," said Lisa Tepper, Regional President, Downstate New York / New Jersey, Travelers. "We are dedicated to enhancing the community's access to emerging artists and affordable art, and we hope that everyone finds that special piece and gets it home safely to begin or enhance their collection."
Travelers Fine Art is part of the Travelers Inland Marine Network which provides fine art underwriting expertise, access to specialized Risk Control services to help identify and reduce risks, the Specialty Investigations Group to assist in theft prevention and the recovery of stolen property, and specialized Fine Art claim professionals with the expertise needed to evaluate, defend and resolve fine art insurance claims. For more information on Travelers Fine Art coverage and other art transportation tips, contact your independent insurance agent or broker.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit http://www.travelers.com.
SOURCE: Travelers Companies, Inc.
Travelers Companies, Inc.
Jeffrey Weir, 860-277-8692