Historic Property, Collections, Jewelry  & Fine Arts Insurance

Historic Property Coverage

 

The older your building, the more likely it is to be inadequately insured.

Do you really know what your historic property is worth? Have you thought about what it might cost to repair those features that were created by craftsmen decades ago?
Are you aware that standard policies won't fully pay to replace what you own because most insurance companies don't adequately estimate the value of historic properties?

 

Quite simply, if you own a historic building on Main Street, Your Home, Hotel, Museum, Church or a preservation organization, you're probably underinsured.

 

The hidden costs of historic reconstruction Historic buildings aren't like other properties. If damaged, they're likely to require:  

            • Highly skilled craftsmen, from decorative artists and muralists to stonemasons

            •Hard-to-match materials, like hand-hewn timbers and vintage brick shapes

            •Extra time to rebuild, because of the labor-intensive process of historic renovation
            •Additional professional services, to assist in areas like recertification and recovery of tax   benefits

You're covered; In the event of loss or damage, there's only one policy in the insurance industry that will restore your commercial building to its former grandeur - our Historic
Property policy. It includes groundbreaking coverage and some of the most flexible valuations in the industry, everything from the cost of replacing a hand-carved door to hiring
an expert able to document your rebuilding.

 

Here's a sample of what's covered: Do you really know what insurance coverage your client needs? When damaged, a historic building may require:

            •Increased cost of construction due to landmark as well as other building ordinances or laws
            •Increased time to restore to your property due to operation of landmark and other building laws

            •Historic certification expenses

            •Loss of federal, state and local tax benefits

            •Increased building assessments

            •Green building upgrades to enhance the energy efficiency of your property where possible

 

You don't need to be certified to qualify for historic coverage, all currently certified historic buildings are eligible, as well as buildings that could be certified or are located in historic
districts. However, just about any building that exhibits historical character, materials, and workmanship can be covered by this policy, whether certified or not.

 

In addition to Historic Property Coverage, we can also offer Builder's Risk coverage for properties undergoing renovation.

 

Your current policy may not cover this type of incident, but ours does: A fire rips through the upper floor of your Victorian-era office building, damaging the hand-carved moldings and
stylized plaster work. A standard insurance policy will cover damages from the fire, but it won't cover the costs to replace the historic features that set your building apart and attract
the best tenants.

 

Collections & Fine Arts Insurance

 

You don't treat your art, antiques, or vintage collectibles like ordinary items, so why would you insure them like ordinary items?

 

Business Personal Property Coverage is great for your basic business furnishings, but items that are of a unique or rare quality, or that hold special meaning or value, should be
insured as such.  A Fine Arts policy is a separate policy that is specifically designed to insure Art, Antiques, Collections, and other items of uniqueness, rarity, or other specified value.
Fine Arts coverage can include collections on loan to you, but owned by another person or organization, while they are on your premises.  This coverage form can also provide
coverage for items that you loan to other institutions, while they are in transit, as well as at a location other than your own.

 

With more flexibility than a standard property form, and coverage that is meant to provide replacement or market value for your unique items, a Fine Arts policy is a must for any museum
or preservation organization that owns or borrows its collections.

 

Collection insurance coverage is one of the best ways to help protect your fine arts in the event of a loss, but there are several preventative and maintenance steps you can take to properly
care for your collection:

            •Keep art collections out of direct sunlight.

            •Never hang artwork or a valuable object over a fireplace.

            •Install smoke detectors, not heat detectors, in rooms with precious objects.

            •Do not store fine art or carpets in basements, garages or attics.

            •Hire a professional and recommended art hanger.

            •Keep your building at a constant temperature and humidity.

            •Frame all art, especially paper, textiles and photographs using "museum quality" materials.

            •Install water alert sensors in areas of your building susceptible to water damage.

 

Not all fine art and collection insurance polices are created equally. Based upon the individual collection of your organization, the collection's total value, where it's located and how often
individual pieces may be loaned or borrowed, one company may offer better coverage than another. We can review your collection and find the most appropriate, comprehensive
coverage at the most cost effective price.