insurance

Five Ways to Protect Your Purchases at New York's Affordable Art Fair

Filed under: Art

The Affordable Art Fair starts on September 30, 2010, and it comes with plenty of opportunities to pick up pieces by emerging artists. Featuring works priced from $100 to $10,000, the right choices can turn into astounding art investments down the road. While collectors are drawn to the pieces themselves first, it's hard to overlook the financial appreciation that can occur, especially as the art market claws its way back from financial crisis lows.

What happens if your artwork is damaged? Collectors don't always spend enough time thinking about the financial side of their holdings, and art insurance can be an afterthought. So, it might not be a bad idea to invest a little in protecting your work.

"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."

Here are three five steps you can take to protect what you pick up at the Affordable Art Fair (or anywhere else):

Tags: affordable art, affordable art fair, affordable artwork, art, art collecting, art collection, art collector, art fair, art work, artist, Artists, awards-main, decor-pedia, emerging artists, financial crisis, insurance, luxist-awards, main-pedia, manhattan, new york, new york city

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F1 Champion Fernando Alono's Thumbs Insured for $14 million

by Noah Joseph (RSS feed) —

Filed under: Celebrity Shopping, Sports

The world has no shortage of celebrity performers insuring their limbs for all they're worth. Soccer star David Beckham reportedly has a $70 million policy out on his legs and feet. Michael "Lord of the Dance" Flatley's legs are insured for $39 million. And Heidi Klum's are insured for $2.2 million. Fernando Alonso, however, went a different route.

The latest reports indicate that the two-time Formula One world champion – who recently took possession of some serious wheels for on-road use – has taken out a $14 million policy... on his thumbs. The insurance is provided by Santander, the firm that sponsored him when he was at McLaren and has since followed him to Ferrari. According to the company, the importance of Alono's thumbs extend beyond his driving skills, and stand as a symbol of his dominance in the sport.

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Tags: abbey santander, alonso, f1, fernando alonso, ferrari, formula 1, formula one, insurance, insurance policy, santander, thumbs

Christie's Gets Into The Insurance Business

by Deidre Woollard (RSS feed) —

Filed under: Auctions, Art

Christie's has been expanding its services lately. The auction house has been growing its art storage service business and now it will offer complete coverage for collectors who want to insure their valuables, homes, cars and other possessions under a single policy. Christie's Insurance Services is s partnership with Heath Lambert and Chubb Insurance and will be offered to Christie's private clients who have specialized needs when it comes to storing and transporting valuable art. The service will also offer automatic coverage on any new pieces purchased through Christie's.

The Times Online quotes Adam Prideaux, an art insurance broker at Heath Lambert, who indicated that there was a need for the service because, due to the economic downturn "there have been considerable problems for the art insurance market due to pressures on capacity against the exceptional prices of certain works."

Christie's already offers a valuation service and will now have risk management advice for those needing counsel on how to preserve the value of their collections. At first the insurance will be only be available clients in London and those in Europe who are serviced from London.

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Tags: art, art management, ArtManagement, christies, insurance

Insuring Your Wine Collection

by Carrie Coolidge (RSS feed) —

Filed under: Wine

As wine collections increase in value, collectors should consider insuring a valuable collection. According to the experts at Fireman's Fund Insurance Company's Wine Collector Management Services, here are a few things to keep in mind before buying a policy (or renewing or amending one you already have).

Insure your collection separately if it is valuable
As a consumable that appreciates in value as it ages, wine is a unique asset. If your collection has great value, it should probably be insured separately from your general homeowners' insurance policy. If not, you may run the risk that it is under-insured. The average bottle cost in a wine cellar is often $100 or more; individual bottles can easily reach $700 to $1,000 for top wines. A cellar that contains, say, 500 to 1,000 bottles, can be worth between $50,000 and $100,000. Values can easily climb into the millions for larger collections.

Choose blanket coverage or itemized coverage, or a combination of the two
With blanket coverage, your entire collection is covered under one limit, with a single bottle limit of up to $50,000 (with a Fireman's Fund policy). Itemized coverage is recommended for wines valued at $10,000 or more and can be combined with blanket coverage to provide the best protection for your collection. There should be no deductibles on standard policies.

If you buy insurance, be sure it covers all risks
Buy coverage that spans a wide spectrum of causes of loss including fire and theft breakage, flood, and a range of others. You will also need coverage for loss due to power outage or mechanical breakdown of heating, cooling and humidity control equipment, all of which are critical coverages for oenophiles.

Don't transport your wine without checking with your insurer first
Before you transport your wine, ask your agent or insurer if this is a covered risk by your insurance policy. Be certain your wine is protected worldwide and while in transit.

Tags: homeowners insurance, HomeownersInsurance, insurance, insuring wine, InsuringWine, luxist-awards, main-pedia, wine, wine-pedia, wines

Insurance Discounts For Hybrid and Electric Boats

by Deidre Woollard (RSS feed) —

Filed under: Yachts & Sailing

Hybrid powered boats like the Chris-Craft Frauscher one shown above are just starting to enter the market but Travelers insurance is ready for them. They have announced an industry-first discount of up to 10 percent on hybrid boat and yacht insurance. Many of the hybrid boats are making their debut at upcoming boat shows or recently came out this year so Travelers may be jumping the gun just a little.

Travelers defines a hybrid boat as one that is specifically designed to reduce green house gas emissions and conserve fossil fuels, as compared to an internal combustion engine boat. A hybrid also uses an integrated propulsion system that incorporates in its original design, both an internal combustion engine (ICE) and an electric motor. They also offer the same 10 percent discount on electric boats.

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Tags: hybrid, insurance, yachts

Like Luxury Cars? Hope You Can Afford Luxury Insurance

by Erin Mays (RSS feed) —

Filed under: Luxury Cars & Autos

Sure, it's nice to ogle cars in the 200 mph club, or even the 150 mph club, for that matter. But have you ever considered the costs of insuring such prized possessions?

Forbes has done a little study on the subject for us, and while we're not surprised to find that the pricier the vehicle, the pricier the insurance, we're shocked to see how much it really costs to insure these beasts. Check it out:

That Mercedes S-class you've been hot for? Try in excess of $22,500 per year, and this with just $500 deductibles on collision and comprehensive coverage, $100,000 each for personal and property coverage and $25,000 each for medical and uninsured coverage, according to Forbes. Considering the likely owner of the car will have assets far beyond what's listed there, we're talking a huge chunk of change.

According to Forbes, 20% of the price of luxury cars is a good rule of thumb. That means, however, that someone paying a low lease payment on a car like the Mercedes S-class will likely end up paying more to cover it than the actual monthly payment itself.

Other surprising numbers:

BMW M5 and M6: $18,548
Mercedes G-Class: $17,784
Jaguar XK: $16,154
Land Rover Range Rover: $16,042

The moral of the story? Check with your insurer before committing to buy a lease a car to be sure on overall costs.

[Source: Forbes]

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Tags: bmw, car insurance, CarInsurance, ferrari, insurance, land rover, LandRover, mercedes

Mariah's $1 Billion Assets

by Nicole Weston (RSS feed) —

Mariah Carey has recently been chosen as the spokeswoman for Gillette's newest campaign, Legs of a Goddess. It wasn't mentioned how much Gillette is paying the singer for her role with them, but it must be quite a lot, as Carey has just taken out a $1 billion insurance policy on her legs. She isn't the first celebrity to insure a body part, but she is setting a new high standard with the amount of the policy. Other celebs who are putting a price on their legs include Heidi Klum ($1.2 million right leg, $1 million left), Betty Grable ($1 million), Jamie Lee Curtis ($1 million) and Fred Astaire ($75,000).