NU Online News Service, Sept. 8, 1:47 p.m. EST
ARIS Title Insurance Corp., which says it is the only underwriter of title insurance for fine art and other collectibles, has partnered with several of the top insurers in the art industry, including AXA Art Insurance Corp. and Aspen Insurance Co.
Title insurance for fine art and other collectibles is offered to museums, auction houses, financial institutions and individual and for-profit institutional collectors looking to cover the risks associated with ownership and legal authority-to-sell issues in the art market, according to a statement from ARIS.
ARIS Chairman Lawrence M. Shindell says clients "face the potential risk of third-party title claims to works that they possess and the significant legal and economic costs that can ensue."
Shindell adds that the New York-based title insurer says looks to announce similar partnerships with other property insurers to combine property fine-art coverage and the risk management tool of title insurance.
ARIS, a subsidiary of Argo Group International Holdings Ltd., says its title insurance product manages the financial and legal risks for private collectors and public institutions owning or transacting art, as well as the subsequent liability risks for advisors, trustees and other third-party fiduciaries.
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