Ironshore International is introducing a hybrid insurance product to protect against loss or damage of works of art in the care, custody, and control of museums and exhibition organizers, as well as personal fine art valuables and collections.
Ironshore's new product offering joins the fine arts and general specie and political risk underwriting teams. The coverage provides protection against loss due to confiscation and seizure of fine art holdings while on loan to, on display, or housed at commercial art institutions resulting from political acts, underwritten as a standalone policy or add-on endorsement basis.
Ironshore's specialty classes of business also offers policy protection for high net worth individuals subject to loss resulting from the seizure of personal fine art belongings by state-owned entities.
“Museums and fine art exhibitors face potential loss scenarios in foreign regions not only due to economic turmoil and political uncertainty, but also different cultural tastes, historic, or religious viewpoints, thereby threatening the security of valuable fine art assets,” said Richard Northcott, the director of high value cargo.
The growth of global personal wealth in emerging markets has led to increased demand for luxury goods and heightened activity in individual and family fine art investment. “Ironshore's innovative hybrid product has been designed for clients that are discerning art investors residing in volatile jurisdictions, who face unprecedented vulnerabilities in an array of political risk scenarios,” noted Charles Mackay, the director of political risk.
Ironshore's high value cargo unit offers customized coverage programs for fine arts and general specie risk for museums, galleries, exhibitions, corporate and private collections, and auction houses. Ironshore said that its political risk provides structured policy protection for international risks for domestic or cross-border exposure to government action and political events in emerging markets.
Coverage is offered by Ironshore's Pembroke Managing Agency Ltd., through its Lloyd's Syndicate 4000 based in London.
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].