Can your fine art risks weather the storm?
31 August 2023
This summer we have experienced . We have seen climate change cause significant damage to property and insured goods, and impact commercial contracts.
Considered the new norm, this could also have a damaging effect on fine art. … the risk that extreme weather poses on fine art is significant, particularly in disaster-prone markets such as North America. For example, earthquake-prone California continues to face wildfires, .
Whilst cover for fine art is very often capped in an all risks policy, insurers may want to consider:
- obligations requiring insureds to take additional steps to protect work, such as using protective materials or specialist storage or placement solutions;
- requesting condition reports to assess the likelihood and susceptibility to damage in the event of extreme weather;
- agreeing to send alerts before weather events;
- requiring insureds to create disaster plans that further require steps to be taken to mitigate the likelihood of damage;
- alarming an insured to take objects to secure storage facilities;
- increasing insurance deductibles and excesses; and
- applying restrictions on transit coverage when transporting fine art collections during episodes of extreme weather.
Contents
- The Word, August 2023
- Oppenheimer: how do nuclear weapons affect insurers?
- Is Europe’s first EVTOL aircraft on the horizon? - emerging risks for insurers
- The rise in risky cosmetic surgery injections - the increased risk to insurers
- Climate change strikes again
- US Court declares a constitutional duty to protect against climate change
- How can generative AI assist the insurance industry?
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