When Superstorm Sandy struck the Atlantic Coast in October 2012, one area hit particularly hard was the trendy Manhattan neighborhood of Chelsea, known for its high-end art galleries. Many galleries were inundated with up to eight feet of water—dirty water, to boot—and hundreds of works of art were damaged or destroyed.
“It was a domino effect,” says Ellen Ross, managing director of the Fine Arts Niche, for Arthur J. Gallagher in New York. “There was damaged and what was not, what was a total loss and what was not, and get things moved to the proper restorer. Plus, there was a limited number of restorers.
“In this horrific situation, with hundreds of works of art and multiple insureds and limited restorers, you just had to get in line. You had to be patient.”
Randy Hobbs, head of specialty claims for XL Group, says figuring out how to handle those art gallery claims posed a significant challenge for XL and is a good example of how complex specialty coverage has become in recent years.
“It was not just a question of being able to replace paintings,” Hobbs says. “Our fine arts claims person had to deal with all sorts of contract issues, too. We had many galleries where the works were not owned by the galleries but rather were owned by the artist and were at the gallery on consignment.” Finding the proper restorer to handle the recovery effort was another challenge, Hobbs says.
Sounding the alarm: Wildfire exposure and prevention in construction
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We know certain types of construction carry inherent fire risks – wood frame construction is one such type. Building materials stored onsite can pose a fire risk. But what happens when the risk of fire and its resultant damage spreads beyond the jobsite. What happens when a single spark from a grinder,
No one is quite certain how Valentine’s Day emerged as an annual celebration of love and romance.
One legend points the origin to a third century Roman priest named Valentine who persisted in marrying men and women in spite of a decree from Emperor Claudius II that cancelled all marriages and engagements
The next generation of Inland Marine underwriting is here
February 11, 2020
A freshly minted college graduate looking for work in today’s market often faces a grueling job search. Not Allison Rolsing – thanks to a job she took in high school!
As a receptionist in an insurance broker’s office while she was still in high school, Allison learned insurance basics like limits,