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One show insurance

Posted by Victoria L. Herring on August 8, 2011 at 9:02pm in Business of Art Fairs

I have talked to my house insurer and to my other business insurer [I have a home office law firm with limited clientele] and to our auto insurer and, frankly, have not so far found any coverage for the artwork itself.  I checked into this site's sponsor, ACT Insurance Program and it says it provides coverage you need for these shows, but not coverage for the works.

'Any suggestions as to finding the right policy = I have this one show left this year, that's all.

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Replies

  • Jim Parker August 25, 2011 at 9:29pm
    The retail value of your artwork will not likely be covered. If it was, you could periodically claim a loss, and collect the retail value of whatever was stolen, and you wouldn't ever have to actually go sell it. Most reputable insurance companies will only insure your goods for "replacement value". I suspect that is also the case with ACT, although I haven't talked to them personally. Replacement value does not include the cost of your time to recreate the work, only the actual cost of the materials at the time of the loss.
    I had a significant loss this year, where my show trailer with all my excess inventory was stolen. The trailer was covered under its separate policy, and the contents of the trailer - inventory, show supplies, extra canopy and parts, extra propanels -- was covered under my business policy at replacement cost. I had an exact inventory, and could have supplied receipts if necessary for all of the work on board.
    For a single show, ACT is the only game in town. Let us know how it turned out!
  • John Hunsucker August 25, 2011 at 10:37am

    I was looking at the same issues.  My businees policy (lawyer also) doesn't cover it but my homeowners insurance said that it is a home based business and thus covered under homeowners for liability to others damaged by your property.  The artwork should be covered under your personal property portion of your homeowners subject to your deductible.  Your insurance company may be different (I use Farm bureau) but would rechecked asking about coverage under these areas.  Of course you may have already checked under these areas but thought I'd throw it out just in case.

     

    My agent was very familiar with it and said the only time there is a problem is getting a certificate of insirance if the show required it.

     

    John Hunsucker

  • Gary Haynes August 10, 2011 at 11:04pm
    Just call the ACT people.  They do have coverage for your 'goods'.
  • Sharon Jeter August 8, 2011 at 10:23pm
    I have business insurance through a local agent. Usually there is someone in your area who specializes in small business insurance. This policy covers my studio, all it's contents (including my work) and my work and liability when I am at a show. The deductible is $500 and the coverage is $75,000 for "stuff" and 5 million liability. The cost is $500 per year. I am in NY state. I am not sure if the cost of this sort of thing varies by state. Hope this helps.
  • Diane Wright August 8, 2011 at 10:14pm
    Try RLI
    • Chris Hoyt > Diane Wright August 9, 2011 at 6:55am

      I agree. I've been with RLI since the early 90's and I have all the necessary coverages, and my premium is $280 a year. They specialize in people like us.

      There's a discussion on another thread about coverage for the work itself. Most insurers won't pay for the value of the work, but rather the cost to produce it. As you well know if you're an attorney, you can't profit from an insurance claim unless you have some sort of rider on the policy.

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