With the weather calamity that just happened at Columbus, I just got thinking about the loss of work and how to recover from that. Besides the psychological effects, I wonder how many artists are able to recoup losses if they are insured. CERF helps out artists and is a great organization to contribute to. Have you ever had to file a claim or ask for assistance after a weather disaster?
Good comments. For a more comprehensive coverage for your business you may want to invest in a BOP (Business Owners Policy). I know an agent at Stratus ( program director for ACT) who works with these types of business www.stratusins.com
we have insurance on our show products etc. A few shows wont let you in unless you show that you have coverage. We had our tent slashed and it was covered by the insurance a few years ago in Milford, Mi. Just like car insurance, house/renters insurance your busines needs to be insured as well.
Yes, after a tornado in Manassas, Va. I have inland marine rider on my business insurance and it costs all of $100 a year for $20,000 losses on the road. I had $1100 claim and got paid promtly.
I've insured my art since I started doing the shows full time to make a living - beginning 28 years ago. I have submitted one claim - when my KD Canopy blew upside down over a glassblower's booth at Lakefront. My canopy was totaled and the insurance replaced it, minus the $100 deductible. Luckily, none of my work was damaged as my display panels were not attached to the canopy.
Having insurance gives me peace of mind with the terrible storms lately. I know if I was wiped out, I would have enough insurance to pay my bills for four months until I could replace my inventory and display.
I had my trailer stolen from the hotel parking lot in Ft. Worth in April. Full story was posted earlier here and on my blog. I'm still recovering from the loss. Even with insurance, you won't recover full replacement value on your work, or on capital investments like your tent and panels. It takes time to remake the work that is lost. If the work is original and takes time to make, it will be even harder. Paintings or large sculptures, or complex glass are all good examples.
I filed two claims -- one for the stolen trailer and improvements, and one for the business property that was on the trailer. Luckily we were set up for the show, so it wasn't a total wipeout. But it took three weeks to resolve the claim on the trailer. I bought a ready-made trailer, had to to pick it up at the factory in Elkhart Indiana, and it wasn't quite what I wanted, but it was close. Custom would have taken six weeks longer. The claim on the business property is still not settled.
Bottom line is, if you have shows scheduled, and your work or your tent is damaged, you need enough working capital and time to replace it. If you don't have time to remake your work, protect it at all costs. Move it to your vehicle if a vicious storm approaches. Buy a decent canopy. Use effective weighting and tie-down techniques. Even with insurance, it will take time to get back on the road. For me, I had five weeks between Ft. Worth and Reston to recover. But I had a show in Birmingham MI the week prior, so in four weeks I had to order the trailer, outfit the trailer, remake the work that was stolen, and continue to make new work. I had enough stock on hand to make it through Birmingham and Reston. To say that this is a distraction is an understatement.
I was insured well enough to cover most of the trailer loss. I'm still out well over $12,000 on the other outstanding claim. Will I break even? Not sure. I'll never recover the lost time, or the lost business opportunities from losing key pieces.
Several choices. These are all 'Inland Marine' policies, or at least that's my understanding. They will cover your equipment and inventory, both at the show and intransit.
RLI www.rlicorp.com ACT www.actinspro.com State Farm Travelers Maybe check with your own homeowners company. Tell them you have a home based business and sell primarily at indoor/outdoor art festivals. If you draw a blank stare mention that it is usually an Inland Marine policy.
For liability only there is a company that seems to be new, at least in advertising their services.
ACT , same as above but liability only.
Do a search here at AFI and you can find previous posts and contact information for some of the companies.
Comments
I've insured my art since I started doing the shows full time to make a living - beginning 28 years ago. I have submitted one claim - when my KD Canopy blew upside down over a glassblower's booth at Lakefront. My canopy was totaled and the insurance replaced it, minus the $100 deductible. Luckily, none of my work was damaged as my display panels were not attached to the canopy.
Having insurance gives me peace of mind with the terrible storms lately. I know if I was wiped out, I would have enough insurance to pay my bills for four months until I could replace my inventory and display.
I had my trailer stolen from the hotel parking lot in Ft. Worth in April. Full story was posted earlier here and on my blog. I'm still recovering from the loss. Even with insurance, you won't recover full replacement value on your work, or on capital investments like your tent and panels. It takes time to remake the work that is lost. If the work is original and takes time to make, it will be even harder. Paintings or large sculptures, or complex glass are all good examples.
I filed two claims -- one for the stolen trailer and improvements, and one for the business property that was on the trailer. Luckily we were set up for the show, so it wasn't a total wipeout. But it took three weeks to resolve the claim on the trailer. I bought a ready-made trailer, had to to pick it up at the factory in Elkhart Indiana, and it wasn't quite what I wanted, but it was close. Custom would have taken six weeks longer. The claim on the business property is still not settled.
Bottom line is, if you have shows scheduled, and your work or your tent is damaged, you need enough working capital and time to replace it. If you don't have time to remake your work, protect it at all costs. Move it to your vehicle if a vicious storm approaches. Buy a decent canopy. Use effective weighting and tie-down techniques. Even with insurance, it will take time to get back on the road. For me, I had five weeks between Ft. Worth and Reston to recover. But I had a show in Birmingham MI the week prior, so in four weeks I had to order the trailer, outfit the trailer, remake the work that was stolen, and continue to make new work. I had enough stock on hand to make it through Birmingham and Reston. To say that this is a distraction is an understatement.
I was insured well enough to cover most of the trailer loss. I'm still out well over $12,000 on the other outstanding claim. Will I break even? Not sure. I'll never recover the lost time, or the lost business opportunities from losing key pieces.
Christine
Several choices. These are all 'Inland Marine' policies, or at least that's my
understanding. They will cover your equipment and inventory, both at the show
and intransit.
RLI www.rlicorp.com
ACT www.actinspro.com
State Farm
Travelers
Maybe check with your own homeowners company. Tell them you have a home based
business and sell primarily at indoor/outdoor art festivals. If you draw a
blank stare mention that it is usually an Inland Marine policy.
For liability only there is a company that seems to be new, at least in
advertising their services.
ACT , same as above but liability only.
Do a search here at AFI and you can find previous posts and contact information for some of the companies.
Gary
www.reflectionsimaging.com
Can you please post this to the business of art fairs forum:
http://www.artfairinsiders.com/forum/categories/business-of-art-fai...
Thanks,
Larry Berman
http://BermanGraphics.com
412-401-8100