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What are the most pressing issues facing fine art collectors, dealers, museums and institutions today? How will global events, natural catastrophes and carrier capacity shape the next reinsurance period in this highly specialized segment of the market? What exposures can be mitigated through risk planning?
Risk Strategies' DeWitt Stern Fine Art Practice is committed to staying on top of regional, national and global topics and trends that directly affect the fine art insurance marketplace. Our “State of the Market” report offer insights and advice to help clients attain the best insurance programs to match their needs.
As a result of the catastrophic losses of 2017, we are beginning to see the slightest bit of market hardening. Between some personal insurance companies tightening up capacity in catastrophic-prone zones and some Lloyds of London syndicates in run-off while others not writing fine art business any longer, there is some change in the amount of capacity available and the smallest uptick in pricing.
Trends in the fine art insurance marketplace:
As a result of the uptick in wild fire activity, underwriters are likely to ask more questions surrounding protection of homes in brush fire zones. In the past, these questions were only asked by premier personal (homeowners) insurers who also insure fine art. It is likely that fine art specialty insurance companies will begin asking for more details surrounding the brush fire exposure, protections and disaster plans.
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