Ironshore International has introduced a hybrid insurance product to protect against loss or damage of works of art in the care custody and control of Museums and Exhibition organizers, as well as personal fine art valuables and collections.
Ironshore’s new product offering combines the resources of its Fine Arts & General Specie and Political Risk underwriting teams. Coverage provides protection against loss from confiscation and seizure of fine art holdings while on loan to, on display or housed at commercial art institutions resulting from political acts, underwritten as a stand-alone policy or add-on endorsement basis. Customized alignment of Ironshore’s specialty classes of business also offers policy protection for high net worth individuals subject to loss resulting from the seizure of personal fine art belongings by state-owned entities.
“Museums and fine art exhibitors face potential loss scenarios in foreign regions not only due to economic turmoil and political uncertainty, but also different cultural tastes, historic or religious viewpoints thereby threatening the security of valuable fine art assets,” said Richard Northcott, director of High Value Cargo.
The growth of global personal wealth in emerging markets has led to increased demand for luxury goods and heightened activity in individual and family fine art investment. According to Ironshore’s Director of Political Risk, Charles MacKay, the new product has been designed for clients that are discerning art investors residing in volatile jurisdictions, “who face unprecedented vulnerabilities in an array of political risk scenarios.”
Ironshore’s High Value Cargo unit offers customized coverage programs for Fine Art & General Specie Risk for museums, galleries, exhibitions, corporate and private collections and auction houses. Ironshore Political Risk provides structured policy protection for international risks for domestic or cross-border exposure to government action and political events in emerging markets.
Coverage is offered by Ironshore’s Pembroke Managing Agency Ltd., through its Lloyd’s Syndicate 4000 based in London.
Ironshore provides broker-sourced specialty property & casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
Source: Ironshore International
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