Distinguished Fine Art & Collectibles: Ask the Experts

Unleash your potential in the flourishing Fine Art & Collectibles insurance market! If you missed our recent 30-minute power-packed webinar, “Distinguished Fine Art & Collectibles: Ask the Experts,” don’t worry. You still have the opportunity to gain essential insights into protecting your clients’ treasured art pieces and turbocharging your business growth.

Our panel of experts delved into the unique challenges and opportunities within the Fine Art & Collectibles insurance sector, sharing valuable tips and strategies. Whether you’re looking to expand your client base or become a powerhouse in this specialized industry, the insights from this webinar are tailored to help you watch, learn, and conquer.

Don’t miss this chance to explore the thriving world of Fine Art & Collectibles insurance – access the full recording now and take your business to new heights!

Get the Fine Art & Collectibles Insurance session handouts here:

Transcript & FAQ

+ Video Recording


Below are additional attendee questions we could not address during the session

Appraisals and Valuations
Q: Do all carriers require an appraisal? How can this process be made easier for clients?
A: No, not all carriers require appraisals, but most do for certain items such as high-valued items, items purchased many years ago, or items with volatile market values. We consider appraisals, receipts, invoices, and schedules from prior insurers for other items. Our experts can also conduct value reviews. If additional information is needed, we recommend local appraisers to examine specific items or the whole collection.

Q: How do you determine the value of sports card collections at the time of loss? What proof is needed?
A: Scheduled sports card collections are valued at Agreed Value. For blanket limits, we assign Current Market Value at the time of loss, with a maximum per item limit. Active collectors may provide a top items list and details on their collecting philosophy. We tailor our approach to each unique collection.

Q: How are values determined for a sports card collection at the time of loss on a blanket limit?
A: Values are determined based on the Current Market Value.

Q: Do you have relationships with appraisers to help clients get valuations?
A: Yes, we have relationships with many appraisers and can recommend specialists in your client’s area or for specific collection items.

Coverage Details
Q: Does this program cover high-value jewelry?
A: We don’t write standalone jewelry but insure jewelry if we also insure art or other collections.

Q: Do you assist with updating the value of insured art pieces?
A: Yes, we review values on art collections and recommend appraisers.

Q: Is this program available in Pennsylvania?
A: Not as of 8/7/23, but please check our website or call for updates.

Q: Do you insure in coastal areas like FL, AL, MS, LA, TX?
A: Yes, we consider offering wind and water for exceptionally protected risks, excluding within 10 miles of the coast or in flood zones.

Q: What are the appraisal requirements for new business?
A: It depends on the collection. We may not require appraisals for some items, while high-value single items will need an appraisal or purchase receipt. We can also accept valuation letters from sellers.

Q: Is this a stand-alone product?
A: Yes, this is for the collection only.

Q: Where is the fine art and collectible coverage available?
A: As of 8/7/23, commercial coverage is available in AK, AL, AZ, CT, DE, FL, IA, KS, ME, MI, MN, MS, NC, NJ, OH, OK, RI, TN, TX, UT, VA, and personal coverage in AK, AZ, DE, IN, ME, MS, OH. Check back for updates.

Q: Do you insure fine art statues located outside a Condominium Building?
A: Yes, we insure outside sculptures.

Q: Do you have a market for baseball collectible cards and Star Wars items?
A: Yes, we insure sports memorabilia and collectible toys.

Q: What’s available for fine arts and pottery coverages?
A: These items are within our underwriting appetite.

Q: What is your maximum capacity for personal vs. commercial risks?
A: As of 8/8/23, $55M in capacity per risk, expected to be at $100M soon.

Q: Is all your paper admitted?
A: Yes, we write on Starstone National Insurance Company on admitted paper.

Q: What about CA EQ and Coastal wind/hurricane appetite?
A: We consider offering wind and water for protected risks and provide EQ in CA. Contact your underwriter for individual risk assessment.

Q: Will any states not be approved before 09/01?
A: State rollout will continue throughout 2023. Check back for availability.

Policies and Procedures
Q: What’s the minimum premium? Is direct bill available? Who handles the filings? Is this for dealers or private collections or both? Do exhibitions/fairs need to be scheduled?
A: Minimum premium is $1000, with some exceptions. Direct bill is available. We are the authorized underwriters for StarStone Insurance Company on admitted paper. We cover both dealers and private collections, and coverage for exhibitions/fairs depends on the client’s needs.

Q: Are you writing any coastal exposures?
A: Yes, as described above.

Q: Do you have a specific application or schedule form?
A: You can use our applications on our website or submit an Accord form with a supplemental application.

Q: Do you insure gun collections?
A: Yes, for historic, collectible, sporting arms, war memorabilia, and related items.

Q: Do you insure jewelry?
A: We insure jewelry if we also insure art or other collections, but not as a standalone.

Q: Is there any underwriting information available on the new Valuables program?
A: Please visit our website or contact your underwriter for more information.

Expert Panel:

Patrick Drummond, President, Distinguished Fine Art

Patrick has 25 years of experience in specialty insurance, including as Head of Fine Art, Specie and Bloodstock for the Americas at AXA XL. He has held various leadership roles in underwriting, sales, marketing, product management, and claims and is a passionate collector himself.

Erika Witler, Senior Vice President, Distinguished Fine Art

Erika blends her valuable experiences in the art world with an insurance background, including her 16-year tenure at a specialty insurance carrier and her additional time working as a fine art/niche broker. Her varied perspectives from within the art world include museum internships, working in galleries, and spending time at an art conservation center.

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate & Builder’s Risk, Community Associations, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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