Better Practices on Art Insurance
As a consignor:
1) Best to include a clause holding the consignee responsible for damage or loss should his/her insurance company fail to settle any claim within 45 days.
2) Make sure the consignor is additional insured and loss payee.
3) The Certificate of Insurance should be committed by the issuer and not simply informational.
4) READ THE ENTIRE POLICY or have your attorney do so. Know the exceptions which may, effectually, rob you of insurance should the work(s) be damaged or lost.
5) Know the insurance company you are dealing with as certain ones continuously seek reasons for nonpayment or endless delay.
6) Be sure, in the case of damage or loss, you notify your own insurance company, the consignee, and the consignee’s insurance company on a timely basis.
7) Should coverage not be extended for any reason, be sure to read the fine print as to when legal action may be commenced. DON’T MISS THE DATE.
We are compiling both anecdotal and history of various insurance companies’ responsiveness and willingness to live up to their responsibilities. Please forward any information of interest you may have to us at email@example.com.
Art Law Art Market ResearchJul 26th, 20160 comments