Chubb to Provide Art Collectors Additional Risk Management Services
OREANDA-NEWS. February 11, 2016. Chubb Personal Insurance is offering art collectors four new complimentary risk management services to help protect artwork from damage caused by natural disasters, home renovation and household staff and help ensure that collections remain adequately insured.
The new services for eligible clients include:
- Disaster Planning Consultation: Chubb’s fine art specialists create customized plans to help clients prepare and respond to disasters, including basic salvage measures they can take.
- Renovation Consultation: Prior to and during renovation, clients are instructed on how to protect works from vibration, dust and debris, among other hazards.
- Household Staff Training: Fine art specialists lead training sessions for household employees on the proper protection of collections, including securing items in high-traffic areas, maintaining environmental controls, cleaning techniques and caring for outdoor sculpture; and
- Post-auction Review: Fine art specialists perform semi-annual assessments to determine whether insured works are valued in line with recent auction prices for the artists and similar works.
The services are being added to a suite of other services, including collection valuation reviews; collection risk assessments; fire, security and loss prevention advising; offsite storage assessments; digital home inventories; loan and consignment agreement reviews; referrals to art professionals; art exhibition tours; and educational lectures and events.
“By bringing together our risk management, underwriting and claim expertise through the establishment of the Fine Art Practice more than a year ago, we have gained greater insights into the risks our clients face,” said Melissa Lalka, vice president and worldwide fine art manager for Chubb Personal Insurance. “As a result, we have been able to create four more services to help clients protect the significant investments they have made in art.
Established in May 2014, the Fine Art Practice has access to fine art and collector specialists in the United States who provide consulting and other services to clients who have a Chubb Valuable Articles insurance policy. The specialists, many of whom have degrees and other training in art and have worked in museums, galleries and auction houses, have extensive knowledge in assessing risks in homes, offices, galleries, art warehouses and other locations where collections may be kept.
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.
The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.