Loan Insurance Policies of the Nelsonatkins Museum of Art

Making It Easy

Kristina Marcigliano
Senior Business relationship Executive
DeWitt Stern, New York

Susan Jaffe, managing director of Guernsey's sale house, may deal with a $10 million collection of guitars i solar day or a $25 million glass piece by Picasso or rare star rubies on other days.

Regardless of the type of valuable — or its storage and transportation needs — she counts on Kristina Marcigliano to give her the all-time communication and procure the all-time coverage.

"We are constantly hitting her with quite a range of needs and she's always been very responsive," said Jaffe. "Each collection that we handle has a different set of requirements."

Marcigliano helped some other auction business firm combine insurance programs during a merger to ensure there were no gaps. In the end, she secured higher limits at a lower premium for the merged company, and adult a jewelry insurance solution for consigned items. A director at the visitor praised Marcigliano and her colleagues for making the "process smooth and piece of cake. There was no hassle."

Marcigliano makes "the crazy insurance world a lot simpler than it actually is."

Auction houses have many complex bug dealing with valuation, security and ship, said Kenneth McKenna, executive vice president and CFO of Doyle Auction House.

"Nosotros are not exactly your typical situation," he said. "Kristina is very creative."

This year, she created a hybrid policy that covers fine fine art items, furniture, jewelry and precious metals, including very high transit limits for jewelry coverage that allows the auction business firm more than flexibility when pieces have to be transported.

Overcoming Challenges

Lynn Marcin
Senior Vice President
Aon, Washington, D.C.

In negotiating lender loan agreements, galleries have a mounting problem with "absolute liability creeping into contracts [regardless of insurance coverage]," said Joan Elisabeth Reid, principal registrar of Walters Fine art Museum. "It'due south a major upshot."

Lynn Marcin at Aon subsidiary Huntington T. Block provided the museum with the contract language needed to successfully negotiate a very complex exhibition. "She's there for everything we need." said Reid.

"Some lenders make outlandish requests at present, and Lynn works so hard to figure out what is a feasible asking and what nosotros should absolutely not concur to," said Patty Decoster, head of collections management and registration at Kimbell Art Museum. "[Marcin] is really expert at knowing when a line can be crossed and when nosotros should not agree to it, at getting everything she can for the lender from the underwriter but fabulous at protecting the Kimbell from going too far."

"When you are trying to wrangle 50 lenders and shipping venues, and decide coverage needs in transit and on premises, and transit to the side by side institution, it can be nerve-wracking," said Melanie Harwood, senior registrar at the Baltimore Museum of Art. "Lynn is good at beingness calm and saying, 'This is what you can do,' " and coming upward with the all-time solution possible.

"We do nothing but give her challenges. That'southward our job and she fields them very well," Harwood said.

A Mentor to the Art World

Deborah Pinnacle
Vice President
Aon, Washington, D.C.

Because of its agile lending program to museums in the United States and around the world, the Nelson-Atkins Museum of Fine art depends on Deborah Tiptop at Aon subsidiary Huntington T. Block to review the diverse foreign insurance policies and strange government indemnity contracts.

It's a complicated process, especially when the museum deals with different museums in different countries on different projects — all at the same time.

"That tin be a lilliputian tricky," said Julie Mattsson, exhibitions registrar at the museum. "Debby has been able to help make that more seamless than information technology certainly started out to be."

And not that Mattsson ever forgets when international policy premiums are due, but Peak is always on top of information technology, and offers to expedite the process at the last minute, she said.

"Sometimes premium costs are pretty high and so people don't want to pay super early, but that ways pretty ofttimes we get downwards to the wire," Mattsson said.

Susan Leidy, deputy managing director of the Chrysler Museum of Fine art, said Peak "has been a mentor to many of united states of america. She is absolutely phenomenal. She's worked with major museums all over the earth and she brings that experience to us.

"She's non prescriptive. She doesn't say, 'You have to exercise this.' She has a way of educating the customer to do the right matter because it benefits everybody. She'due south been doing this for a long fourth dimension in a very depression key, solid and professional mode. Sometimes that doesn't get recognized and it should go recognized."

A Home Run Every Fourth dimension

Mary Pontillo
Vice President
DeWitt Stern, Charlottesville, Va.

Paris Photograph, a prestigious photography collection, was i of the many cultural events that were ordered airtight post-obit the terrorist attacks in Paris last twelvemonth.

Knowing her fine arts clients could 1 day confront a similar situation, Mary Pontillo worked with London to develop event counterfoil expense coverage. Information technology's just 1 of the ways she works for her clients to expand coverage and stay competitive.

"We have unique art insurance requirements that are not what nearly people in the world have," said Sharon Ullman, COO of the Robert Rauschenberg Foundation, who praised Pontillo's work. Whether information technology's aircraft 67 containers of artwork to Cathay or protecting a $35 million 191-console artwork, Pontillo "made sure we were covered from here to at that place. We just phone call and say, 'Here's a new one for you.' She makes it easy."

Arlie Sulka, possessor of Lillian Nassau LLC, renowned specialists in original Tiffany Studios lamps, said, "When you get good coverage from someone who is so knowledgeable most the industry and that you lot trust that much, you simply don't want to let that human relationship go. Mary hits a home run every time."

Added a gallery director, "Mary Pontillo is remarkable and she invested a considerable amount of time going through every page of [our] policy."

"It'due south the driest of subjects simply she is very passionate about it," she said, "And she is passionate well-nigh fine arts. That allows her to stand up out in the manufacture."

Always Available

Anne Rappa
Senior Vice President
Aon, New York

Anne Rappa at Aon subsidiary Huntington T. Cake "is always available for my weird questions," said Bianca Cabrera, registrar at Galerie Lelong.

Fine art insurance is complicated because pieces are "literally moving all over, all of the time, and so we e'er need quick information," she said. "She's always willing to talk me through scenarios when nosotros are not quite sure how things may play out."

Recently, 1 of the artists associated with the gallery chosen in a panic considering it was the nighttime before the artist had to ship artwork created on a major public commission, and the contract-required insurance had never been procured, she said.

"Anne helped me set that upward in a few hours to make sure that the piece was covered," Cabrera said. "It was a huge, monumental slice, and it wasn't a piffling amount of coverage nosotros needed."

Rappa recently authored a roadmap to help educate university run a risk managers nigh the complications involved in identifying, valuing and protecting their fine fine art and rare volume collections. Angela Moss, director, office of gamble management at Wayne State University, took advantage of that guidance.

"We never had a fine art policy before," Moss said. "If nosotros would accept had a loss over $x,000, we would have suffered the loss." The policy covers high-value items without needing to list each 1 or go appraisals. "Anne is a partner," she said.

Making a Difference

Casey Wigglesworth
Business relationship Executive
Aon, Washington, D.C.

When doing a $25 meg upgrade to a museum, a public sector take chances director realized there were major coverage gaps at an associated facility owned past the public entity but operated by a nonprofit organization.

A dispute over which grouping was responsible to encompass the celebrated artifacts and other items could not exist resolved until Casey Wigglesworth at Aon subsidiary Huntington T. Cake came on the scene. She worked with both groups to ensure proper valuation of items and policies to protect them.

"The result was she was able not only to get all parties to work together, which had never worked together, but she was likewise able to clearly encounter what each party had to do to go the correct cover," said the public sector risk managing director.

Kelsa Coker, treasurer and full general director of Ely Inc., a service provider to museums and galleries, said Wigglesworth is "very responsive to my crazy requests. We are a modest business and I look for responsiveness. I demand someone to reply almost immediately so I can have care of clients who can exist quite needy at times."

Regardless of the time or request, Wigglesworth "is just in that location for me and makes me feel comfy with what I am offer to my clients. She gives me slice of mind."

"Casey takes us through what needs to exist washed to brand certain nosotros are properly insured," said Marilyn Sohi, head registrar, permanent collection, Madison Museum of Contemporary Art, including being available for questions about security, valuation, shipping and storage.

Finalists:

Blythe Hogan
Manager, Global Fine Fine art Practice
Aon, Atlanta

Emily Weiss
Senior Account Executive
DeWitt Stern, New York

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Source: https://riskandinsurance.com/fine-arts-2/

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