I know this question has been asked before and I read the threads that came up on a search. RLI, State Farm and others were recommended. I have called them and they were either not covering Florida or could not meet my needs. I called other companies in my local area (form the phone book) but they all seem to have a problem covering "artwork" because the value is very subjective.
So, any other recommendations on insurance companies I should call?
FYI, these would be my ultimate needs: I have artwork and business related equipment in my home AND most of my artwork / canopy is stored in a climate controlled storage company. I am also planning on obtaining a very small commercial space in my city's art district which I would use as my gallery. This is where RLI had a problem. They only insure home/storage/travel but nothing that is outside those areas that stays longer than 90 days. Also, this will not cover my artwork at cooperatives, restaurants and art galleries that feature my work. Finding an all inclusive master policy and company that could handle it at a reasonable/fair price would be great!
Any help would be appreciated.
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Yes, RLI definitely could not assist me. Although I am sure they are a good company, it was my feeling that they deal with a very specific nitch market (traveling artists). They could not insure my 1000sqft gallery/studio nor could they insure separate gallery areas in different towns. I asked them if they could "single out" insurance coverages like only insuring shows (my 10'x10' canopy) while i travel and they said they could not ... It's either the whole enchilada or nothing :-).
But, it's been a while since I started this post. I have since found a local insurance that has given me a fantastic rate and covered all my needs.
I hope this post helps others in the future ... Ruke of thumb, research research and MORE research is awlays the key.
Joe Ignaczak said:
I find it hard to believe that RLI turned you down, very good company in my opinion, they must have a reason. I'd call them back and find out specificaly what is the risk they can't or don't want to take. Once you identify it, then you can call other companies and ask them about your specific risk.
I'm a former casualty agent an chose RLI because their policy has loss of income protection. In other words, if my whole booth was scooped-up by a tornado and I would need several months to re-build my product and booth to get back into the shows, I would be covered for the loss of income in incurred.
I find it hard to believe that RLI turned you down, very good company in my opinion, they must have a reason. I'd call them back and find out specificaly what is the risk they can't or don't want to take. Once you identify it, then you can call other companies and ask them about your specific risk.
I'm a former casualty agent an chose RLI because their policy has loss of income protection. In other words, if my whole booth was scooped-up by a tornado and I would need several months to re-build my product and booth to get back into the shows, I would be covered for the loss of income in incurred.
I have my business insurance through State Farm. But, I had to press my agent before we finally got to the solution I needed. My "business" insurance covers all my business equipment (i.e. canopy, display panels, etc.) and including my computer, art supplies, frames, etc. in my home (or in an offsite studio). Next was to add the rider that covered the artwork. It is called an Inland Marine policy with an "art dealer" rider. My agent had to contact the underwriter at the home office to find out what I needed as she had not sold one before. It is the Inland Marine policy that covers my art work (I am a painter) whether at my home, at an art fair, in a gallery, and in transit to and from each venue, whether it is shipped by carrier (fedex or UPS) or whether it is in my van traveling to a show. Your premium will be based on the value of your equipment and the value of your "art inventory." I must say, I was pleasantly surprised that it was so affordable! But then I have a low inventory and thus, a lower value to that inventory. What seems to be tripping up most artists when they speak to their agents is the "Inland Marine policy" because most agents do not sell these and are not aware of what they are. Insurance agents have been telling artists that any policy will only cover the cost of the canvas and paint. BAH! Press your agent about the Inland Marine Policy with Art Dealer Rider - ask them to call the underwriting department - you may be surprised what they will come up with if they know what they are looking for.
Hugo Cruz > Marti MillingtonOctober 19, 2009 at 12:27pm
Marri, thank you for all the great information. I am sstill awaiting State Farm's reply / quote. If you would be so kind, can you tell me how much the "regular" business insurance costs you (for equipment, supplies, computer, etc.), how much value ot covers (i.e. $20,000), the deductible, does it do "replacement cost" and does this insurance include liability (if so, how much liability)?
Also, with your Inland Marine/Art Dealer rider, how much does that cover, the deductible and how much is this rider costing? Also, how do they "value" the artwork? Many of the reps I have spoken to always end up asking for my annual sales total ... Is this the way they value your pieces? I personally know what my art sales for but when an agent gets it, who knows what it may be?
Hugo - Business Personal Property is $15K; liablity is $1 million; medical payments $5K; my deductible for busines is $500; I maintain an inventory of my business property, i.e., canopy, display panels, tables, computers, printers, card rack, etc. with the purchase price; date of purchase, etc. I provided this to my agent. There is inflation coverage and loss of income coverage.
Fine Art Dealer Form - property on my premises and in transit is $16K; property away at any one location $1200 (i.e. gallery - this will go up as I deem necessary but was set at this limit initially) - $500 deductible. Since I have a record of sales, they used my inventory price sheet as the value for the Fine Art Dealer coverage. If you have a record of sales, it should be the same with you. I provided them with a printout from a program I use to track inventory and sales - listing my work and the price for sale and those pieces that sold and for what price. I provided this to my agent who provided it to the underwriting department and they went with my figures.
I pay under $500/year premium for the whole package.
I think the coverage will depend on what you want - they can more or less gear the policy toward your specific needs.
Hope this helps.
Hugo Cruz > Marti MillingtonOctober 19, 2009 at 5:07pm
Wow, thanks for all the specifics. They will be very helpful with my search. I contacted several State Farm agents (locally -- here in Florida) but they said State Farm no longer writes business insurance ... I was shocked. But, it may be true fro Florida.
I am talking to severtal agents and I hope to get some quotes soon. It sounds like you got a great rate at $500 for the year (entire package).
Actually, I may contact YOUR agent ... Can your agent sell policies in Florida? If so, can you refer him/her over.
I don't think my agent can sell a Florida policy - she would probably just refer you to a Florida SF agent. Given all the hurricane damage in Florida (especially to businesses), I'm sure a lot of companies are backing out there. When I go to my State Farm website, there is a special link for Florida. Apparently State Farm is in the process of opting out of property damage insurance in that state, but will continue to offer life and auto insurance only.
The rate I received for my complete package is because of the $$$ coverage. I kept it low enough to cover me, but not OVER cover me. I fight with my Allstate insurance agent ad naseum over the automatic adjustment on my homeowners insurance. I don't like paying for coverage I will never be able to collect. Which is why I have "grounded" my homeowners coverage to a specific amount.
Good luck in your search - if you DO find coverage, expect to pay a much higher premium based on your home state.
Replies
Yes, RLI definitely could not assist me. Although I am sure they are a good company, it was my feeling that they deal with a very specific nitch market (traveling artists). They could not insure my 1000sqft gallery/studio nor could they insure separate gallery areas in different towns. I asked them if they could "single out" insurance coverages like only insuring shows (my 10'x10' canopy) while i travel and they said they could not ... It's either the whole enchilada or nothing :-).
But, it's been a while since I started this post. I have since found a local insurance that has given me a fantastic rate and covered all my needs.
I hope this post helps others in the future ... Ruke of thumb, research research and MORE research is awlays the key.
Joe Ignaczak said:
I'm a former casualty agent an chose RLI because their policy has loss of income protection. In other words, if my whole booth was scooped-up by a tornado and I would need several months to re-build my product and booth to get back into the shows, I would be covered for the loss of income in incurred.
Joe
Also, with your Inland Marine/Art Dealer rider, how much does that cover, the deductible and how much is this rider costing? Also, how do they "value" the artwork? Many of the reps I have spoken to always end up asking for my annual sales total ... Is this the way they value your pieces? I personally know what my art sales for but when an agent gets it, who knows what it may be?
Thank you.
Fine Art Dealer Form - property on my premises and in transit is $16K; property away at any one location $1200 (i.e. gallery - this will go up as I deem necessary but was set at this limit initially) - $500 deductible. Since I have a record of sales, they used my inventory price sheet as the value for the Fine Art Dealer coverage. If you have a record of sales, it should be the same with you. I provided them with a printout from a program I use to track inventory and sales - listing my work and the price for sale and those pieces that sold and for what price. I provided this to my agent who provided it to the underwriting department and they went with my figures.
I pay under $500/year premium for the whole package.
I think the coverage will depend on what you want - they can more or less gear the policy toward your specific needs.
Hope this helps.
I am talking to severtal agents and I hope to get some quotes soon. It sounds like you got a great rate at $500 for the year (entire package).
Actually, I may contact YOUR agent ... Can your agent sell policies in Florida? If so, can you refer him/her over.
Thank you
The rate I received for my complete package is because of the $$$ coverage. I kept it low enough to cover me, but not OVER cover me. I fight with my Allstate insurance agent ad naseum over the automatic adjustment on my homeowners insurance. I don't like paying for coverage I will never be able to collect. Which is why I have "grounded" my homeowners coverage to a specific amount.
Good luck in your search - if you DO find coverage, expect to pay a much higher premium based on your home state.