The Art Collector met with Mayfair Insurance Brokers, the new sister platform of Chelsea Insurance Brokers that excels in offering bespoke and competitive quotes in Mayfair. Following the accolades its sister company has received, such as ‘the most trustworthy’ insurance broker, Mayfair Insurance Brokers satisfies a large demand in the art world and is undoubtedly the best value art insurance broker in Mayfair. The Art Collector asked Mayfair Insurance Brokers about some of the options it offers its clients.
Mayfair Insurance Brokers (MIB)has a sister company, Chelsea Insurance Brokers. What are the benefits of working with a company that has an established counterpart?
For more than 10 years we have advised a wide range of private and commercial clients though our sister brands, Chelsea and Kensington. We are a boutique-style brokerage and we are totally committed to great service.
Our experience dealing with clients in Chelsea and Kensington means we are now able to offer an unparalleled service in Mayfair, having accumulated vast experience working with corporations and HNW individuals and families.
Mayfair is our new brand, authorised by the UK Financial Regulator, that will help HNW private clients and businesses in Mayfair area have access to A Rated Underwriters, who specialise in Fine Art and Collectables.
Our growing insurance brokerage supports both private and commercial clients who want a discreet personal service that recognises all clients have unique circumstances and needs.
Can you tell us about some of the services you offer to art galleries/studios/foundations/corporations)?
At Mayfair Insurance Brokers, we understand that when it comes to creating, buying or selling art, there are a unique set of risks which can crop up at any stage of the, often complicated, process.
We only work with top quality insurers to provide cover for the wealth of complex risks that are associated with having art installed, exhibited or transported.
We provide insurance for galleries, fine art cover for collections in the office and insurance to cover art as it goes from one exhibition to another, allowing our clients to focus on other matters.
We are always willing to go the extra mile to build bespoke and tailored packages, combining cover for art works, stock and public liability into policies that are often geared towards public events in museums, galleries or at high-end conferences.
Our cover can include:
- Trade contents including Accidental Damage
- Contents cover if art is removed for cleaning, renovation or even repair.
- Seasonal increase in stock
- Death of an artist
- Defective Title
- Employers Liability
- Public & Products Liability
- Goods in Transit cover
- Money (in transit & on premises during business hours)
- Book debts
- Legal Expenses
- Event insurance
- Business Interruption
Can you explain how MIB would insure corporates who rent art work for their offices (and rotate/flip these works on a regular basis)? How would this insurance policy differ from a standard one?
Many businesses across the world now have corporate art collections which have taken time to build and reflect the values a brand wants to convey to its clients. These can be for investment purposes or aesthetic.
Our boutique-style insurance brokerage means we are flexible enough to be able to create bespoke or custom insurance cover for our many corporate clients. In many of these situations, exhibiting your collection of art in office buildings, comes with additional risks. It is more accessible to the public than it would be in a private home and therefore the cover required needs to be carefully selected. In buildings that are multi-occupied this can add other security problems.
Our approach in these situations is personal to our clients and always, start by conducting an in-depth risk analysis with our client/prospect before building a plan that delivers peace of mind and total confidence.
Standard business insurance cover does not, in most cases, protect your corporate collection of art and where it does, the policy will only provide limited protection if something goes wrong. Based on specialist knowledge and experience, we will always tailor packages our clients’s unique circumstances, while always offering protection against accidental damage, as well as water and fire damage, Employee Liability, Theft and Depreciation of Value.
Policies can also include:
- Cover for loss or damage to the property insured
- Cover for accidental damage
- Death of Artist cover
- Transit to exhibitions or art renovation
- Cover for single items or whole collections
- Extra level of protection for collectors adding new purchases.
- If we repair a damaged item of fine art or a collectable, we’ll pay for any loss in its market value.
What are some of the other areas you cover? (Specifically – and exclusively of – the art market?)
Insurance for private collectors
Building up your own private collection of fine art, furniture, clocks, memorabilia or other items takes time, commitment and money. Because of that, your passion for, and knowledge of, your collection is nothing short of priceless, and the thought of your items being stolen or becoming damaged is hard to countenance.
And while no one wants to consider the possibility of the worst happening, it is important to protect what you have to give you peace of mind. At MIB, we understand what it takes to build a collection, which is why we are able to offer unparalleled service and consultancy when it comes to insuring a wide range of collectibles, from paintings, sculptures and photographs to stamps and clocks.
High-quality collectibles insurance is not hard to find these days, but what is much harder to unearth is a boutique insurance brokerage, offering personal service and experienced and professional advice.
At MIB, we are able to offer you a selection of options that are tailored to your needs and those of the modern collector. We can cover your collection of paintings with our fine art insurance, but we also offer bespoke collectibles insurance. And our acclaimed ‘All Risks’ policy will give you the ultimate peace of mind, with your investments protected against every eventuality that you could imagine.
For more information or a bespoke quote, visit Mayfair Insurance Broker’s website below.