Annual Meetings-Lessons from Losses Fine Art

Pdf Summary

"Lessons From Losses: Fine Art" by Justin A. Moran of Aspen Insurance discusses the importance of learning from losses in the fine arts industry. The document highlights a case study involving a valuable painting, "Man With Courtesans" by Palma Vecchio, which incurred damages. The policy terms for the insured art piece included a total insured value of $9,000,000, a blanket limit of $9,000,000, a $2,000 deductible, and specific locations for display and storage. Valuation criteria were set based on selling price or cost plus percentage. The document illustrates various damages such as cracks, paint losses, and woodworm tunnels on the artwork, along with associated costs and settlements. Key points covered in the document include the impact of temperature and humidity on displayed art, the importance of cautionary devices like humidifiers, routine monitoring, having a backup plan, independent appraisals, maintenance plans, and considering diminished value. The case study demonstrates the process of consolidation, repair, and estimated costs involved in restoring the damaged artwork, emphasizing the need for proactive measures and precautions to mitigate potential losses in the fine arts sector.

Asset Caption

Presented by : Justin Moran, Aspen Insurance

Keywords

Lessons From Losses

Fine Art

Justin A. Moran

Aspen Insurance

Learning from losses

Valuable painting

Palma Vecchio

Insurance policy terms

Artwork damages

Mitigating art losses