Reports & Papers-Conservators Errors and Omissions

Conservators Errors and Omissions

Pdf Summary

The Inland Marine Underwriters Association (IMUA) is a not-for-profit trade association focused on commercial inland marine insurance. IMUA provides educational and informational resources for its members, including insurance companies and organizations within the industry. One key area of focus is errors and omissions related to conservators, particularly in the fine art sector, where insurance coverage gaps can leave owners exposed to significant losses during conservation processes. Historically, conservators have lacked adequate professional liability insurance, leading to concerns about coverage for potential damages. IMUA aims to address these gaps by exploring conservation processes, coverage forms, and considerations for underwriters providing coverage. The association emphasizes the importance of understanding the risks associated with conservation and restoration activities, as well as the need for comprehensive insurance solutions tailored to the unique needs of clients in the fine art sector. By highlighting the complexities of providing coverage for conservation-related risks, IMUA seeks to support insurers in meeting the evolving needs of policyholders while ensuring clarity and diligence in risk assessment and coverage provision.

Keywords

Inland Marine Underwriters Association

commercial inland marine insurance

conservators

fine art sector

errors and omissions

professional liability insurance

coverage gaps

conservation processes

insurance solutions

risk assessment