• Your broker is your representative in the insurance marketplace. Legally, they must find you comprehensive coverage at the most competitive price while representing your risk in the best possible light to insurance companies. A good broker will know what information they need to get the most advantageous outcome from the insurance companies. A great broker will strategically anticipate risk and leverage the flexible coverages you already have to avoid unnecessary input and restrictions from the insurance company.

    There’s an increasing trend of brokers, especially those who are not fine art insurance experts, leaning heavily on the insurance company for expertise. These brokers do not have enough specific Fine Art insurance experience to challenge the insurance company on your behalf.

    Is your broker working in your best interest? Answer these questions to find out.

  • Our Thoughts: Your broker should be offering creative solutions, proactively “underwriting” your account, and managing the underwriter’s expectations.

  • Our Thoughts: Good news, your broker is doing their job, and likely has some fine art expertise.

  • Our Thoughts: Your broker should push back on unreasonable security survey results. You want to live with and enjoy your art collection. Risk management and reasonable protection for the artwork is important and, typically, a middle ground can be reached. But only if you’re working with a knowledgeable broker.

  • Our Thoughts: Good news, your broker is advocating on your behalf!

  • Our Thoughts: Good news, your broker is doing their job and testing the market for you to ensure you continue to have the best coverage at the most competitive price!

  • Our Thoughts: Some brokers take the path of least resistance and continue on with the same insurance company forever. While that approach can work out, it is always advisable to see if there are better options for you. Are there new insurance companies competing for your business, innovative coverages, better pricing?

  • Our Thoughts: Many Private Client brokers take a “bundling” approach to coverage wherein they place the homeowners, umbrella, auto and fine art with one insurance company. This approach does have benefits, usually in the form of a multi-policy discount; however, sometimes a separate Fine Art Collection policy can be more flexible, and the savings can offset any credit you may lose with the Homeowners insurance company. Your broker should be able to recognize when the size, value, or complexity of a collection may warrant looking into a separate policy.

  • Our Thoughts: Excellent news! Your broker is thinking creatively and ensuring they are exploring all options available to you.

  • Our Thoughts: If you sent all your information to your broker in a timely fashion, they should keep you informed of your renewal process. If any problems arise, there should be enough time for them to pivot and offer you other options.

  • Our Thoughts: Don’t you love a professional who delivers on what they promise? We do, too!

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