Who Should Consider Fine Art Coverage?
Fine art pieces and collections are located at universities and colleges, state archives, museums, and agency offices. While these items could be covered under an agency’s property insurance policy, many of them qualify as “fine art” and can be covered under a separate policy designed to protect valuables more cost-effectively.
Advantages of a State-Sponsored Fine Art Program
Savings
The State Office of Risk Management (SORM) is pleased to add a fine art program as the sixth sponsored line of insurance. Due to economies of scale, and the States’ leveraging power, SORM can secure favorable rates for all sponsored lines of insurance. In addition to SORM’s buying power, a fine art policy also provides customers with better protection, usually a better premium than what’s covered under a property insurance policy.
Coverage
A fine art policy can cover items such as artwork, coins, rugs, historic items, manuscripts, rare books, porcelain, and more. The policy covers qualifying items on your premises, as well as items in transit to another location, at other unnamed locations, worldwide, and borrowed and loaned items.
Service
Along with excellent coverage, a fine art policy offers excellent customer service. Fine art specialists such as fine art adjusters, restorers, conservators, and appraisers are available to assist with your fine art policy and help you through a loss claim. In addition, they provide fine art inspections.
Common Misconceptions
To obtain a fine art policy you will need to:
- Create an itemized valued inventory that will have to be constantly updated and endorsed on the policy – FALSE
- Coverage is blanket and does not require an itemized valued inventory.
- Have everything appraised first – FALSE
- Valuation is based on the current market value at time and place of loss. Appraisals are not required in advance.
How to Obtain a Quote
1) Complete the Statewide Fine Art Application.
2) Create and estimate TIV of the Top 10 items in your collection
3) Return the information via email to sorminsuranceteam@sorm.texas.gov
Claims Reporting
All claims should be reported through your Agency Risk Manager, who will submit the claims to the State Office of Risk Management and Aon.
To Report a claim:
- Send an email notification to Adrienne.Reid@aon.com copy SORM at sorminsuranceteam@sorm.texas.gov;
- Please include the following details in the small notification of the loss:
- Agency Name
- Agency Point of Contact
- Date/Time of Loss
- Location of Loss
- Police Report # (If Applicable)
- Description of items (including whether loaned or permanent collection)
- Insured Value of the Items
- Present Location of Damaged Items
- Take pictures of the damaged object or collection(s);
- Attach any additional documents if applicable:
- Shipping Documents
- Loan Agreements
- Inventory/Schedule
- Condition Report
- Police Report