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Risk Management Strategies for Collecting Art
Speaker(s): Jill Arnold Bull

Risk Management Strategies for Collecting Art

Jill Arnold Bull, Senior Vice President at Lockton will examine the role of risk management and insurance for fine art, jewelry, and collectibles.

Talk Details

She will also look at the state of the insurance market, as well as markets that provide art solutions. Finally, the role of the Insurance Broker, the underwriting process, coverage considerations and common causes of loss will be addressed.

Participants will learn:

  • State of the Fine Art & Collectibles Insurance Market
  • Strategies to Minimize Loss
  • Importance of working with experts; Valuation, Security, Storage, Conservators to minimize loss

This course is ideal for: Art Collectors, Wealth Management, Fiduciaries, Attorneys, Accountants, Fine Art Insurers, Insurance Brokers, Family Office.

Support Materials

Resources:

   

Speaker Details

Jill Arnold Bull

Jill Arnold Bull is the SVP, Sales and Fine Art Leader at Lockton Private Risk Solutions. She joined Lockton in 2017 with more than 19 years in the insurance industry. As a Producer and member of the senior leadership team, she is part of a team of experienced leaders located throughout the country who are committed to our clients and driven to deliver extraordinary results. Jill partners directly with clients and leading wealth management firms, attorneys, accountants, family offices, and advisors to manage the insurance and risk management needs of successful individuals and families. The Private Risk Solutions Practice is licensed in all 50 states and has global capabilities to meet the needs and lifestyle of our clients.

Reach out to Jill at: jarnoldbull@lockton.com.

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7 Comments on "Risk Management Strategies for Collecting Art"


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U. W.
Member
U. W.
6 months 20 days ago

I live in a wildfire-prone area and have recently decided to create a disaster plan for my collection (which has more sentimental value, than monetary value). Where do I start?

Jill Arnold Bull
Member
Jill Arnold Bull
6 months 18 days ago

Good morning, U.W. Thanks for taking the time to watch the video. AIG’s Private Client group, one of the many insurers where we place business, has a very good disaster recovery checklist. I will work with the team at One Art Nation as to how best to upload this content or send directly to you.

Marika Parelli
Member
Marika Parelli
6 months 20 days ago

Thanks for this presentation! How often do you recommend getting your collection appraised for insurance purposes?

Jill Arnold Bull
Member
Jill Arnold Bull
6 months 18 days ago
Good morning, Marika. Thanks for taking the time to watch the video. Generally the rule of thumb is every 3 to 5 years. This also depends on the collecting category (jewelry, wine, contemporary art, furniture) and the value of the object. Also a very important consideration is the appetite for risk of the insurance carrier. For example, some carriers require documentation and appraisals on everything over $10,000, while other carriers require items to be appraised for objects over $100,000. And large value objects may be required to be reviewed more frequently. An independent insurance broker should be able to assist… Read more »
Peter Tracie
Member
Peter Tracie
6 months 18 days ago

Hi Jill! How has COVID impacted the insurance market in relation to art?

Jill Arnold Bull
Member
Jill Arnold Bull
6 months 14 days ago
Hi Peter, Thank you for your question. As a broker, we see delays due to COVID specifically in the following areas: 1. Reduction in art loans. 2. Delays with appraisals – clients are reluctant to have appraisers in the home or take to a third party for valuations. 3. During Hurricane Season (May 1 – November 30th) some of the specialty fine art packer shippers experienced delays in the receipt of materials used for transits (cardboard, wood, and various crate building materials). This led to a delay building out dedicated storage space for clients and a delay in fine art… Read more »
Peter Tracie
Member
Peter Tracie
6 months 12 days ago

Very helpful, Jill. I’ve watched your presentation twice and have recommended it to a few colleagues as well. Thanks so much.

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