In this article highlighting the importance of title insurance for fine art, Stephen D. Brodie of Herrick, Feinstein LLP, finds that:
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Every day we use smartphones, tablets, computers and other digital devices to access, transfer and store information, conduct financial transactions and operate many other aspects of our lives. Your digital assets include all of the digital devices you own, all data stored in them and on external servers, and all of your online user accounts. Ensuring the proper management and orderly transfer of these assets after incapacity or death is an increasingly important aspect of estate planning.
This paper lays out general insights around art as an asset class and how best to mitigate risks inherent in art-related transactions to buyers and sellers, financial institutions, trust and estate practitioners, and art investment vehicles.
Examine how to select the best insurer for a private art collection in order that it may be preserved and protected for future generations. This paper delves into the causes of some of the most expensive art claims paid out to collectors and how families can take a more pro-active role in reducing the ris
While the greatest tragedy is the loss of life, disasters also cause major financial damage, often leading to the temporary shutdown of companies or even putting them out of business. Preparing for the possibility of disasters is especially critical for small and mid-size companies that may not have the financial resources to recover from a devastating event.
Whether traveling for business or pleasure, wealthy individuals need to think through everything from managing petty theft and lost passports to accessing medical care in a remote location. This white paper provides guidance on proper planning, including a checklist of safety tips to reduce the likelihood of becoming a crime victim while away from home.
The current approach used by museums in the United States to manage art market ownership risks is problematic and should keep pace with current trends. This white paper cites the evolution of title risks involving museums, including the impact of defects in legal titles, breaches of donor-restricted gifts and donated art previously pledged to banks as loan collateral.
Owners of LLCs or trusts that include personal assets should work with both a trusted financial advisor and an independent agent who specializes in insurance for the wealthy. Financial planners and insurance agents who collaborate on an account have more knowledge about how each discipline complements the other and can determine the limits and terms and conditions that best meet a client’s needs.
Buying ample insurance for an art collection goes without saying, but it’s how collectors manage their coverage that can make the difference when disaster strikes. This paper examines the benefits of regular appraisals of collections, key questions to ask about the storage and transportation of collections and essential features of insurance coverage.
For many individuals, owning a horse is the realization of a lifelong passion, but it also increases their risk of financial losses or lawsuits. Regardless of whether individuals board a horse on their own property or at a professional facility, they should give special consideration to their insurance needs to ensure they’re adequately protected.