Onboard art collections can be worth more than the superyacht itself. Successfully caring for prestigious objects presents interior crew at all levels with unique challenges. Risks are categorised by environmental damage, human intervention, moving and handling of objects and falling foul of legal pitfalls with certain cultural objects.
Fine art and decorative objects are not always thought about in a maritime environment. Marine and fine art insurance have traditionally been very separate areas. However, nowadays, in light of yachts getting bigger with more space for beautiful objects, it is important to consider the impact of art onboard.
Crew and Captains along with the rest of the industry need to understand the implications of bringing unique cultural heritage items out to sea. Numerous disasters have occurred which could have been avoided and crew must undergo the burden of having these pieces in their care, often when they don’t know what they are. Likewise, the owner has the risk of damage to their valuable investments – of what is probably the only appreciating asset onboard!
Understanding the basics of insurance and what is or is not covered is very helpful. To learn where fine art insurance and hull and marine insurance intersect is important. Insurance is about managing risk and understanding the risks.
This course will tackle fine art insurance including causes of loss, types of cover, specialist art policies (inclusions/exclusions), the importance of inventory and valuations, claims, preventative conservation, consignments, transport and storage policies, title insurance, art lending and collections management.
By the end of this course, you will have learned important terms to help you communicate with colleagues and insurers. You will understand what perils cannot be covered. You will also have some tips for reducing risk.
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