Insuring an art practice is more than just protecting premises and stock against damage or theft. Skyscraper insurance provides seamless and flexible coverage for business exposures, as well. Even our most basic coverage provides solid protection. Features include:
- Broad, all-risk coverage
- Blanket limits on property in your care, custody, and control at scheduled locations and any other unnamed location
- Domestic and international transit coverage
- No coinsurance clause
- Valuation clauses designed for the art industry
- Coverage for jointly-owned works of art
- Special clauses for “loss buy back”or “pairs and sets”
- Relaxed appraisal requirements
The basic building block of an auctioneer’s protection plan is Liability Insurance. Liability insurance protects your assets should you be held responsible for accidents and/or damage that occur during your auction. The cost of Liability Insurance is based on an auctioneer’s annual payroll.
Insuring the property of others in your care, custody and control is available through Consignment Coverage. Skyscraper insurance can provide Consignment Coverage based on the value of your customer’s property. This coverage also includes property being held in your storage facility or in transit.
Auctioneers professional liability insurance, also commonly referred to as errors and omissions insurance, can protect auctioneers in the event that they are sued by a client for mistakes or errors in their work that a client claims caused them a financial loss or other issues. Professional liability insurance in most cases is one of the most important types of business insurance that an auctioneer can obtain.
While not necessarily meant to cover an auction itself, general liability insurance for auctioneers can help protect auctioneers should they be accused of accidentally causing property damage to a third parties property, or accidental bodily injury to the third party themselves. Most commonly, auctioneers carry general liability insurance to cover requirements with landlords and auction venues.
Auctioneers must be on their toes at all times, when they are doing their job. While veteran auctioneers are accustomed to handling stressful situations, newbies are just learning. Contrary to belief, it takes a long time to become good at auctioneering. Along the way, mistake will be made. And, some of these mistakes could cost companies, organizations and individuals who are auctioning off their goods a financial loss.