The Time to Protect Your Collection from Extreme Weather is Now
Anne Rappa, Senior Vice President of Huntington T. Block. Image courtesy of the Author.
When high winds are propelling a raging wildfire toward your community or a hurricane is tearing up the coast, it’s too late to start thinking about protecting your art collection. In fact, private collectors who live in areas vulnerable to extreme weather need to prepare for natural disasters, just as museums do.
In 2018, the United Nations reported that over 62 million people worldwide were impacted by extreme weather. The uptick in extreme weather events plays a major role in how art needs to be handled, transported, displayed, and stored.
“People must expect the unexpected and prepare accordingly,” said John Dickson, president and CEO of Aon Edge, a private flood insurance provider. “The idea that ‘it won’t happen to me’ is no longer valid – to protect your most treasured possessions and valued investments, you must plan ahead.”
The failure to plan for an emergency is the top mistake collectors make. Collectors who don’t develop a plan could find themselves making hasty decisions ahead of an evacuation. Throughout my extensive experience in the fine arts insurance business, I’ve seen losses that may have been preventable or reduced if proactive risk management or disaster preparedness plan had been in place.
To prepare for an unexpected natural event, collectors should consider the following:
Reserve space in a fine arts storage warehouse with staff trained to handle fragile artwork. These facilities tend to be located in cities and typically charge a monthly rent to reserve your space.
Understand the biggest risks weather poses to your home’s physical structure and take steps accordingly. For example, look into having your home’s exterior coated with a fire retardant spray or follow landscaping recommendations that create an open area free of combustible brush surrounding the house to impede a fire’s progress.
Take inventory of your collection with appraisal or valuation documentation data and photos. Professional appraisers regularly assist collectors in the expert preparation of these appraisals. These materials are essential in the event of a large loss.
Find out how long it would take a warehouse to get a truck to your home and how much time would be needed to carefully pack and ship your artwork.
Build a “safe” room or plan what artwork might fit into your home safe.
Communicate with your insurance brokers. Keep in touch with your insurance team before and after a natural disaster.
Evacuate quickly and safely with as much of your collection as possible into your car and hope for the best. Personal safety should be your main priority. If you’ve planned for an emergency evacuation ahead of time, you will know what pieces are most valuable to you.
If you have an art collection and need assistance to start the disaster preparedness process, contact your insurance professional. Your insurance broker can help guide you in developing a preparedness plan to keep your valuable property and artwork safe.
About the Author: Anne Rappa is the Senior Vice President of Fine Art Insurance at Huntington T. Block (HTB). With a BA in Art History from New York University, she has over 23 years of experience in the insurance industry. As a leading provider of insurance to the fine art community, HTB has insured more than 1,200 museums, 800 art galleries, as well as art collections of some of the largest universities and Fortune 500 companies. For more information, contact Anne at anne.rappa@huntingtontblock.com or 212-479-4673. Learn more about Huntington T. Block and their services at https://www.huntingtontblock.com/About-HTB.
© Anne Rappa 2020