Malayan Insurance raises awareness on Fine Arts Insurance, holds special talk
Malayan Insurance, the country's number one non-life insurance company, together with Willis Limited, an insurance broking and risk consultancy firm, recently conducted a forum on the fundamentals of art insurance.
Held at the Yuchengco Museum in RCBC Plaza, Makati City, the seminar entitled “Understanding Fine Art Insurance” was intended to raise awareness on and impart the significance of this specialty insurance product. It was conducted by Ms. Rhiannon Alban-Davies, Fine Art, Jewellery and Specie Account Executive of Willis Hong Kong, together with Mr. Terrance Yeung, Executive Director of Willis Hong Kong, and Mr. Mandy Velasquez, Head of Malayan Insurance Marine and Aviation Underwriting Department. The talk was attended by art collectors, art gallery owners, art dealers, auction houses, art students, and institutions that have works of art.
“The importance of insuring fine pieces of art is that it provides protection against high risk factors as well as security for art investment,” according to Mr. Velasquez.
Malayan's Fine Arts Insurance Policy covers “all risks” of physical loss or physical damage as opposed to the named perils covered under the standard property policy and provides insurance coverage in case of theft, vandalism, accidental damage, and natural disasters. It has low or no deductible and includes benefits like worldwide territorial scope and coverage while in transit, and pays for restoration costs and the resulting depreciation following a loss or damage.
Additional benefits of the Fine Arts Insurance include access to professional and specialist claims service, skilled restorers, and specialist knowledge on transportation and storage.
To know more about Malayan’s Fine Arts Insurance, call Malayan Insurance at 628-8-628 or visit the nearest Malayan Insurance branch.