The means and methods used in the profession of procurement and selling of fine arts, books and antiques can vary greatly from dealer to dealer. To adequately protect assets and limit exposure to risk, dealers may require insurance coverage that goes beyond standard commercial policies. Some options address risks specific to high-value, fragile, and irreplaceable inventory. While others policies address general liability. The coverage deemed appropriate for a dealer with a mall showcase may vary from a mall booth renter or a mall owner or a merchantile shop with employees. Assessment will vary based on the operational procedures, location, and considerations such as; do potential customers leave “common areas” and enters space controlled by the renter. ANA strives to use the collective buying power of the alliance to negotiate better rates and available coverage for its members. These discounts for membership are often called "affinity group" or "membership" discounts.
Disclaimer regarding any insurance products obtained by Antique National Alliance (ANA) members.
Independent provider: Insurance products and services offered through any insurance company are not underwritten or provided by Antique National Alliance (ANA). Your membership with Antique National Alliance (ANA) simply provides access to potential discounts as a member benefit. Antique National Alliance (ANA) is not an insurance company and has no involvement in the underwriting, claims, payouts, settlements or the policy-issuance process.
Eligibility and underwriting:
Your final eligibility for any discount, coverage, or special rate is subject to the insurance company's individual underwriting qualifications and acceptance. A member discount or coverage is not guaranteed.
The location of your POS (point of sales) and/or place of operations will also be subject to the insurance company's individual underwriting qualifications and acceptance. A member discount or coverage is not guaranteed.
Policy variations: Discount amounts and specific terms may vary by state and are subject to change. Not all coverages, features, or payment plans are available in all states or from all providers. Only one group discount may be applied per policy.
Review your policy: This offer is for general informational purposes only and does not amend, modify, or supplement any insurance policy. It is the member's responsibility to consult the actual policy or an insurance agent for specific terms, conditions, exclusions, and coverage.
Offer subject to change: The insurance provider reserves the right to change or terminate the group discount program at any time in accordance with applicable regulations.
To better understand the different coverages ANA has provided descriptions (below) of some of the insurance coverage options available in the industry.
Inventory and property coverage
Please note that depending on values of given collections and/or inventories, standard homeowners or commercial property policy may not be sufficient for protecting valuable inventory.
Fine arts and collectibles insurance: A specialized policy designed for high-value items, such as artwork, rare artifacts, and antiques. It often includes "all-risk" coverage for various perils, including flood and theft, that are typically excluded from standard policies.
Agreed value vs. replacement cost: Agreed value vs. replacement cost: With valuable antiques, an "agreed value" policy, which guarantees a payout for a pre-determined amount if an item is lost or damaged may reduce future debates regarding value. A "Replacement cost" policy may experience debate regarding antique market appreciation, authenticity, condition, etc.
Commercial property insurance: Covers the physical location of your business, including the building (if you own it) and fixtures. An additional policy is needed to cover your inventory.
Transit and off-site coverage
Since antique dealers often transport items, coverage for goods in transit is essential. If an auto accident happens during a commercial activity, certain personal auto insurance policies may not cover the claim.
Inland marine insurance: Covers inventory while it is being transported to or from shows, auctions, or other locations. It also covers items stored in off-site locations.
Exhibition and transit insurance: For dealers who travel to shows and fairs, this policy covers inventory while it is away from the main business location.
Liability insurance
These policies protect you from lawsuits and claims related to your business operations.
Commercial general liability (CGL) insurance: Protects against claims of third-party bodily injury, property damage, and personal injury that occur on your business premises. By some legal definition any space rented to conduct business could be deemed “your business premises”.
Product liability insurance: Covers you if an antique you sell causes injury or damage after a customer takes it home.
Bailee's coverage: If you offer repair or appraisal services, this insurance protects items belonging to your customers while they are in your care.
Business continuity coverage
These policies help your business recover from disruptive events.
Business interruption insurance: Reimburses you for lost income and covers ongoing operating expenses if your business is forced to close temporarily due to a covered event, like a fire.
Commercial crime insurance: Covers losses from theft, fraud, robbery, and employee dishonesty.
Coverage for specialized services
For dealers who provide additional services.
Professional liability (E&O) insurance: Also known as errors and omissions insurance, this is necessary for dealers who offer appraisal or authentication services. It covers you if a client sues over an incorrect valuation.
Bundled vs. specialized coverage
For many small to midsize businesses, a Business Owner's Policy (BOP) can bundle general liability, property, and business income coverage into a single, often cheaper, package.
Workers’ Compensation
Workmen's compensation insurance, now commonly known as workers' compensation insurance, provides medical care and wage replacement benefits to employees who suffer a job-related injury or illness. It is funded by employers who pay premiums to an insurance carrier. In exchange for these benefits, employees are generally prohibited from suing their employers for damages related to the workplace injury. This insurance is required for most employers in the United States