REBECCA AL LAHIQ
Fine Art Practice Leader — Canada

Q: Does the value of the collection influence the type of insurance coverage you offer to the client?
A: The value of collections can fluctuate, depending on what’s being collected. We assess each collection individually. At Great American Insurance Company – Canadian Branch (GAIC), our fine art policies are bespoke and speak to the needs of the collector. Some collectors are really savvy about market fluctuations, others less so, and we look at these factors to determine the coverage that would be most suitable. Other companies may have blanket requirements for appraisals over a certain value, but for us, it’s not a one-size-fits-all approach. For example, appraising English furniture from the 1800s every 4-5 years is futile, whereas contemporary collectors might require values to be looked at more frequently. If our clients require assistance with finding a suitable appraiser, we have a network of experts we work with. We accept appraisals from accredited appraisers, as well as valuations from galleries the collector works with (which are often provided free of charge!). At the end of the day, our fine art policies are customized based on the needs of the collector.

Q: How crucial is it to forge relationships with the art community?
A: So crucial! These relationships keep us pinned to what’s going on in the marketplace. The art community in Canada is small. Everyone knows everyone and art insurers are important participants in this community. Art has both cultural and financial value. Protecting the financial value allows the cultural side to flourish. We operate as a boutique company, and our passion for this space sets us apart.

Q: How do you help protect both art collectors and artists?
A: At GAIC, our line of work is indeed niche, and we’re not just protecting art pieces but also the artists behind them. In a claim, we work closely with our clients and artists to do our best to ensure everyone is satisfied with the resolution. It’s never a one-size-fits-all approach. We respect the relationships between all players in the industry and work toward a common goal: to protect our clients’ collections.

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