Finding the Right Resources to Save on Claims Dollars. Presented by: Patti J. Geolat, G.G., F.G.A., A.S.A., A.R.M, C.I.O.P. Michael Illion. Advisors : Vincent Martin C. Van Northrup Carly Vavrik. 16910 Dallas Pkwy, Suite 204 Dallas, TX 75248 Phone: 972.239.9314 Fax: 972.239.9313
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Patti J. Geolat, G.G., F.G.A., A.S.A., A.R.M, C.I.O.P.
C. Van Northrup
16910 Dallas Pkwy, Suite 204
Dallas, TX 75248
© Geolat 2009
What Caused the Damage and Was it a Covered Peril?
Does Any Documentation Exist?
Not Covered Peril
Is the Claim Suspicious
Further Investigation May Be Required
Coverage Granted Coverage Denied
Should the Item be Replaced or the Damage Corrected?
Claim is Processed and Closed
Claim is Closed
Placed in improper environments
i.e. a piece designed for the interior displayed outdoors
Non archival mats
Normal wear and tear misidentified as damaged
Policy holder generated
Jeweler damaged stone while in jeweler’s possession
Normal wear and tear misidentified as damaged
Falsely identified damage
i.e. Natural characteristics in gemstone that can appear as chipped
Left on aircraft
Someone picked up the wrong coat from coat check
Freshwater (i.e. light rain)
There are specific ways of drying furs out that may save the item
Freshwater (i.e. heavy downpour, sprinkler system)
Depends upon saturation and length of time item was saturated
Service no longer available
Normal wear and tear misidentified as damagedCommon Types of Claims
Mr. Jones recently filed a claim for an original Matisse drawing that had been stolen from his apartment. The value of the item was not documented and he insured it for $60,000 based on his estimation of value. He is up to date on paying his premiums. He has filed the police report and is now waiting for his claim to be processed.
Ms. Appleton’s dance studio has had a $200,000 steel Wesselmann piece outside of her doors since she opened them in 1982. In 1986, a delivery truck bumped into the sculpture and severely dented it.
Only real estate appraisers are licensed by the state. Personal property appraisers can choose to become certified by professional associations, although it is not a requirement. All other personal property appraisers assume the title regardless of their certification. Some Professional Appraisal Associations offering certification:A.S.A. – American Society of Appraisers*I.S.A. – International Society of AppraisersA.A.A. – Appraisers Association of AmericaN.A.M.A. – National Association of Master AppraisersN.A.J.A. – National Association of Jewelry Appraisers*Must adhere to Uniform Standards of Professional Appraisal Practice (USPAP) which are mandated by the Federal Government
Independent Appraisals Personal property appraisers can
Has no vested interest in the results of the report
Used to justify the retail price
The appraiser is working for the seller which creates a conflict of interestAren’t All Appraisals the Same?
Please feel free to include any of the following information in handouts to your clients regarding preservation of their possessions
Environmental in handouts to your clients regarding preservation of their possessions
Ideally, keep humidity between 50 and 55%.
Ideally, keep temperature between 68 and 70F.
DO NOT place art objects near humidifiers or de-humidifiers.
DO fit humidifiers and de-humidifiers to the existing heating and air conditioning system to raise or lower the humidity.
Ideally, DO NOT place art works on exterior walls.
Ideally, DO NOT place paintings over a working fireplace.
DO not expose works to heat or air conditioning vents or to exterior doorways.
DO NOT expose work to direct sunlight or high levels of artificial light.
DO NOT use painting lights attached directly to a frame and suspending over the painting.
DO install light diffusing shades or screens on windows.
Ideally, DO close curtains during daylight hours.
DO keep artificial light fixtures far from the work of art
DO have paintings wrapped by a professional art handler.
DO store wrapped paintings from sliding metal mesh racks or in sturdy wood or metal bins.
DO place foamcore or cardboard between paintings.
DO place paintings face to face and back to back.
DO transport works of art by a professional art mover.
DO use “D” rings, mirror hangers, making sure they have an upward bend, attached to side rails.
DO use cork or wood on the back corners of the frame to allow air flow.
Cleaning Front & Back
DO use a camel hairbrush to dust the frame.
DO NOT use a feather duster or polishing cloth to remove dust.
DO occasionally check frame corners for separation.
DO NOT clean painted surface, have this done by a conservator.Preservation of Artwork