Hallett Independent directors offer their support to the art sector during COVID-19 crisis
Hallett Independent’s Managing Director Adam Prideaux and Associate Director Clare Pardy have both offered their advice and expertise in ArtTatic’s recent Expert Guide ‘How to respond to the COVID-19 Crisis?’
The Guide aims to provide practical advice from tax, finance, legal and insurance experts on how best to tackle the short and medium-term challenges in the UK art market during the COVID-19 crisis.
Adam lends his expertise on the topic of claiming insurance for Business Interruption. Unsurprisingly, this is an area which has received a great deal of press attention in the last month, as the global pandemic has forced more and more galleries to close.
Adam says: “You should, in the first instance, contact your insurance broker to determine whether you have this cover as an extension to your Art Dealers Insurance Policy. There are a wide range of specialist art insurers, with differing terms, conditions and exclusions and no one policy is the same, as the insurance needs of galleries vary greatly.”
In addition, he covers important insurance aspects unoccupied premises and working from home. With galleries closed, does insurance remain in place unchanged? It’s essential to check whether you have any unoccupancy clauses in your gallery policy, Adam strongly advises.
Whilst Clare tackles the subject of Art Fair Cancellations. Inevitably more and more events have been affected by the UK’s lockdown and all fairs are now either cancelled or postponed.
In this situation, it’s important to check the scope of your cover. Clare advises: “As with Business Interruption cover, there are a wide range of specialist art insurers with differing terms, conditions and exclusions. The position will be further complicated by the stance adopted by the Fair organiser and the amount of refund and compensation they are proposing to offer. In some instances, fairs are offering to defer the paid- up stand costs to 2021.”
To read more and benefit from Adam and Clare’s full advice download ArtTactic’s full report.
Whether you run a gallery or are a private owner, to discuss any aspect of art insurance, don’t hesitate to get in contact.