Tokio Marine America partnership to offer fine art coverageReprints
Philadelphia Insurance Cos. said Monday that it will partner with Tokio Marine America to provide coverage for museums and cultural institutions.
The partnership gives Bala Cynwyd, Pennsylvania-based Philadelphia Insurance an increased capacity up to $100 million per location for fine arts collections. The previous capacity was $10 million total for all locations, a Philadelphia Insurance spokeswoman said in an emailed statement.
The new coverage will include worldwide coverage, coverage of fine art while in transit and on loan, shared deductible, title defense coverage, restoration, retouching, and conservation coverage, Philadelphia Insurance said in the statement.
“Fine arts collections have unique exposures due to their value and the different ways they are displayed and maintained,” said Bob Groff, assistant vice president of underwriting at Philadelphia Insurance, in the statement. Philadelphia Insurance’s “new Fine Arts Collection form enables us to provide specific coverage enhancements to fit the exposures of these collections.”