When we promote our ability to protect robust “private collections,” we tend to spend the most time talking about fine art. And for good reason; artwork makes up 28% of PCG’s private collection premium volume. But we are equipped to offer coverage for just about anything that captures the hearts and wallet share of our policyholders—provided it can be independently appraised and meets our underwriting requirements.
The other major categories of collectible valuables we insure include jewelry, collector cars, wine and spirits, sports memorabilia, historical artifacts, couture and antiques. Our Art Collection Management team is well equipped to address preservation concerns for all of these items, supplemented by a carefully vetted network of external specialists.
While every individual collection has its own unique attributes, over the years we have been tapped to protect some truly one-of-a-kind assets. Here are some of the more interesting ones:
- While visiting a client’s home, our Art Collection Manager inquired about an interesting sculpture hanging from the ceiling. The client shared that it was in fact an original Russian Sputnik satellite, one of only three made. We explained why it should be insured as a piece of fine art rather than as part of the home contents, and today the satellite is properly protected in its stationary living room orbit.
- An underwriter who also is a die-hard Yankees fan was discussing the upcoming baseball season with one of his brokers. In the course of conversation, the broker revealed that he had a client (not with AIG) whose entire collection was composed of Yankees memorabilia. We advised that the collection should be re-appraised because of the rising values of baseball cards and related items. We introduced the broker to a top sports memorabilia appraiser…and subsequently won the account as a result.
- A porcelain figurine had fallen off the mantle in a client’s home and was destroyed. While not particularly valuable, it had been purchased by the client with her husband before he passed away—so there was tremendous amount of sentimental value attached to it. Upon learning about the loss, our Art Collection Manager quickly determined that we could find an exact replica at auction. Rather than send a check, we delivered the piece to the client’s home where it proudly sits on her mantle today.
Passion investments enrich our clients’ lives. Not only are we privileged to help protect this legacy for the future, but every time we help a collector find a unique solution we strengthen the reputation of this vital line of PCG’s business.