Insuring Priceless Art

Insuring priceless works of art can be a daunting task. How is it possible to put a numerical value on such precious one of a kind Picasso? Insurers must hire appraisers to determine the value by analyzing comparables recently sold or currently for sale on the market. After calculation, then it is must be decided what the cost of restoration would be and the diminished value in event that the art is damaged. Famous works of art can fetch up to hundreds of millions and buyers are willing to pay to obtain these prized possessions.
This article describes the insurance process of treasured works of art.
Please contact Fidens Insurance for any questions regarding art insurance needs.

Small Businesses Now Cyber Targets for Criminals

Small and medium sized businesses now targets for cybercriminals. We encourage all businesses to review the five big threats for small businesses which are outlined in the following article by FireFly Inc. Please contact one of our cyber specialists for further information on risks and insurance solutions.

Terrorism Risk Act Expires

The TRIA also know as the Terrorism Risk Insurnace Act failed to renew & will expire this year. The act was passed after the tradgic terrorist attacks on 9/11, where insurers were hesistant to sell coverage to New York City office builders. The House passed an extension of December 10th that would pay back the insurers after losses that reached upwards to of $200 million & would also up the companies co-payments from 15% to 20% which gradually increases. Insurance companies will have the right to cancel terrorism policies January 1st 2015. There was speculation that the NFL’s Superbowl 2015 was going to be canceled due to the lack of terrorism insurance. Fifty seven business corporations including the National Association of realtors & Hilton Worldwide Holdings Inc, sent letters to senators encourgaging them to pass the terrorism insurance law without any other amendments. To read more about TRIA, please visit to this page.
For more information about how to obtain a terrorism insurance policy, please contact a Fidens specialist.