Liability Insurance - Anyone?

[cmaclean]

Hi Folks
What do you have in the way of insurance when it all turns to custard? Do you have public liability insurance so you don't have to mortgage the house to pay the compensation when you spilled the mug of coffee over the original print?

I've been framing for 12 years, had no insurance for such events, but haven't needed to have it either. What do other people do and if so how much liability is appropriate?

looking forward to hearing from you.

Cheers

[prospero]

Public Liability does not cover such things. It is to cover you for any injuries sustained by customers while on your premises. (Tripping over the doormat, etc). Any damage to customers artwork while in your care is covered by a different section. I have never claimed for this and I have a hunch that claims of this nature would be a bit tricky. In the example you state, the insurance company may claim that you were negligent in putting a cup of coffee near the valuable art. (Can't help agreeing with them on that point. )
Also, the onus would be on you to prove that the said art was worth what you were claiming for.

[Dave]

I ask for a value when I take in anything "significant", this is recorded with the quote file so that in the event of a claim, it doesn't suddenly become priceless.

[framemaker]

In my insurance policy, the section that covers damage or loss of a piece of art while it is actually being worked upon is called process cover, the max payout is £5000, with a total max of £10,000 over a 1 year period. Although I believe some insurance companies do not have such specific limits, it is always good to ask the question 'what if?'

[ross]

Not sure about requirements in the UK and NZ, but in my own case I have cover as follows:

. Liability - A$10M cover for any one occurence during the year (from a public liability perspective, this is just about the minimum level of cover recommended)

. customers works - I have them included for cover under the fire section of the policy along with my inventory and there is also cover under the Liability section of the policy for "property in physical and legal control" to a stated value

Fortunately I haven't have to use these insurance covers, but they sure enable me to get a reasonable night's sleep each night

I cannot imagine operating any business without Liabilitity cover. I would talk to a broker and get the relevant advice on the levels of cover you should have under your own legistration requirements

Ross

[prospero]

I have a base level of cover for customers work held in trust. Occaisionally I get stuff with a value that exceeds my cover. In cases like these it is esay enough to arrange temporary cover for the period they are in my care. Generally, the quicker they are framed and back out the door the better.

[kev@frames]

in the uk public liability insurance is compuslsory for any business, unless i've got it wrong
we certainly pay a fair whack each year for public liabiliy, employers liability, and product liability, together with genaral insurance covering "goods in care"..... Plus insurance premium tax on top.

plenty of cowboys who dont, though, usually the same ones who dont pay tax or business rates either - thinking of joining them instead of subsidising them lol

never had a claim yet in fifteen years though. not that much seems to go custard shaped letely.