Hi all
My Gallery opens on Saturday. An artist today has expressed surprise that we accept liability for damage or loss of SOR items whilst on the premises. Are we being gullible here or is this the norm?
Thanks
Insurance for items left on a Sale or Return basis
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Dave
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Roboframer
It's down to the owner of the goods to make sure that they are properly insured - either with his/her own insurance, or with yours.
A lot of places that do a lot of SOR will have the artist sign something to waive responsibility from them.
This artist is probably used to dealing with such places. If you don't have a bad shoplifting record then you could swallow it yourself.
Whatever, if you intend doing a lot of SOR you need to standardise your procedure - maybe use artists' insurance if they have any and if not then maybe an agreement to cover your excess.
A lot of places that do a lot of SOR will have the artist sign something to waive responsibility from them.
This artist is probably used to dealing with such places. If you don't have a bad shoplifting record then you could swallow it yourself.
Whatever, if you intend doing a lot of SOR you need to standardise your procedure - maybe use artists' insurance if they have any and if not then maybe an agreement to cover your excess.
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Bill Henry
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I’m not familiar with the term, SOR, (unless you’re talking about the Sex Offender Registry – but that’s a whole ‘nother discussion), but if you have accepted art on consignment, you probably should have a clause in the agreement which states that you will take “every reasonable precaution” against vandalism, theft, and accidental loss. So, if you don’t play football in the store, keep your doors unlocked at night, or otherwise fail to exercise “due diligence”, that should cover you.
We have a pretty high deductible threshold on our insurance policy. Most of the “art” which we have in our possession falls well under that threshold, so we would have to eat the loss ourselves.
Luckily, we have been able to avoid any major catastrophes (like fire, flood, and theft) and have only had to make good on a few items that we have flubbed up during framing. Our fault; our problem! It just makes good business sense to make good on a loss, and, in the long run, is less expensive that having our insurance premiums jacked up.
Oh, duh, I just figured out that SOR means Sale or Return.
We have a pretty high deductible threshold on our insurance policy. Most of the “art” which we have in our possession falls well under that threshold, so we would have to eat the loss ourselves.
Luckily, we have been able to avoid any major catastrophes (like fire, flood, and theft) and have only had to make good on a few items that we have flubbed up during framing. Our fault; our problem! It just makes good business sense to make good on a loss, and, in the long run, is less expensive that having our insurance premiums jacked up.
Oh, duh, I just figured out that SOR means Sale or Return.
Don't take life so serious, son, it ain't nohow permanent! – Porky Pine