NEW YORK, March 31, 2015 (GLOBE NEWSWIRE) -- Crystal & Company, a leading strategic risk and insurance advisor, has partnered with AIG Private Client Group, a division of the member companies of American International Group, Inc. (AIG), to create a new insurance solution for private clients with conceptual art collections.
Conceptual art, like that created by Dan Flavin and Sol LeWitt, is focused more on the idea being expressed, while the form and material are secondary. A certificate is provided by the artist to authenticate an item and without this, the piece is considered worthless. Therefore, if the certificate was lost or damaged, the item may have lost most of its value. Historically, references to lost or damaged certificates of ownership have not been spelled out in fine art insurance policies, which can lead to uncertainty in the event of a claim. The endorsement created by AIG insurers in collaboration with Crystal & Company specifies where conceptual artwork is covered.
"We constantly ask ourselves what trends in the art world might impact our clients and what we can do to make sure their collections are protected," said Jonathan Crystal, Executive Vice President of Crystal & Company. "Since a piece of paper is often the only document essentially giving value to a work of conceptual art, we wanted to find a way to protect our clients' investments even if something happens to their certificate."
Ron Fiamma, Global Head of Private Collections for AIG Private Client Group remarked, "Conceptual art collecting has increased in recent years, and as a result we have fielded more questions about policy contract coverage. When Crystal & Company brought this coverage idea to us, we agreed that this was an effective solution to address the concerns of our shared clients."
About Crystal & Company
Crystal & Company (www.crystalco.com) is a leading strategic risk and insurance advisor, addressing clients' risk management, insurance brokerage, and employee benefits consulting needs. The firm is comprised of more than 400 professionals, each distinguished by their technical expertise and industry-specific knowledge, and driven by their passion for client service. Crystal & Company is headquartered in New York with 10 regional offices throughout the country, placing over $1 billion in premiums annually in the global insurance marketplace. Established in 1933, the company has sustained its independence through 80 years and three generations of Crystal family ownership and management.
Crystal & Company is a member of Brokerslink, a global alliance of leading independent insurance brokerages spanning more than 80 countries and 300 cities across the world.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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Source:Crystal & Company