Westbrook-based Acadia Insurance has expanded its coverage for museums, fine art dealers and corporate collectors throughout New England and New York. The coverage is designed to insure valuables while they are on-site, in transit or on exhibit at another location.
Barry May, the company's vice president of marine, says the new coverage is designed to meet the "evolving" needs of the art community. Acadia can insure museum collections up to $10 million in value, fine art dealer collections up to $2 million in value and private corporate collections up to $5 million in value. The coverage is known as inland marine, which protects equipment and property that's not located or being moved over water.
"These classes may be personal or commercial lines," May told Mainebiz. "Typical types of risks that qualify include buildings under construction, goods in transit or storage, fines arts, property held by a bailee, jeweler's inventory, valuable papers and records. On the personal lines side, marine coverage can insure fine arts or jewelry."
The expanded service provides coverage for property owned by the policyholder and the property of others on the premise; coverage for articles while being transported or off-premises; partial loss diminished value coverage if something is damaged; and coverage for crates, packing materials and display equipment.
The marine enhancement coverage is available through all independent agents who represent Acadia Insurance.