RK Harrison claims first with art market PI product

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RK Harrison Insurance Services has launched a new professional indemnity (PI) product for art market professionals.

The product is available to dealers, conservators, advisers and other art market professionals based in the European Union.

It provides cover for legal costs in the case of actions brought against the holder related to faulty attribution or authenticity, defective title and negligent valuation.

The broker claims the product is the first of its kind and describes it as “unique in the scope of coverage and high limits it offers”.

Filippo Guerrini-Maraldi, executive director of the fine art team at RK Harrison, said the product had been developed in response to the evolution of the art market's insurance needs.

He said the market had moved beyond coverage for stock as incidents of litigation have increased, with settlements and fees amounting to millions of pounds.

Chris Allen, executive director of professional risks at the broker, commented: “PI adds value to businesses by helping to protect their future financial well-being and reputation, and dealers can benefit from this additional security as much as other professions.

“There was nothing specific available to them, so we tailored the PI policy to include specific coverage for issues like faulty attribution and negligent valuation - so it addresses the risks faced by art market professionals directly.”

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