Like all art handling and shipping companies Crozier Fine Arts, Inc. limits liability for loss or damage to property. However, we are able to arrange for ‘All Risks’ insurance coverage on your behalf for the full value of property while in transit and storage. This insurance coverage is placed by Willis, one of the world’s leading insurance brokers, with Lloyd’s of London. One significant advantage for clients is that Crozier can add the cost of insurance to monthly storage or transport fees thereby helping with cash flow. There are many other reasons why you might consider arranging insurance coverage through Crozier, some of which are addressed below. Q: What liability does Crozier accept? A: We take the utmost care to look after your property when it is in our custody however, from time to time, there may be an isolated instance when an item is damaged. In such cases we limit our liability, in line with industry practice, to either $0.60 cents per pound or $20 per square foot depending on the type of service we are providing to you. Our agreements and documents specify which limit applies. Q: Why do you and other logistics companies limit your liability? A: Quite simply we do not always know the full value of the property we are transporting or storing and unlimited liability insurance is not available. Even if it were available to us it would be prohibitively expensive and cause us to charge a great deal more for our services. It is therefore more cost effective for Clients, who know the full value of their property, to arrange their own insurance or have Crozier arrange for coverage. Q: Do you offer insurance? A: We are able to arrange for ‘All Risks’ insurance coverage on your behalf placed by Willis, a leading insurance broker, with Lloyd’s of London. There are certain exclusions which we will advise to you in writing. Q: Why would I want you to arrange insurance for me? A: Many household insurance policies have exclusions or restrictive coverage for items outside the home or in transit and therefore may not provide adequate coverage. Some gallery or private collector policies may not provide sufficient transit limits or worldwide coverage and an extension may be more expensive than ‘one-off’ coverage arranged through Crozier. If you have any additional questions you should contact your professional advisors. Q: How is the insurance premium calculated? A: Crozier has negotiated premiums for ‘All Risks’ insurance which at your request a company representative will be pleased to provide to you based on a) type of property, and b) transit or storage. Our estimate will clearly set out the rate for services where our liability is limited to $0.60 per pound or $20 per square foot (whichever is applicable) and for increased liability to the value you have declared. Q: Are there are any other benefits? A: One significant advantage of having Crozier arrange for insurance is that the premium will be billed monthly with your regular invoice; this may provide significant cash flow advantages to you. Q: What do I need to do? A: You simply need to accept the proposal and agree that you require Crozier to arrange insurance on your behalf by entering the value of the property to be insured and signing the Agreement, Waybill or other document confirming this. (We will provide you with forms to complete your inventory by type of Property to make this easier for you.) Q: Does the property need to be inspected? A: Crozier needs to be able to inspect the property and its packing prior to shipment or storage to confirm that there is no pre-existing condition or damage and that packing is appropriate, otherwise insurers will agree to provide loss coverage only. This is logical as insurers do not want to pay claims for damage or loss that occurred prior to shipping or storage. Q: How do I know whether my current insurance is adequate? A: We always suggest that you check with your professional advisers. The policy wording should set out (often in the ‘small print’) what restrictions exist and what is not covered.     Back to top