Fireman’s Fund, which focuses heavily on serving the personal lines coverage needs of high net-worth individuals, expands offerings under its Prestige Collections Coverage.
PRODUCT: Prestige Collections Coverage
COMPANY: Fireman’s Fund (admitted)
BEST RATING: A
AVAILABILITY: Fireman’s Fund sells homeowners and other personal lines policies through its network of about 3,000 appointed personal lines agents. For a possible company appointment, call 800-227-1700 and you’ll be directed to the appropriate party.
FOCUS: Fireman’s Fund, which focuses heavily on serving the personal lines coverage needs of high net-worth individuals, unveils Death of An Artist protection and expands availability of seven other coverages under Prestige Collections Coverage. These Fireman’s Fund coverages are geared towards FFIC homeowners who are avid collectors of fine arts and collectibles. The Death of an Artist provision covers a loss if an artist unexpectedly dies and the value of the piece increases, paying up to 200% of the scheduled value within 12 months of the artist’s passing.
For collectors, the company also touts its commissioned works in progress and fine art provenance expense coverage. Fireman’s Fund obtains regulatory approvals for fine art coverage upgrades in AL, AZ, CO, FL, GA, IN, KS, KY, LA, MO, MS, NE, NV, NH, NJ, NM, NY, OH, OK, PA, SC, TN, UT, WA, WI and Washington, D.C.
UNDERWRITING: In addition to Death of an Artist, Prestige Collections offers half a dozen other key coverages, including Care and Custody: automatic protection with no immediate reporting requirements for items consigned, entrusted to or borrowed by a policyholder. Coverages also include Conservation, which pays for damage during restoration/retouching of fine arts or collectibles, and Ransom and Rewards coverages.
Prestige Collections Coverage can be purchased with Prestige Premier Prestige Premier, Fireman’s Fund’s flagship homeowners product. The homeowners coverage presents a broad array of coverages, including full replacement cost protection and coverage for building code upgrades. Among the available endorsements are kidnap and ransom and employment practices liability (as much as $5 million per occurrence and aggregate).
MINIMUM PREMIUM: None.
TARGET: High net-worth individuals.
COVERAGE TERRITORY: All states.
CONTACT: Visit the Fireman’s Fund website.
Ron Lent is an IA contributor.
