Fine Arts Insurance Scope Inthe East, Final

Fine Arts Insurance -Scope in
the East
(A
REPORT)
O
n
MBA PROJECT
AT
Iffco-Tokio General Insurance

Company Ltd
Kolkata,
Under the
guidance of
Mr. Siddharth
Karmakar
Prepare
d by
Bidisha Basu
MBA 2009 ~ Roll No. 520868015 ~ Centre
01835
INDEX
Student Declaration 1
Examiner’s Certificate 2
University Study Centre Certificate 3
Company Certifacate 4
Acknowledgement 5
What are Insurance 6
Type of Insurance 7
What is General Insurance 8-10

Company Profile 11
1st Year of Operation
12
Growth
12
Customer First
13
Insuring Fine Arts -Understanding 14
What is Fine Arts
14
Why Insure Fine Arts 14-
15
Trends
16
Who can buy Fine Arts Insurance
16
The Company & Fine Arts Insurance Product 17-18
Fine Arts Insurance Policy 18
Surveyor, Global Indian Experts in Art Market 18
Basis of Valuation 19
Concerns 20
Proposal Forms 21-36
Claim 37
Steps for Claim Settlement 37
Art Market Experts 38
Expertise of Experts 39
Partial Loss Agreement 40
Special Provision 40
No Benefit to Bailee 40
Buy Back Agreement 40
Cover 40
Exclusions 41-42
Basis of Valuation at the time of claim 42-43
Condition 44
Due Diligence 44
Transits 44
Acquisitions 44
Protection Maintenance Clause 45
Notices and Proof of Loss 45
Subrogation 45-46
Recovered Property 46
Misrepresentation and Fraud 46
Cancellation 46-47
Governing Law and Jurisdiction 47
Scope of Fine Arts Insurance –Eastern Perspective 48
Lovers of Fine Arts, Kolkata Perspective 49
SWOT Analysis 50-52
Scope of Insurance 53
Who can be insured 54
Survey Methodology 54
Scope of Survey 54
Tabulations and Observations 55-56
The Take Out Point 57
Conclusion 58
Type of Insurance Policies 59
Importance of Fine Arts Insurance 59-60
International Market Development –Efforts 60-61
The Indian Context –Market Development 61
Suggestion 62
Exhibits 63-67
Photographs 68-70
Student Declaration
I, Bidish Basu (Roll Number 520868015) a student

of MBA Fourth Semester (Year 2009) (Centre Code
01835) hereby declare that this project entitled
“Fine Arts Insurance Scope In The East” sto
IFFCO Tokio General Insurance Company, Kolkata,
submitted in partial fulfillment of the
requirements of Masters of Business Administration
to Sikkim Manipal University, India, is my original
work and not submitted for the award of other
degree, diploma, fellowship, or any other similar
title or prize.
6th Decembar’09. …………………….

Howrah BIDISHA
BASU
Reg. No.
520868015
Page 1
Examiner’s Certification
The project report of Bidisha Basu, “Fine Arts

Insurance Scope In The East” is approved
and is acceptable in quality and form
Internal Examiner External

Examiner
Page 2
University Study Centre
Certification
This is to certify that the project report entitled

“Fine Arts Insurance Scope In The East”
submitted in partial fulfillment of the requirements
for the degree of Masters of Business
Administration of Sikkim-Manipal University of
Health, Medical and technological sciences Bidisha
Basu has worked under my supervision and
guidance and that no part of this report has been
submitted for the award of any other degree,
Diploma, Fellowship or other similar titles or prize
and that the work has not been published in any
journal or Magazine.
Reg. No. – 520868015

Certified
Page 3
25/10/09
To
Ms Bidisha Basu
54/2/1/1/1 Andul Road
“SATABDI” Flat-1B,
Howrah-711109
Sub: Appointment for Intership Project for MBA
Dear Ms Basu,
This is to inform you that you are being appointed for the Internship Project
of MBA (From Sikkim Manipal University) under the guidance of
Mr.Siddhartha Karmakar.
The Project will start on 30th Oct,2009 till 30th Nov,2009.
During the project you will learn nuances and subtleties of Insurance clauses
and will have numerous practical experiences.
Wishing you the best of luck.
For Iffco Tokio General Insurance Co. Ltd.

(SIDDHARTHA KARMAKAR)
SBU Head Kolkata Commercial
TO WHOM IT MAY CONCERN
This is to certify that Ms. Bidisha Basu, student of 4th

Semester, Master in Business Administration under
(Sikkim Manipal University) has under gone her
project worked in our concern for a period of 30 days
(From 30th October’09 to 30th November’09). During
this period we found her sincere and dedicated to
ward her work.
We wish her all the best for her future.
For IFFCO Tokio General Insurance Co. Ltd.
(SIDDHARTHA KARMAKAR)
SBU Head Kolkata Commercial
Acknowledg
ement
Training is the most important

and vital process of
preparation for any stream of
specialized work or
profession without which perfection
cannot be achieved.
Training is like a staircase, following

which, a trainee like me, gathers
various knowledge, step by step,
stage by stage, more and more, for
which I should remain grateful to my
trainers – each and all – individually
and collectively.
My heartfelt and
sincerest regards to:
Mr.Siddhartha Karmakar, SBU Head-

Kolkata Commercial
Mr. Amit Paul Chowdhury , Assistant
Manager-SBU Kolkata Commercial
Bidisha
Basu
Page 5
Fine Arts Insurance –Scope in the East –A Report
What is Insurance?
Insurance in its basic form is defined as “ A contract between two parties
whereby one party called insurer undertakes in exchange for a fixed sum called
premiums, to pay the other party called insured a fixed amount of money on
the happening of a certain event."
In simple terms it is a contract between the person who buys Insurance and an
Insurance company who sold the Policy. By entering into contract the Insurance
company agrees to pay the Policy holder or his family members a
predetermined sum of money in case of any unfortunate event for a
predetermined fixed sum payable which is in normal term called Insurance
Premiums.
Insurance is basically a protection against a financial loss which can arise on the
happening of an unexpected event. Insurance companies collect premiums to
provide for this protection. By paying a very small sum of money a person can
safeguard himself and his family financially from an unfortunate event.
For Example if a person buys a Life Insurance Policy by paying a premium to the
Insurance company , the family members of insured person receive a fixed
compensation in case of any unfortunate event like death.
There are different kinds of Insurance Products available such as Life
Insurance , Vehicle Insurance, Home Insurance, Travel Insurance, Health or
Mediclaim Insurance etc.

Page 6
Type of Insurance
Insurance provides compensation to a person for an anticipated loss to his life,
business or an asset. Insurance is broadly classified into two parts covering
different types of risks:
1. Long-term (Life Insurance)
2. General Insurance (Non-life Insurance)
Insurance type - Overall

Page 7
What is General Insurance
Insurance other than ‘Life Insurance’ falls under the category of General
Insurance. General Insurance comprises of insurance of property against fire,
burglary etc, personal insurance such as Accident and Health Insurance, and
liability insurance which covers legal liabilities. There are also other covers
such as Errors and Omissions insurance for professionals, credit insurance etc.
Non-life insurance companies have products that cover property against Fire
and allied perils, flood storm and inundation, earthquake and so on. There are
products that cover property against burglary, theft etc. The non-life companies
also offer policies covering machinery against breakdown, there are policies
that cover the hull of ships and so on. A Marine Cargo policy covers goods in
transit including by sea, air and road. Further, insurance of motor vehicles
against damages and theft forms a major chunk of non-life insurance business.
In respect of insurance of property, it is important that the cover is taken for the
actual value of the property to avoid being imposed a penalty should there be a
claim. Where a property is undervalued for the purposes of insurance, the
insured will have to bear a rateable proportion of the loss. For instance if the
value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss
to the extent of say Rs.50/-, the maximum claim amount payable would be
Rs.25/- (50% of the loss being borne by the insured for underinsuring the
property by 50%). This concept is quite often not understood by most insureds.
Personal insurance covers include policies for Accident, Health etc. Products
offering Personal Accident cover are benefit policies. Health insurance covers
offered by non-life insurers are mainly hospitalization covers either on
reimbursement or cashless basis. The cashless service is offered through Third
Party Administrators who have arrangements with various service providers,
i.e.,
Page 8
hospitals. The Third Party Administrators also provide service for
reimbursement claims. Sometimes the insurers themselves process
reimbursement claims.
Accident and health insurance policies are available for individuals as well as
groups. A group could be a group of employees of an organization or holders of
credit cards or deposit holders in a bank etc. Normally when a group is
covered, insurers offer group discounts.
Liability insurance covers such as Motor Third Party Liability Insurance,
Workmen’s Compensation Policy etc offer cover against legal liabilities that
may arise under the respective statutes— Motor Vehicles Act, The Workmen’s
Compensation Act etc. Some of the covers such as the foregoing (Motor Third
Party and Workmen’s Compensation policy ) are compulsory by statute.
Liability Insurance not compulsory by statute is also gaining popularity these
days. Many industries insure against Public liability. There are liability covers
available for Products as well.

There are general insurance products that are in the nature of package policies
offering a combination of the covers mentioned above. For instance, there are
package policies available for householders, shop keepers and also for
professionals such as doctors, chartered accountants etc. Apart from offering
standard covers, insurers also offer customized or tailor-made ones.
Suitable general Insurance covers are necessary for every family. It is
important to protect one’s property, which one might have acquired from one’s
hard earned income. A loss or damage to one’s property can leave one
shattered. Losses created by catastrophes such as the tsunami, earthquakes,
cyclones etc have left many homeless and penniless. Such losses can be
devastating but insurance could help mitigate them. Property can be covered,
so also the people against Personal Accident. A Health Insurance policy can
provide financial relief to a person undergoing medical treatment whether due
to a disease or an injury.
Page 9
Industries also need to protect themselves by obtaining insurance covers to
protect their building, machinery, stocks etc. They need to cover their liabilities
as well. Financiers insist on insurance. So, most industries or businesses that
are financed by banks and other institutions do obtain covers. But are they
obtaining the right covers? And are they insuring adequately are questions that
need to be given some thought. Also organizations or industries that are self-
financed should ensure that they are protected by insurance.
Most general insurance covers are annual contracts. However, there are few
products that are long-term.
It is important for proposers to read and understand the terms and conditions
of a policy before they enter into an insurance contract. The proposal form
needs to be filled in completely and correctly by a proposer to ensure that the
cover is adequate and the right one.
Page 10
The Company, IFFCO-Tokio General Insurance Company Limited (ITGI) is a
joint venture between IFFCO (Indian Farmers Fertilizer Cooperative) & its
associates and the Japanese insurance giant The Tokio Marine & Nichido Fire
Insurance Co. Ltd

The mammoth tie-up
(ITGI)
Indian Farmers Fertilizer Co Operative-IFFCO
•World’s largest fertilizer manufacturer in

cooperative sector
•35,000 co-op society and 167 farmers service
center
•Having Plants at Kandla, Kalol, Phulpur and Aonla
•Production of Fertilizers (2004-05): 6.15 Million MT
•Turnover Achieved (2004-05): INR 72.24 Billion
•Profit After Tax (2004-05): INR 3.2 Billion
The Tokio Marine & Nichido Fire Insurance Co. Ltd
•Established in 1879
•Japan’s oldest and largest general insurance company and one
of the top five largest worldwide
•Leader in both commercial and personal insurances
•Capital of Rs. 3853 Cr.
•Net premiums written Rs. 71,153 Cr.
•Total assets of Rs. 351,595 Cr.
•Number of employees 17,402
•Number of agents (net total) 69,335
*Figures for the FY 2005
Page 11
Achievement in 1st year of

operation
ITGI issued its first policy on 16th January 2001. Since the number of
satisfied customers of the Company has grown by leaps and bounds
and ITGI has garnered a significant market share amongst the private
players in the industry. It was one of the few Companies that
generated profits in the first year of operation, a commendable task
given the long incubation periods in the insurance industry. This was
achieved mainly due to the technical skill of the employees, tie-ups
with leading Reinsurance Companies across the world and focus on
putting in place world-class system and processes.
Growth in the subsequent Years

Page 12
Focus -Customer First
Customers’ service comes first and foremost for ITGI. Towards the end,
the Company has set up 5 Customers Service Centers for easier and
faster servicing of claims. These centers are located at Mumbai,
Kolkata, Vadodara, Bangalore, and New Delhi. The formation of IFFCO-
Tokio Insurance Services Co Ltd (ITIS), a subsidiary of ITGI specializing
in distribution of insurance products, will help the Company offer
personalized service to our customers through specially trained
Marketing Associates. In addition to the above, the Company has also
set up a call center where our helpful operators provide customers,
the information they require about insurance services, products and
also intimation regarding claims.
To maintain its high service standards, ITGI has extensively invested in

creating a strong and stable IT backbone .The systems not only cater to
the financial accounting requirements but are also capable of handling
large volumes of documentation and claims leading to faster and more
efficient handling of proposals and claims. The system also provides
online services for quotations, issues of policies and product related
information. The Company has put in places a disaster recover system
which ensures that even in the case of a catastrophe, the operations of
the company can be resumed within the least possible time without
any loss of data through the remote backup system, resulting in
seamless service to its customers.
Given the impressive track record of the previous years, the

Company is now looking towards expanding the scope and spread of
its activities, for which it has set up operating offices across the length
and breadth of the country. It also strongly focused on corporate
governance, with the aim of fulfilling its vision statement which talks
about becoming an industry leader by building customer satisfaction
through fairness, transparency and quick response.
.
Page 13
Insuring Fine Arts -An understanding
What is Fine Arts?
It is not only expensive paintings; it also includes the fondness and love for:
9 Sculptures
9 Visual Arts – ceramics, murals, works on paper
9 Antiques, Collectibles –rare stamps
9 Vintage vehicles
It could be an object subject to value appreciation due to age, description,

history and rarity.
Why Insure Fine Arts?
“There is opportunity for fine arts insurance business in India, China and Eastern
Europe. These countries
are culturally rich and have created a large amount of wealth” said Robert Read of
Hiscox Global Markets.
• There are various private collectors of fine arts. Prices of fine
arts are high and so its protection is also very important. For
instance, a painting which worth million dollars would
definitely require insurance because any harm done to this
painting will definitely be a great loss to the owner.
• There has been a spurt in demand for contemporary Indian

arts. The work of the
Indian artists are creating market for the potential buyers,

leading to the collection
of those valuable works which should be insured for protection

against any loss
• World over investments in fine arts has grown over by 55% annually.
• Exponential growth in transactions and investments in work of arts in India
• The possession of Fine Arts is a symbol of confidence, wealth, image and

status.
• Pre and post war Indian Art is much in demand.
• Nowadays increasing terrorist activities are damaging many
valuable & antique
collections. So for protection against the loss incurring from
such activities
Page 14
insurance are required.
• Also to protect the valuables that are being stolen by
smuggling rackets for national & international market,
insurance are much required to recover such losses.

Page 15
Fine Arts Insurance -Global Trends
¾ World over investments in Fine Arts have grown over by 55% annually
¾ Prices in Indian Art have risen by 20 times since 2001
¾ Last year leading London auction houses reported £106 million of sales of
Indian Art
¾ Projection for the year 2007 – double the figure
¾ “Mahisasura” by Tyeb Mehta was sold for a record £835,000 in 2006, 4
years back the same work was sold at £57,000.
Exhibit of Latest Trend - 2007
Bust of Maharaja Duleep Singh
‰ Asking Price £25,000-35,000
‰ Sold at £1.7mn
‰ Buyer-Private Indian Collector.
Developing Trend of buyers
Who can buy Art Insurance?
Art Lovers
‰ Private collectors – individuals and corporate.
‰ Art Dealers.
‰ Art Galleries.
‰ Art Fund.
‰ Warehousing Service Providers.
Page 16
ITGI and Fine Arts Insurance -Product Profile
Insurance companies are entering the least-explored domain of fine arts
insurance. Iffco Tokio General Insurance (ITGI) is coming up with two new products
in the niche area, particularly for vintage cars, and another one for musical
instruments. Premiums on these products may not be uniform and would depend
on clients and valuations of the assets. However, the fine arts insurance
contributes only a fraction of the gross premium income. But the insurer is
confident of growing at 10 per cent per annum.
This Policy grants a very comprehensive cover in respect of valuable property and
is normally issued only to clients with a good moral hazard and reputation. Barring
a few perils which are specifically excluded, the cover offers a very comprehensive
protection to the insured property
“The demand for vintage car insurance is high and we expect it to add 10 per cent
to the fine arts insurance business in the first year of launch and musical
instruments to contribute 5 per cent,” said Vikas Singh, head of finance and
liability, Iffco Tokio.
‰ Capacity
As per Lloyd’s Syndicates in the sector of Fine Arts the company is solvent.
‰ Targets
Private collectors, Art Galleries and Museums.
‰ Risk Coverage
Provides all risks coverage.
A comprehensive “ALL RISKS” coverage for accidental loss or damage while:
‰ In premises
‰ In transit
Page 17
‰ At an exhibition
‰ Risk Valuation
Risks with limits up to US$ 25 million can be rated within the capacity.
‰ Underwriting Facilities
Under writing is centralized at corporate office. ITGI has a treaty arrangement with
underwriter Hiscox of the United Kingdom for providing risk cover in different
segments. The underwriter has clients worldwide, including the National Gallery of
London and museums in the United States.

Page 18
Basis of valuation- sum insured and Indemnity:
‰ Insurance of the owned property - as per agreed value
‰ Sold item not delivered - selling price(-)fee/commission.
‰ Purchased item -cost price + fee /commission
‰ Purchase in care custody and control market value and custody which ever
is less.
‰ Usually the following %age are used
o Cost price +
20% Or
o Selling price(-)30%.
EXCLUSIONS:
‰ Natural ageing.
‰ Gradual deterioration.
‰ Inherent defect.
‰ Rust/oxidation, moth, vermin, warping, shrinking.
‰ Loss during repairing, reframing, restoring, retouching.
‰ Aridity, humidity, exposure to light, heat unless caused by fire, storm/ frost
etc.
‰ Loss by collusion of partner, director.
‰ Inventory loss.
‰ At fairs unless notified.
‰ War and war like activity.

Page 19
The Fine Arts Insurance Policy
CONCERNS
™ Antecedents of the proposer /art dealers.
™ Moral hazard of the client.
™ Art warehousing activities.
™ The trade in fakes.
Page 20
Specimen Copy of Fine Arts Proposal Form for Private Collectors
IFFCO TOKIO GENERAL INSURANCE COMPANY LTD
ITGI / FAC / 01
Fine Art Insurance – Private Collectors
Proposal Form
1. PROPOSER (Mr/Mrs/Miss)
Address (for correspondence):
Pin Code:
Age of proposer:
Occupation of proposer:
Nationality of proposer:
2. LOCATION OF ITEMS TO BE INSURED
Address (if different to the above)
Pin Code
3. CONSTRUCTION AND USE
Are the buildings (including outbuildings):
(a) built of brick, stone or concrete and roofed with
slate, tile, asphalt, metal or concrete and in good
condition and repair?
(b) in an area which is free from flooding and not in the
vicinity of any rivers, streams or tidal waters? Yes/ No
(c) a flat or an apartment? (if yes, give the floor) Yes/No
Page 21

(d) used for any business or professional purposes open
to the public? Yes/No
(e) regularly left unattended by day or night? Yes/No
4. BUILDING AND DECORATING WORK
You must contact ITGI before entering into any agreement for any work to be carried out
at the premises.
Do you intend to carry out any work on the premises insured
involving outside contractors? Yes/ No
If Yes, please give details:
5.ALARM
(a) Give the make of the alarm:
(b) Is it:
(i) bells only? Yes/ No
(ii) connected to the police? Yes/ No
(iii) central station? Yes/ No
(c) Does it protect all areas containing the insured items? Yes/ No
(d) Is the alarm under a maintenance contract? Yes/ No
If Yes, by whom?
6.OTHER SECURITY
(a) Are all final exit doors fitted with a 5 lever mortice
deadlock? Yes/ No
(b) Are all windows, fanlights and skylights fitted with
operated locks? Yes/ No
(c) Is your property protected by any other means?
Page 22

7.AMOUNTS TO BE INSURED
( All items must be individually listed by the proposer stating for each item the amount for
which insurance is sought, which is to be the market value. The list must be submitted
with this proposal. An independent professional valuation/appraisal may be required and
should be forwarded with this proposal if available.)
(a) Pictures, paintings, sculptures and the like:
(b)Do the amounts insured represent current market value? Yes/ No
If No, please give details:
8. PREVIOUS INSURANCE
(a) Name of previous Insurers (if any):
(b) Date of expiry of previous Policy:
(c) Has any Insurer declined to accept, cancelled, refused
to continue or agreed to continue only on special terms
any insurance for the proposer or any other person to
whom this insurance would apply? Yes/ No
9. LOSSES
Has the proposer, or any other person whose property is to
be insured, sustained any loss or damage during the last six
years which would have been covered by this type of
insurance had it been in force? Yes/ No
If Yes, please state:
(a) approximate date of each loss or damage:
(b) circumstances and amount of each loss or damage:
Page 23
(c) with whom the property was insured:

10. OTHER INFORMATION Have you or any person residing with you, ever been
convicted of arson or any offence involving dishonesty,
e.g. fraud, theft or handling stolen goods? Yes/ No
Are there any other factors affecting this insurance of which
you are aware? Yes/ No
DECLARATION
You must read this before signing below.
To the best of my knowledge and belief the information provided in connection with this
proposal, whether in my own hand or not, is true and I have not withheld any material
facts. I understand that non-disclosure or misrepresentation of a material fact will entitle
underwriters to avoid this insurance.
(A material fact is one likely to influence acceptance or assessment of this proposal by

underwriters. If you are in any doubt as to whether a fact is material or not you must
disclose it in the space below).
I understand that the signing of this proposal does not bind me to complete the insurance
but agree that, should a contact of insurance be concluded, this proposal and the
statements made herein and the information provided in connection with it will be relied
upon by the underwriters in deciding whether to accept this insurance.
Date Signature of Proposer
PROHIBITION OF REBATES
Section 41 of the Insurance Act 1938 provides as follows:
1. No person shall allow, or offer to allow, either directly or indirectly as an

inducement to any person to take out or renew or continue an insurance in respect
of any kind of risk relating to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the Policy
except, such rebate as may be allowed in accordance with the published Prospectus
or Tables of the Insurer.
2. Any person making default with the provisions of this Section shall be punishable
with fine which may extend to five hundred rupees.
Page 24

Specimen Copy of Fine Arts Proposal Form for Art Dealers & Gallery
Owners
IFFCO TOKIO GENERAL INSURANCE CO.LTD

PROPOSAL FORM
OF
FINE ART
INSURANCE
FOR
ART DEALERS
&
GALLERY OWNERS
Page 25

Before any question is answered read carefully the declaration at the end of this proposal
which you are required to sign. Answer all questions in full. Tick Yes/No boxes.
1. PROPOSER
Trading name
Period for which the proposer has traded under the current name
Years
2. PREMISES
Address of the main location
Is the main location
Page 26

(a) Built or brick, stone or concrete and roofed
with state, file asphalt, metal or concrete and in
good condition and repair? Yes No
If No, give details
(b) Do you keep stock in the basement? Yes No
(c) Do you share your main location? Yes No
If Yes, with whom and for what purposes?
(d) Do you occupy any other location for

the purpose of the business? Yes No
If Yes, complete an additional location sheet for each
3. PROTECTIONS
(a) Is a burglar alarm fitted? Yes No
If Yes:
(i) is it connected to a police and /or central station ? Yes No
(ii) are movement detectors installed ? Yes No
(iii) are panic buttons installed ? Yes No
Page 27

(iv) is there a maintenance contract? Yes No
(v) does it protect all areas containing the
insured items? Yes No
(b) State types of locks on all external doors:

(e.g: five lever mortice deadlock etc)
(c) State types of locks on all windows and skylights

(e.g: screw or key operated)
(d) Give details of all other security protection:

(i) closed circuit television Yes No
(ii) safe Yes No
(iii) strong room Yes No
(iv) access control Yes No
(v) buzzer entry Yes No
(vi)others (detailed below) Yes No
Page 28
4. STOCK
Give the approximate split of your stock values:
(a) Paintings pre 1960, drawings and prints %
(b) Painting post 1960 %%%
(c) Books %
Statues and sculptures of a non-fragile nature,

items of non-precious metals or wood %
(e) Porcelain, pottery, ceramics, glass, jade,

and other items of a brittle or fragile nature %
(f) Furniture %
(g) Clocks, barometers, mobiles, and %
other mechanical art
(h) Silver %
(i) Jewellery, watches and gold %
Any other stock (give full details below)
Page 29
4. BASIS OF SETTLEMENT
On what basis do you require claims in respect of your own stock to be settled?
(a) Cost price only Yes No
(b) Cost price plus an uplift Yes No
If yes, state a percentage %
Others ( details below)
5. POLICY LIMITS
(a) State the Sum Insured for:
(i) Stock including all entrustments
(ii) Trade and office equipment, furnishing, fixtures and fittin
(iii) Reference library
Page 30
Do the above Sums Insured represent the total
value of stock that will be at risk? Yes No
If No, give details
(b) State the transit limit required
(c) State the average value of monthly:
(i) domestic transits
(ii) international transits
Page 31
(d) Which trade fairs and exhibitions will you attend?
Name of trade fair/exhibition Limit required
(e) State which transit companies you normally use
7. PREVIOUS INSURANCE
Name of previous Insurers and Brokers (if any)
Expiry date of previous Policy

Page 32
Has any Insurer declined to accept, cancelled , refused to
continue or agreed to continue only on special terms any
insurance for you or any other person to whom this
insurance would apply? Yes No
If yes, give details
8. LOSSES
Have you or any other principals, partners and directors
sustained any loss or damage during the last six years
which would have been covered by this type
of insurance had it been in force? Yes No
If Yes, for each incident give the approximate date,
Brief circumstances and amount
Date Circumstances Amount

Page 33
9. OTHER INFORMATION
Have you or any principals, partners or directors ever been
convicted of arson or any offence involving dishonesty,
e.g. fraud, theft or, handling stolen goods? Yes No
10. REFERNCES
Give names and addresses of two referees from your trade
Page 34
DECLARATION
You must read this before signing below:
To the best of my knowledge and belief the information

provided in connection with this proposal, whether in my own hand or not, is true and I
have not withheld any material facts. I understand that non-disclosure or
misrepresentation of a material fact will entitle underwriters to avoid this insurance.
(A material fact is one likely to influence acceptance or

assessments of this proposal by
underwriters. If you in any doubt as to whether a fact is material or

not your must disclose it in the space below.)
I understand that the signing of this proposal does not bind me to

an insurance contract but agree that , should a contract of
insurance be concluded, this proposal and the statement made
therein shall from the basis of the contract.
Signature of proposer Date
Please use separate sheet whichever space is insufficient in the

Proposal Form for replying you should keep a record (including
copies of any letters) of all information supplied to insurer for the
purpose of entering into this insurance. You must inform us of any
change in circumstances which will materially affect this insurance.
If you are in any doubt you should consult your insurance agent.
Page 35
Section 41of the Insurance Act 1938 provide as follows:
1. No person shall allow, or offer to allow, either directly or

indirectly as an inducement to any person to take out or
renew or continue an insurance I respect of any kind of risk
relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of
the premium shown on the Policy except, such rebate as
may be allowed in accordance with the published
Prospectus or Tables of the Insurer.
Any person making default with the provisions of this Sections

shall be
punishable with fine which may extend to five hundred
rupees.
Page 36
CLAIM PROCEDURES FOR FINE ART CLAIMS
Along with the increasing portfolio comes the increased
possibility of claims. It is very important to arrive at an
understanding as to
• How we are going to handle these claims so that the insured’s
must have some confidence about the company.
• Basis of indemnity at inception.
This is necessary for the healthy growth of the business.
KINDS OF CLAIMS
1. Total Loss Claims (no great difficulty in settling this).
2. Partial Loss Claims (this needs attention).
THE POLICY COVERS THE FOLLOWING IN CASE OF PARTIAL LOSSES:
1. Restoring cost. - The insurer is liable to pay the repairing cost
(restoration) for restoring the damaged portion of the article insured.
2. Depreciation in the value of the artwork: - while calculating the claims
for partial loss, depreciated value of the article insured is taken into
consideration.
Page 37
FOR CORRECT SETTLEMENT OF CLAIM THE FOLLOWING STEPS
ARE REQUIRED:
1. Reporting of Claim :- Claim has to be reported to the nearest claim office.

Online, SMS facilities
are also available for such. In case of theft & fire, claim intimation should be
submitted along with the FIR & Fire Brigade report respectively. In both the
general & special cases, claim form has to be duly filled up manually or online.
2. Appointment of surveyor:-
General surveyor is usually hired for estimating the loss in case of
books etc. Specialist surveyors are required for dealing in fine arts
because general surveyors have no expertise in quantifying the
loss. Internationally, art market experts are employed for assessing
these losses. After claim is reported surveyor will go through the
policy papers & valuation report, then the assessment of the loss was
made. But in cases such as theft, burglary etc investigator is
appointed & also the claim is not settled unless & until the final
police report is received.
ART MARKET
EXPERTS
1. Dadiba Pundole
Pundole Art Gallery, associated with Sotheby’s.
2. Amrita Zaveri and Mallika Sagar
Both these ladies were with Christies’ representatives in India,
now they have started their own art advisory.
3. Chatterjee & Lal
Headed Bowring’s Indian operators. Now started their own advisory.

4. Geeta Mehra Sakshi Art gallery.
5. Shireen Gandhi Gallery Chemould
6. Sharan Apparao Apparao Gallery
Page 38
Expertise of the Experts
A panel of the best experts available locally who are well
respected in India and are consulted routinely by the
international Fine Arts Institutions like, The Christies and
Sotheby’s.
The experts are used for the purpose of valuation at the time of
inception of risk as well. The valuer who has done the valuation before
commencement of risk is usually not appointed as surveyor for
assessment of claim amount. In case insured not agreeing with the
assessment done by the expert, one more expert may be used in
consultation with the insured. Experts have their own fee and insured
should have a discussion with them to arrive at mutually acceptable fee.
In case of partial losses where the insured wishes to surrender the work,
artwork can be sold after restoration, in the secondary art market.
Essentially the assessment of Fine Arts claim is a negotiation between
the insurance company, the expert, and the insured.
PARTIAL LOSS
AGREEMENT:
In case of partial loss agreement due to perils insured against, the
amount of loss shall be the cost and expense of restoration including

additional charges insured in connection therewith. The assured and
the underwriters should agree upon depreciation, if any, after
restoration. In the event if the assured and the underwriters does not
agree on the amount of depreciation, property is to be sold at public
auction and the net proceed goes to the account of the assured.
Underwriters have to pay the assured the difference between the
amount so realized and the insured value of the property. In no event
shall underwriters be liable for more than the insured value of the
property.
Page 39
SPECIAL PROVISION:
It is a condition of this insurance that the assured to the best of their
ability, will provide for the property insured hereunder to be packed,
unpacked and shipped by competent and or professional packers and
shippers.
NO BENEFIT TO
BAILEE:
It is hereby warranted that this insurance shall in no way insure directly
or indirectly to the benefit of any carrier or other bailee.
BUY BACK
AGREEMENT:
In the event of loss hereunder, for which underwriters have made
payment, underwriters agree to offer the assured first choice of buying
back the recovered property if the property is recovered within two
years from the date of settlement. It is agreed that underwriters may
request an amount no higher than the amount, which was paid by them
when the original claim settlement was made less any deductible, if
applicable.
COVER
:
The property described in the attached schedule (the “Schedule”) is
insured against physical loss or physical damage occurring during the
period of insurance while at the named location(s) or within the

territorial limits specified in the Schedule, subject to the following
exclusions, basis of valuation and conditions.
Page 40
EXCLUSIONS:
The insurer is only liable to the extent that any other valid insurance
would fail to cover in the event of a claim. This insurance does not
cover:
A. Loss or damage caused by or resulting from:
1. Natural ageing
2. Gradual deterioration.
3. Inherent defect.
4. Rust or oxidation.
5. Moth or vermin.
6. Warping or shrinkage.
7. Repairing, restoring, retouching, or any other similar process.
8. Aridity, humidity, exposure to light or extremes of temperature,
unless such loss or damage is caused by storm, frost or fire.
B. Loss from or damage in or on unattended vehicles,
unless in the custody of a competent professional carrier.
C. Electrical or mechanical fault or breakdown.
D. The amount of the excess stated in the schedule for each and every loss.
E. Loss or damage or liability directly or indirectly occasioned by,
happening through or in consequence of war, invasion, acts of
foreign enemies, hostilities, civil war, rebellion, revolution,
insurrection, military or usurped power. But only loss due to
terrorism activities can be covered by paying additional premium,
known as “ Add on Cover”
F. Loss or damage caused by or resulting from confiscation,
nationalization, requisition or destruction of or damage to property

by or under the order of any government or public or local authority.
Page 41
G. 1. Loss or destruction of or damage to any property whatsoever or

any loss or expense whatsoever resulting or arising there from
or any consequential loss.
2. Any legal liability of whatsoever mature directly or indirectly
caused by or contributed to by arising from.
3. Ionising radiations or contamination by radioactivity from any
nuclear fuel or
from any nuclear waste from the combustion of nuclear fuel.
4. The radioactive, toxic, explosive or other hazardous
properties of any explosive nuclear assembly or nuclear
component there of nuclear reaction, nuclear radiation or
radioactive contamination.
5. Theft or dishonesty committed by or in collusion with any
principal, shareholder
(beneficial or otherwise), partner, director or other officer or any
employee of the Insured, or any person to whom insured property is
entrusted or loaned.
6. loss or shortage discovered while taking inventory
7. loss of or damage to property unless it is entered in the Insured’s
stock records.
loss or damage at any trade fair, unless specifically notified to and
agreed by the Insurer in advance
BASIS OF VALUATION:
A. The basis of valuation for settlement:
The basis of valuation for settlement will be:
• for items which belong to the Insured, the basis specified in the
Schedule;
• for items sold but not delivered to the purchasers, the selling price;
• for items bought on behalf of the Insured’s client, the purchase price
plus any fee or commission pre-agreed and made in writing;
Page 42
• for items in the care, custody or control of the Insured which belong to
third parties, the lesser of the market value immediately prior to the
loss and the Insured’s legal liability to the third party;
• for fixtures and fittings, the lesser of replacement cost after an
allowance for depreciation or the cost of repair.
In no event will ITGI be liable for more than the limits of liability or Sum
Insured set out in the Schedule.
For items individually listed, the value agreed by the insurer and
show in the schedule. The insurer will not be liable for more than
the agreed value.
For items not individually listed the market value immediately
prior to the loss. Nevertheless in no event will the insurer be liable
for more than the applicable limit of liability set out in the
schedule.
B. In the event of partial loss of or damage to any item insured, the

amount payable will be the cost and expense of restoration plus any
resulting depreciation, but not exceeding the full value of that item,
valued as in A above.
Page 43
C. Following payment of the full amount insured for any item, pair or
set, the insurer will become the full owners and reserve the right
to take possession of the, pair or set.
CONDITION
Anything to be done or compelled with by the insured shall be a
condition precedent to the insurer’s liability.
1. DUE DILLIGENCE
The insured must take all reasonable care and measures to protect
the insured property and to maintain it in a good and proper
condition.
2. TRANSITS
The insured must ensure that the insure property is packed for
transit by competent professional packers.
3. ACQUISITIONS
The aggregate sum insured may be increased by up to 10% to cover
new acquisitions provided insurer is notified within 60 days and an
additional premium is paid. This allowance will be reinstated following
each notification to the insurer.

Page 44
4. PROTECTION MAINTAINCE CLAUSE
The insured must ensure that all physical protections notified to the
insurer are engaged whenever the named location(s) are left
unattended. The insured must ensure that at all fire alarms and
security systems notified to the insurer is activated whenever the
named location(s) are left unattended. The insured must also advise
the insurer as soon as reasonably possible if for any reason a system is
not working properly. The insurer may then vary the terms and
conditions of this insurance. A reputable company must regularly
service all systems under contract at least annually.
5. NOTICES AND PROOF OF LOSS
In the event of loss or damage that may give rise to a claim under this
insurance, notice is to be given to the insurer as soon as reasonably
possible and to the police if a crime is suspected. In the event of loss
or damage to the insured property the insured must give the insurer
such relevant information and evidences as may reasonably be
required and co- operate fully in investigation or adjustment of any
claim. If required by the insurer, the insured must submit to
examination under oath by any person designated by the insurer.
6. SUBROGATION
If the insurer becomes liable for any payment under this insurance in
respect of loss, the insurer shall be subrogated, to the extent of the
payment, to all the rights and remedies of the insured against any
party in respect of the loss and shall be entitled at their own expense to
sue in the name of the insured. The insured shall give the insurer al
such assistance in his power as the insure may require to secure
their rights and remedies and, at the insurer’s
Page 45
request, shall execute all documents necessary to enable the insurer
effectively to bring suit in the name of the insured. The insurer shall be
entitled to all recoveries from any third party up to the amount of their
outlay including their own cost and expenses.
7. RECOVERD
PROPERTY
The insured will have the right to purchase from the insurer any
property recovered from which the full sum insured has been paid in
full settlement of a claim at the lesser of:
1. The amount of the settled claim plus interest from the date
of settlement at a relevant prevailing bank base rate plus loss
adjustment and recovery expenses
2. The fair market value at the time of recovery.
Insurer will notify the insured by post at his last known address of the
right to purchased property recovered and the insured will have 60
days from the date of notice to exercise the right to repurchase.
8. MISREPRESENTATIONS AND
FRAUD
If the Insured has concealed or misrepresented any material fact or
circumstances relating to this insurance or makes any claim knowing it
to be fraudulent, this insurance shall become void.
9.
CANCELLATION
This insurance maybe cancelled at any time by the insured in
writing to the insurer who affected this insurance. The insurer will
then be entitled to the customary pro rata proportion of the
premium. This insurance may also be cancelled by or on behalf of
the
Page 46
insurer by giving 30 days notice in writing sent by post to the insured
at his last known address. The insurer will then be entitled to retain
the pro rata proportion of the premium. Notice will be deemed to
have been given if sent by post properly addressed.
10. GOVERNING LAW AND JURISDICTION
This insurance is governed by the laws prevailing in India, i.e. as per
Insurance Act 1938.Any terms or condition of this policy that are in
conflict with the laws of India where this policy is issued are hereby
amended to confirm to such laws.
Both the insured and the insurer irrevocably and unconditionally agree
to submit any dispute under or in any way relating to this insurance to
the exclusive jurisdiction of the courts of India.

Page 47
Eastern Perspective
Page 48
Lovers of Fine Arts - Eastern Perspective
People love art and feel proud in possessing valuable
items related with history, heritage and culture.
With Kolkata as the central point of eastern parts of India, it
is also called the cultural capital of the country.
The city of Kolkata is known for its heritage of art and culture
As one of the oldest cities with civilized settlements dating
back to more than three centuries
Economic capital of numerous erstwhile Princely States
The Heritage of Kolkata still beckons it as the Cultural Capital of India
East is rich with ingredients of Fine Arts
Page 49
SWOT Analysis
Visioning is best aided by SWOT analysis.
"SWOT" is a simple acronym for Strengths, Weaknesses,
Opportunities and Threats. SWOT analysis consists of the
following two activities:
1. An assessment of the organization’s internal Strengths and
Weaknesses and
2. An assessment of the Opportunities and Threats posed by
its external environment
SWOT analysis provides a framework for visioning by
helping the planners to identify and priorities the
organization’s GOALS and to further identify the strategies
of achieving them.
Assessing the Internal Environment
Internal scan or assessment of the internal environment of
the organization involves identification of its strengths and
weaknesses i.e., those aspects that help or hinder
accomplishment of the organization’s mission and
fulfillment of its mandate with respect to the following Four
Ps:
1.People (Human Resources)
2.Properties (Buildings, Equipments, Fine Arts and other
facilities)
3.Processes (Such as Direct Marketing, Channel Marketing
etc.)
4.Products (Fire, Engineering, Marine, Motor, Misc. etc.)
Assessing the External Environment

External scan refers to exploring the environment outside
the organisation in order to identify the opportunities and
threats it faces. This involves considering the following:
Events, trends and forces in the Social, Technological,
Economical, Environmental and Political areas (STEEP).
Identifying the shifts in the needs of customers and
potential clients and
Identification of competitors and collaborators.
Page 50
SWOT Analysis - Insurance sector
Strength :
• Patents
• Insurance having correctly good market.
• The product variety is increasing. The increasing
demand and market of Fine Arts is leading to the scope of
introducing new product – “Fine Arts Insurance”
• IT bringing new dimensions to insurance sector
Weakness :
• Insurance companies are sometimes less responsive
towards the changing needs
• Premium rate are decreasing and commissions are
increasing
• Buying insurance policy is a cumbersome process
• Competitors are providing similar products and
services, such as recently; Bajaj Capital’s insurance broking has
forayed into fine arts insurance. ICICI Lombard and Oriental

Insurance are the other players in this segment.
Opportunity :
• Technological advancement is making the process
easier. Paperless transactions like online facility, call centre services
etc. are available.
• According to the change of life style, needs of the
customers products and services are tailor-made. Peoples’ interests
in acquiring valuable fine arts as their personal possessions (status
symbol) are creating the scope for the insurer.
• Like mobile banking mobile insurance could be a hit
Page 51
Threat :
• Weather cycle.
• New substitute product emerging
• Increasing expenses and lower profit margins will hit
hard on the smaller agencies and insurance companies.
• Government regulations on issues like healthcare
and terrorism can quickly changed the direction of insurance.

Page 52
Scope of Insurance
Pride
possessions like
• Valuable Paintings
• Books
• Musical instruments
• Valuable antiques
• Any object with value appreciation due to age, description, history and
rarity.
Who can be Insured
‰ Private collectors – individuals and corporate.
‰ Art Dealers.
‰ Art Galleries.
Page 53
Survey Methodology
An exhaustive study was made to identify the Art Lovers
possessing insurable object de art.
One to one interview
An interactive format in the form of a questionnaire was
prepared for the purpose of conducting the interview and
recording the responses. (Exhibit-1)
Scope of Survey
Survey was limited to the city limits of Kolkata and
identified Art Galleries. (Exhibit-2)
10 Art Galleries were visited
Official Representatives of those 10 Art Galleries visited were interviewed.
Page 54
Tabulations & Observations
During the various interview sessions with the Official Representatives of

the Art
Galleries it was observed
™ 5 out of 10 declined to be interviewed.
™ 5 Art Galleries responded out of total 10 visited Response rate

50%
™ Among those interviewed, the Official Representatives were reluctant to

provide
with proper information.

™ The details provided can be rated at 4 on a scale of 1-10
Table-1
Designation of Person Interviewed and Knowledge of Fine Arts

Insurance
Sl. Name of Gallery Designation Knowled

ge
1 Birla Academy of Art and Director Yes
Culture
2 Akriti Art gallery Manager Yes
3 Chemould Managing Yes

director
4 Gandhara art gallery Owner Yes
5 Gallery 88 Manager Yes

Page 55
Table-2
Insurance Details
Name of Insure Insure Policy Criteria

Gallery d r taken for
Birla Academy of Standar Selecting
Yes NIC Cost
Art and Culture d
All
Notrisk
Akriti Art Gallery Yes NIC Claim
disclos
servicing
ed
Chemould No None Nil Claim
servicing
Gandhara Art No None Nil Nil
Gallery
Gallery 88 No None Claim
Nil
servicing
Table-3
Future Plan to take Comprehensive Risk Policy
Name of Gallery Interest
Birla Academy of Art and Yes

Culture
Akriti Art Gallery Yes
Chemoul No
d
Gandhara Art Gallery Yes
Gallery Yes
88
Page 56
Observations
o 100% of the respondents are aware of Fine arts Insurance
o 40% have taken Insurance and 60% are not insured (or not
disclosed)
o None of the respondent have comprehensive insurance policy
o 80% of the respondent have shown interest
for comprehensive insurance cover for their Art
objects
o 60% respondents have preference for Insurance company

having
better claim servicing record
The Take-out
Point
Very few have insured these

priceless possessions
–thereby resulting in great scope
for fine arts insurance in the East

Page 57
Conclusion
Affluent Indians are buying fine art, antiques and expensive
collectibles as part of a hobby or a diversified investment strategy.
Increasingly, during this period of stock market volatility, financial
advisers are viewing these valuable possessions as important
components in a client's overall asset base and estate, which
need protection from various exposures to risk.
There's a tremendous opportunity for offering appropriate risk
management information and insurance coverage. Research shows
that many people are not aware of the limited amount of coverage
they have for fine art and other valuables under a standard
homeowner’s insurance policy. Regardless of their wealth, many
clients do not realize that these prized possessions are drastically
underinsured and inadequately protected.
During survey many respondents realized the need for insurance
coverage of their valuable possessions.
Hence, real opportunity to educate clients about appropriate
coverage for their fine arts and other prized possessions.
As a reward, agents and brokers can increase their revenues and at
the same time can build more meaningful, long-term relationships
with clients.
Page 58
Clients with extensive art collections MUST have a fine arts
insurance policy, as householder’s policies may not cover:
• Broken or lost items,
• Provide worldwide coverage,
• Limitations on transportation and off-site storage.
Loss due to terrorism activities (which can be
covered by paying additional premium, known as “Add on Cover”)
Types of fine arts insurance policies
Scheduled
Each item is individually listed on the policy for a stated insured amount.
Blanket
Policies that allow a collector to obtain coverage of items without
specifically itemizing the objects. Most blanket policies will include a
maximum limit per item.
Create Importance of Fine Arts Insurance
Suggest clients that they should:

9 Create inventory of personal possessions - with descriptions, values,
conditions & serial nos. for each item, its location, appraised value,
insurance history, and exhibition. Accurate records
helps in recovery or claim

9 Inventory completed- client clearly Know how much they own & can be
guided to protect the items physically and financially.
9 Advise client to contact expert on purchase of any valuable item. Review

client's inventory, at the
time of renewal of householders’ or motor policy.

Page 59
9 Position as specialists in insuring fine arts and other valuables.
9 Establish referral relationships with fine arts appraisers and join

local collector groups.
9 Develop relationships with insurers known for their
fine arts expertise.
9 Understand needs of the affluent
individual collector.
9 India is a land of arts and arts related things hence there is all the
more need for fine arts insurance
International Market Development Efforts
In the international market the business of fine arts insurance is
profitable and a number of insurers –Chubb, AIG, ACE, Zurich, and
Atlantic Mutual to name a few are pursuing the art insurance
business and for at least one insurer, AXA Nordstern Art, insuring
art is the only thing they do.
Initially, in the international markets also, to create awareness
about Art Insurance "Antiques Roadshows,” was organized by
the Insurance companies to inform people about the potential
value of their personal collections of fine arts, collectibles,
antiques, and other valuable objects.
At Indianapolis, during one such “Antiques Roadshow," a
previously unknown N.C. Wyeth painting of biblical subjects,
including Christ, surfaced and was appraised at $250,000. It
was one of the most valuable items uncovered in the show's

history.
Page 60
And Chubb a leading Insurer in the field of Art Insurance in the
international market found out, through a survey conducted at
the Indianapolis show, that while attendees hoped the items
they brought were worth a fortune, over 40 percent reported
that their treasures were underinsured.
The Indian
context
The awareness of Art Insurance is very low and even if it is
there than most of the Art objects are under insured. This fact is
applicable to all barring few exceptions from among-
• Affluent private collector,
• Exhibition,
• Museum,
• Art gallery,
• Corporate collection.
Page 61
Sugge
stion
To make this form of Insurance a must
among the prospects as mentioned above, it
is suggested that due awareness about the
necessity for covering the Art Objects with
proper insurance should be created through
ROAD SHOWS, PRINT and ELECTRONIC Media
as it has been done by the foreign Insurance
Companies during the initial days of Art
Insurance in the International market. By
becoming first in this
field will help the Company to generate profit
in the long run from this
untapped
market.
The market of the Traditional General
Insurance has reached its saturation point and
in the detariff regime insurance companies are
surviving for that reason ITGI is diverting their

focus from traditional business to specialty line
of business. And if it can grab the untapped
market then ITGI can hold its own position.
Page 62
Fine Arts Insurance –Scope in the
East –A Report
Exhibit-1
FINE ARTS INSURANCE

POLICY
QUESTIONNAIRE
INTERVIEW NO.
CENTRE KOLKATA SUBURBS
INTERVIEW
FIELD INFORMATION INTERVIEW DATE
TIME
INTERVIEW START TIME INTERVIEW END TIME DURATION
ƒ Name of Organization:
ƒ Location / Landmark:
ƒ Detail of Respondent:
ƒ _Ph
ƒ Office Address:
ƒ _Ph
Location / Landmark:
- - -- - -- - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DIRECTOR/APPRISER/CHIEF VISUALISER or ANY SENIOR MEMBER OF THE

ORGANIZATION:
Good . I am a student of ….., a leading BBA/MBA college in India. As part of my college

project, I am carrying out research on financial products and services. As part of the one such research I
am required to interview people like you in this area. Could you spare sometime and answer a few
question please. Please take my assurance that the information you will provide me in this survey will be
used only for research purposes to create better financial products and will not be misused in any form.
Also I am not involved in the sales or promotion of any product. Thank you.
Page 63
East –A Report
SCREENER SECTION
SHOW ORGANISATION CARD

Q1 Do you or does your organization work for any of the Categories mentioned on this card?
Here by Fine Arts Products / services I’m referring to Paintings, Sculptures, Creative Visuals, Antiques
including any or all works of creative talent.
Any art gallery 1 CONTINUE

Any individual having collection of fine arts 2 CONTINUE
Any Institute promoting Fine Arts 3 CONTINUE
Any corporate having collection of fine arts 4 CONTINUE
Q2 Have you heard of fine arts insurance?

YES 1 CONTINUE
NO 2 CONTINUE
Q2a Do you insure your fine arts pieces?

YES 1 CONTINUE
NO 2 CONTINUE
Q2b What type of policy have you taken for your fine arts pieces?
TYPE SUM PREMIUM RENEWAL INSURER
INSURED DATE
FIRE YES
BURGLARY YES
STANDARD ALL RISK YES

FINE ARTS YES
Other……………………………. YES
Q2C Would you be interested in a comprehensive fine arts insurance policy in future?
YES 1 CONTINUE
NO 2 CONTINUE
Q3 Who in your organization primarily takes decisions on insuring the works of Fine Arts?
MYSELF 1 CONTINUE INTERVIEW WITH SAME RESPONDENT
SOMEONE ELSE 2 ASK FOR THE PERS AND REINTRODUCE YOURSELF
BOTH ME AND SOMEONE ELSE 3 CONTINUE INTERVIEW WITH SAME RESPONDENT
Page 64
SHOW METHODOLOGY CARD
Q4 What would best describe your methodology of insuring your objects of possession in the field of Fine Arts?
Please have a look at this card and choose 5 statements which best describe how you choose a savings
schemes / products.
MULTIPLE CODING POSSIBLE
METHODOLOGY OF INVESTING Q12
Want professionals to manage / advise 1

Trust on tips from others 2
Choose options that is most comprehensive 4
Purchase after careful study and valuation 10
Prefer long term insurance 13
Invest after seeking advice / others options 15
Others…………………………… 16
Q5 Can you please also tell me his/ her current designation?

DESIGNATION
Q6 OBSERVE AND CODE GENDER OF RESPONDENT. DO NOT ASK.

Male 1 Female 2
SHOW PROFILE CARD

Q7 Out of the objects of fine arts enlisted above how would you categorize them for insurance cover?
CATEGORIES APPROX VALUE INSURER PREMIUM
Paintings
Sculptures
Antiques
Others
Q8
. Have you taken out any of the following type of insurance?
TYPE PREMIUM INSURER DATE OF

(RS) RENEWAL
FIRE
MARINE
OTHERS……………..
OTHERS……………..
OTHERS……………...
Page 65
Q9 Which of the following would you give preference for choosing an insurance company?
BASIS RANK
Cost
Brand name
Claim servicing
Policy delivery
Others……………………………..
Q10 How would you rank the following GENERAL INSURANCE companies?
NAMES RANK
NEW INDIA ASSURANCE
ORIENTAL INSURANCE CO.
NATIONAL INSURANCE CO.
UNITED INDIA INSURANCE
ICICI LOMBARD
BAJAJ ALLIANZ GENERAL INSURANCE
IFFCO TOKIO
ROYAL SUNDARAM
HDFC CHUBB
RELIANCE GENERAL INSURANCE
TATA AIG GENERAL INSURANCE
CHOLA MANDALAM
THANK RESPONDENT AND TERMINATE INTERVIEW
Page 66
East –A Report
Exhibit-2
1 CHEMOULD 15 GALERIE 88
12-F, Park Street, Queen's Mansion. 28B, Shakespeare Sarani. Kolkata-700
Kolkata- 017.
700 016. Phone- 2247-2274
2 GANDHARA ART GALLERY 16 GALLERY 88
1B, Gurusaday Road, Flat 5A. 25A, Shakespeare Sarani.
Kolkata-700 Kolkata-700 071. Phone- 2247-
3 019. Phone- 2247-1605,
ALTERNATIVE 2280-1790
ART GALLERY 17 2274
GALLERY KATAYUN
12D, Park Street. Kolkata- 4A, Auckland Square, Jassal House.
700 016. Phone- 2229- Kolkata-700
4 AMBIENCE ART GALLERY 18 GENESIS ART GALLERY
53, Syed Amir Ali Avenue. Kolkata- 88, Middleton Street. Kolkata-
700019 700 071. Phone- 2226-3373
5 ARTS ACRE 19 GALLERY LA MERE
P.O. R.Gopalpur. 24 Parganas (N)- 3, Regent Park, Lakshmi's House. Kolkata-
743 518. 700 040.
Phone- 2573-9468 Phone- 2471-2612, 2481-1557
6 BIRLA ACADEMY OF ART & CULTURE 20 GLOBAL ART GALLERY
108 & 109, Southern Avenue. 11/1, Sarat Bose Road. Kolkata-
Kolkata-700 700 020. Phone- 2235-1599
7 BIZALLIANCE GALLERY 21 IDENTITY
10, Wood Street. Kolkata- 22, Ballygunge Park. Kolkata-
700 016. Phone- 2240- 700 019. Phone- 2247-1092
8 CALCUTTA INFORMATION CENTRE 22 METROPOLITAN ART GALLERY
1/1, A.J.C. Bose Road. Kolkata-700 7, J.L. Nehru Road. Kolkata-700 013.
020. Phone- 2248-8268
9 CHEMOULD ART GALLERY
Phone- 2223-2451 23 OXFORD BOOK STORE
12F, Park Street. Kolkata-700 016. 17, Park Street. Kolkata-700 016.
Phone- 2229-8641 Phone- 2229-7662
10 CHITRABHANU ART CENTRE 24 SANSKRITI ART GALLERY
161/2/1, Rashbehari Avenue. 5C, Alipore Park Road, Kolkata - 700 027
Kolkata-700 Phone-
019. 2448 4925, Cellular-
11 CHITRAKOOT ART GALLERY 25 SPANDAN ART GALLERY
55, Gariahat Road. Kolkata-700 019. 87, Park Street. Kolkata-700 016.
Phone- 2475-2275 Phone- 2226-7509/5594
Website -
12 CIMA ART GALLERY 26 THE ADDRESS
43, Ashutosh Chowdhury Avenue. 28/1, Shakespeare Sarani, Ganga
Kolkata- Jamuna Building. Kolkata-700 017.
700 019.
13 CIMA GALLERY 27 THE RAMKRISHNA MISSION INSTITUTE OF
43, Ashutosh Choudhury Avenue, CULTURE
Sunny Golpark. Kolkata-700 029.
Towers. Kolkata-700 Phone- 464-1303 (3 lines), 2466-1235
019. Phone- 2474- 24641307
14 GAGANENDRA PRADARSHANSHALA
1/1, A.J.C. Bose Road. Kolkata-700
Page 67
The Academy of Fine Arts
Birla Academy of Art and Culture
Abanindranath TagoreGallery
Government College of Arts and Crafts
Page 68
Seema Kohli
Mahua Art Gallery
Satish Gujral
Akrity Art Gallery
Jamini Roy
Page 69
Ganesh Pyne
Paine’s work in Tempera
Rabindranath Tagore
Portrait of a lady – 1930’s
]]
Abanindranath Tagore
Page 70

Fine Arts Insurance Scope Inthe East, Final

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Fine Arts Insurance -Scope in

Iffco-Tokio General Insurance

University Study Centre Certificate 3

What are Insurance 6

What is General Insurance 8-10

I, Bidish Basu (Roll Number 520868015) a student

6th Decembar’09. …………………….

The project report of Bidisha Basu, “Fine Arts

Internal Examiner External

This is to certify that the project report entitled

Reg. No. – 520868015

54/2/1/1/1 Andul Road

Sub: Appointment for Intership Project for MBA

The Project will start on 30th Oct,2009 till 30th Nov,2009.

Wishing you the best of luck.

For Iffco Tokio General Insurance Co. Ltd.

SBU Head Kolkata Commercial

TO WHOM IT MAY CONCERN

This is to certify that Ms. Bidisha Basu, student of 4th

We wish her all the best for her future.

For IFFCO Tokio General Insurance Co. Ltd.

Training is the most important

Training is like a staircase, following

Mr.Siddhartha Karmakar, SBU Head-

Insurance in its basic form is defined as “ A contract between two parties

the happening of a certain event."

company agrees to pay the Policy holder or his family members a

predetermined sum of money in case of any unfortunate event for a

predetermined fixed sum payable which is in normal term called Insurance

happening of an unexpected event. Insurance companies collect premiums to

safeguard himself and his family financially from an unfortunate event.

Insurance company , the family members of insured person receive a fixed

compensation in case of any unfortunate event like death.

There are different kinds of Insurance Products available such as Life

Insurance , Vehicle Insurance, Home Insurance, Travel Insurance, Health or

Mediclaim Insurance etc.

Fine Arts Insurance –Scope in the East –A Report

Insurance provides compensation to a person for an anticipated loss to his life,

business or an asset. Insurance is broadly classified into two parts covering

different types of risks:

1. Long-term (Life Insurance)

2. General Insurance (Non-life Insurance)

Insurance type - Overall

Fine Arts Insurance –Scope in the East –A Report

What is General Insurance

Insurance. General Insurance comprises of insurance of property against fire,

claim. Where a property is undervalued for the purposes of insurance, the

offered by non-life insurers are mainly hospitalization covers either on

reimbursement or cashless basis. The cashless service is offered through Third

Party Administrators who have arrangements with various service providers,

Fine Arts Insurance –Scope in the East –A Report

hospitals. The Third Party Administrators also provide service for

reimbursement claims. Sometimes the insurers themselves process

groups. A group could be a group of employees of an organization or holders of

credit cards or deposit holders in a bank etc. Normally when a group is

covered, insurers offer group discounts.

Liability insurance covers such as Motor Third Party Liability Insurance,

Party and Workmen’s Compensation policy ) are compulsory by statute.

Liability Insurance not compulsory by statute is also gaining popularity these

available for Products as well.

professionals such as doctors, chartered accountants etc. Apart from offering

standard covers, insurers also offer customized or tailor-made ones.

Suitable general Insurance covers are necessary for every family. It is