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NEWSLETTER 5: The Fire Rages, Lighting up the Importance of Art Insurance

 

Fire hazard has been a major consideration when acquiring an art insurance policy. In a tropical weather like Singapore, fire insurance has always been playing an important role. 

 

On 28th July, two fires broke out at Boat Quay. The first occurred at the Penny Black Bar at 27 Boat Quay. The second broke out in an adjoining pub, Harry's Bar at 28 Boat Quay. 

 

 

On 17th August, CK Building at Tampines Street 92, was engulfed by a fierce fire. The fire lasted for 16 hours. The building structure was affected by the blaze. Singapore Civil Defence Force (SCDF)  ordered the owner to close the building due to safety concern. 

 

 

Half a month later, on 31st August, a fire broke out at Orchard Towers. Fortunately, the blaze was quickly extinguished.

 

 

All these fire incidents are not uncommon in Singapore. According to SCDF Fire Incident Statistics Report, SCDF responded to 4,604 fire calls in 2015 (diagram below). This number of fire calls is just on average in the past 10 years. 

 

 

Source: Singapore Civil Defence Force Statistics Report 2015

 

While we take all necessary precautions to prevent fire from happening, we should have our valuable arts and belongings insured, since the fire incidents have not been reduced over the past ten years, and there is no sign of any significant reduction in the following years.

 

Charles Art / Insurance is devoted to protecting your valuable collections in the Southeast Asia. Other than fire insurance, the insurance policy also covers water damage, flooding, earthquake, theft, robbery / burglary, and accidental loss and damage.

 

If you have good security, protection and a zero insurance claim record, we can offer you very competitive insurance rates and coverage. Even if your record is not perfect, we can still offer you good terms.

 

Why not contact Charles (+65 9298 9284) or email charles@artinsurance.com.sg today for a free consultation.

 

A member of International Society of Appraisers