Nigeria’s leading art entrepreneur, Yemisi Shyllon, has enjoined stakeholders in art business to enlist the services of insurance underwriters in the storage of art pieces.
Shyllon gave the advice as one of the panelists during the monthly interactive programme ‘Point of View, organised by Ben Enwonwu Foundation on ‘Raising Capital Against High Value Works of Art’, which took place recently in Lagos.
He said, “There are insurance companies in Nigeria that underwrite artworks. So, it is advisable artworks are insured. At very worst, insure it against fire outbreak and burglary or comprehensive insurance policy at very best if you can afford it because it is very expensive.” He warned art entrepreneurs to be wary of fire as we approach high temperature adding that fire can destroy anything.
“When you underwrite, let it be the one we call fire, burglary and special peril policy, which covers flood and it is cheaper. Many insurance companies are underwriting the product. All you need is give them the value of your artwork and you would be given the premium to pay on annual basis.
“Art is risky asset. A lot of things can happen to it. It can be damaged by fire, flood or vandalized in the case of public art. There can also be temple of floods that happen in places like Lekki where houses are submerged in water, in that circumstance, you approach your insurance company and they will help you recover your investment,” he said.
He added that owing to what was happening in the insurance scene in Nigeria, art entrepreneurs should throw their insurance net wide by embracing multiple insurance policies.