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Foundation RGB 66/70/76
Teal RGB 12/196/182
Lilac RGB 165/159/206
Olive RGB 128/138/0
Ocean RGB 106/163/203
Coffee RGB 183/147/122
Sand RGB 214/211/202
Peach RGB 255/150/126
Red RGB 237/28/36
Pink RGB 255/51/102
Yellow RGB 255/234/100
Black RGB 0/0/0
Cream RGB 255/252/227
Best Practices on Flood Protection,
Prevention & Mitigation
Farzina Coladon
Underwriter – Fine Art & Specie Insurance
XL Catlin
May 23rd 2018
1
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Definition of Flood:
Overflow of inland or tidal waters;
Unusual or rapid accumulation or runoff of surface waters
from any source;
Mudflow; or
Collapse of subsidence of land along the shore of a lake or
similar body of water as a result of erosion or undermining
caused by waves or currents of water exceeding
anticipated cyclical levels
2
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Underwriting Concerns:
Items in storage
Smaller facilities (museums, galleries)
Basement storage
3
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Hurricane Sandy - 2012
For 7 days, Hurricane Sandy (always remembered as “Superstorm Sandy”
pounded the Caribbean and US East coast with punishing rain, wind and waves
Ranks as the second-costliest storm on record at US $68 billion
Seawater surged over lower Manhattan’s seawalls and highways and into low-
lying streets; water inundated tunnels, subway stations and the electrical system
that powers Wall Street
Flooding in the Chelsea district of Manhattan, where many New York art galleries
are located
4
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
5
The Impact of Sandy
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
6
Sandy continued…
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
7
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Alberta Floods - 2013
The most destructive flood in the history of the province
began on June 20th 2013
Insurable damages with costs estimated at CAD $1.7 billion
Mud-soaked galleries, water-filled studios and damaged
interpretive displays
8
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
9
Alberta Flood Damage
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
10
Flood Hazard Interactive Maps
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Impact on the Fine Art Industry
Approximately USD $200 million to $300 million of art
losses post-Sandy
Some insurers will no longer insure art that is kept in
basements in Chelsea
Impact of Sandy was global as collectors from around the
world had art in New York – on consignment to galleries or
stored ahead of the fall auctions
Galleries and their warehouses 20 miles apart sustained
damage from the same flood
Insurers are adjusting their underwriting
11
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Take a Proactive Approach
Be reasonable to storm warnings
Artworks displayed on the wall should be at least 4-5 feet above the floor
Pay special attention to outdoor art
Don’t utilize the basement area as storage; place items on tables
Routinely inspect your pipes
Any equipment/technology should be kept at least 4-5 feet off the floor
Prepare an emergency disaster plan
12
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 When Disaster Strikes:
Call your broker and/or claims representative at the
insurance company for guidance
Have a conservator on stand-by
Keep an inventory handy
13
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 Contact Information – XL Catlin
Farzina Coladon
Underwriter – Fine Art & Specie Insurance
Email: [email protected]
Phone: (416) 342-8694
14
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227 We’re recognized for our client focus
15
XL Catlin received the highest numerical score among 11 insurers in the J.D. Power 2016-2017 Large Commercial Insurance Studies. 2017 study based on 2,218 total responses, measuring the
opinions of risk professionals in the U.S. and Canada with commercial insurers, surveyed April – June 2017. Your experiences may vary. Visit jdpower.com
“Highest Customer Satisfaction among
Large Commercial Insurers,
Two Years in a Row”
© 2018, XL Group Ltd. All rights reserved.
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
© 2017, XL Group Ltd companies. All rights reserved. 16
THANK YOU!
Foundation
RGB 66/70/76
Teal
RGB 12/196/182
Lilac
RGB 165/159/206
Olive
RGB 128/138/0
Ocean
RGB 106/163/203
Coffee
RGB 183/147/122
Sand
RGB 214/211/202
Peach
RGB 255/150/126
Red
RGB 237/28/36
Pink
RGB 255/51/102
Yellow
RGB 255/234/100
Black
RGB 0/0/0
Cream
RGB 255/252/227
XL Catlin is the brand used by XL Group Ltd’s (NYSE:XL), insurance and reinsurance subsidiaries.
These provide property, casualty, professional and specialty products to industrial, commercial and
professional firms, insurance companies and other enterprises throughout the world.
XL Catlin’s insurance companies offer property, casualty, professional and specialty insurance
products globally. Businesses that are moving the world forward choose XL Catlin as their partner.
To learn more, visit xlcatlin.com/insurance.
XL Catlin’s reinsurance companies are among the world’s leading reinsurers. They offer products that
include aerospace, property, casualty, marine and specialty. The world’s top insurers choose us to
help move their businesses forward. To learn more, visit xlcatlin.com/reinsurance.
We are the organization clients look to for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
17
About XL Catlin