From private collections to public institutions, the risks surrounding fine art are increasingly complex – and often underappreciated.
Anne Rappa (pictured), fine art practice leader at Marsh McLennan Agency, works at the intersection of art and insurance, two fields with distinct cultures and often divergent priorities. With more than 30 years in the industry, she has developed a dual fluency that informs her work with artists, collectors, museums, and organizations involved in managing or exhibiting art.
“I speak art to insurance people, and insurance to art people,” she said. “That’s where I provide real value.”
Rappa’s clients include private art collectors, museums, cultural organizations, and others. She adapts her approach depending on each client’s familiarity with risk and insurance. “With high-net-worth families, just like with artists or museum staff, you have to meet them where they are,” she said.
That often involves clarifying technical terms or explaining insurance protocols in practical terms. In transactions involving multiple parties – such as exhibitions or loans – her familiarity with the interests of each group allows her to help navigate conflicting concerns. “Depending on who I represent in that chain, I understand the other’s perspective too,” she said.
Conversations with clients frequently begin with simple questions: What would happen if there were a fire or a water leak? From there, planning may extend to emergency procedures, environmental controls, and even landscaping.
“I never thought I’d dig into landscaping, but when Italian cypress trees turn into torches next to a house, it matters,” Rappa said. Attention to climate, UV exposure, backup generators, and humidity control now figures prominently into these discussions.
While fire and flood concerns are often associated with specific regions, Rappa noted that the risks are more widespread. “Aspen, Montana, upstate New York – beautiful places with real fire risk. And water damage can happen anywhere,” she said.
Rappa participates in networks such as the American Alliance of Museums (AAM), the University Risk Management and Insurance Association (URMIA), and the Association for Registrars and Collection Specialists (ARCS). These forums, she said, help facilitate cross-disciplinary learning and support. Over time, she’s shifted from participant to educator, presenting on preparedness and response planning.
She also facilitates connections between clients and service providers, including shippers and logistics specialists. Organizations like the International Convention of Exhibition and Fine Art Transporters (ICEFAT), a consortium of vetted art transportation firms, are among the resources she draws upon to support clients with regional or international needs.
Capacity in the fine art insurance market has fluctuated in recent years. While some new players – often MGAs backed by Lloyd’s of London – have entered the US market, others have become more selective. “Lloyd’s is still central – whether as primary or reinsurer,” Rappa said, noting that geographic and property-specific factors, like ZIP codes or warehouse use, may impact underwriting decisions.
These shifts are occurring alongside broader environmental and geopolitical risks, reinforcing the need for more nuanced planning. “You start with, ‘Have you considered…?’ and sometimes they haven’t,” she said. In an environment shaped by both cultural and climate change, questions like that can serve as a first step toward long-term resilience.
