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Title Insurance Concept Spreads Into Art Sales...   >>>

Title Insurance Concept Spreads Into Art Sales



Though standard in real estate transactions, the concept of title insurance, which guarantees that a seller is the free and clear owner, has been resisted by the art world.



On Wednesday a major publicly traded insurance company, Argo Group, showed confidence in that fledgling market, announcing that it had bought ARIS, a small insurance firm that has been selling art title insurance since 2006.



Argo, based in Bermuda, has total assets of $6.7 billion and currently provides property and casualty insurance to companies around the world, covering items like airplanes and oil rigs.



“It presents the opportunity to do something no one else does,” said Mark E. Watson III, Argo’s chief executive.



ARIS, based in New York and the only firm offering such coverage, said it expected to sell its 1,000th policy in the coming year. It has also announced a goal of making title insurance standard in every major art sale.



Read more in the article linked below.



[Image is "This painting is not available in your country" by Paul Mutant]