WARREN, N.J., May 15, 2014 /PRNewswire/ -- The Chubb Group of Insurance Companies has created the Fine Art Practice, bringing together the expertise of its fine art resources worldwide in underwriting, loss prevention, appraisal and claims to respond to the evolving needs of its personal insurance clients with large and valuable collections.
Melissa Lalka, vice president and worldwide fine art manager for Chubb Personal Insurance, has been appointed to lead the effort. Lalka has more than 15 years of underwriting experience, including the management of Chubb's largest fine art accounts. "For decades, Chubb has helped protect the valuables of its clients, many of whom are among the world's top private collectors of art," said Kathleen Tierney, chief operating officer of Chubb Personal Insurance. "Melissa's appointment and the creation of the Fine Art Practice will help Chubb continue to offer the services and insurance our clients have come to expect, even as their needs evolve with the ever-changing art market." Lalka said art collectors are becoming more sophisticated in building and leveraging their collections. "Many more clients are amassing vast collections of works from established artists, as well as emerging talents, from around the world through traditional and online art markets," she said. "Our clients are appreciating both the aesthetic and investment value of their art. Increasingly, they are using the works as collateral to finance other purchases. Some clients even have turned their homes into private museums, while others frequently lend out their works for public viewings or put them into storage. Each situation creates a unique web of complex risks that we need to help our clients manage through a variety of loss prevention and insurance solutions."