Not many brokers say they have insurance in their DNA – but that is the case for William G. Fleischer, a second-generation retail broker who took to the industry “like a duck to water.”
Fleischer has serviced the fine arts industry for more than 60 years, finding specialty coverage for corporate and private art collections, art dealers, public art exhibits and countless other niche scenarios.
Celebrate excellence in insurance. Nominate a worthy colleague for the Insurance Business Awards!
He is the president of Bernard Fleischer & Sons Inc. and the brainchild of ArtInsurancenow.com, which features as one of Insurance Business’s Top Specialist Brokers of 2017. It serves artists, collectors, dealers, auctioneers, private exhibits, galleries, museums and other institutions that invest in fine art.
The company explains that “insuring art is more than just protecting against damage or theft.” With Fleischer’s guidance and expertise, Art Insurance Now offers a whole range of options by “thinking outside the box.”
We caught up with Fleischer to find out how he turned his blank canvas into insurance success.
How did you get started in the insurance industry?
I’m second generation. My father was old school. He worked very hard and he developed a strong retail business, after which he went into wholesale and had an extension managing general agent contract. He then formed his own insurance company, which I eventually helped him with.
Like any second generation, as soon as I came of age I got instantly licensed. I took classes and then at a university level I studied economics at Syracuse University in New York. When I graduated I took a little time off before going into the family business. When my father decided to retire, I took over the retail side of the business.
My depth of knowledge about insurance comes from growing up since I was a toddler in the industry. I helped out in the office and learnt on the job. Because of this, I have a very good sense of how the industry works from the ground up.
What’s the best thing about working in insurance?
The best thing about insurance is helping people. Everyone approaches a broker with a different situation and a different attitude to risk management and mitigation. As a seasoned insurance broker, my job is to find my client’s comfort zone or where their knowledge could be advanced, and apply my trade to help them protect their asset.
What are the most challenging parts of the job?
There’s no such thing as a perfect policy. There’s always a bump, a condition or an exclusion and these things are part of our industry. In insurance, ignorance is not bliss. Ignorance could cause a downfall in assets and be financially hurting, so I always aim to give as much information as I can and look for the broadest contracts I can find. The lay person often thinks the phrase ‘all-risk’ means everything is covered, but that’s a misnomer and I like to tell clients that.
How have you achieved success in the art insurance industry?
Finding the best coverage for a client requires tools and a lot of experience. I talk to my clients as a business owner with lots of life experience and a thorough knowledge of the law and taxes. I bring my own risk experience into the equation to help clients understand their situation and make a decision.
I know the art industry from the ground up because I have lived and experienced it. My wife, Grimanesa Amoros, is a world-famous artist from Peru. She is a fabulous, creative person who has helped me get past the law and the business side of things and think outside the box. Artists are people who start with a white canvas and turn it into something that can trigger emotion and thought. I consider myself very lucky to have such power in my life, thanks to my wife.
I know how artists think and what coverage they need. I have worked with dealers and museums, so I understand all of the different concepts. On top of that, I also work with surety bonds and guardianships, so I experience the art world from many different perspectives. Art insurance is not just a fast food restaurant where customers pick between A and B. I understand the need to go deeper and I search for resolutions outside of the box.
What advice would you give to someone hoping to work in art insurance?
I get a lot of enquiries from people who’ve studied fine art who are considering art insurance as a career. A lot of them think that art insurers get really close to the art. Art insurance, just like any other form of insurance, is a legal contract. Very rarely do you actually see the art - if you’re happy seeing a line on a piece of paper or a schedule, then art insurance is fine for you.
I like the art insurance world because of the comradery between the underwriters. They are different types of thinkers who are determined to solve a problem instead of just saying ‘no.’ It’s old school insurance and I like it. A young person has to realize that thinking outside the box is very important in art insurance. If they like to learn about the law, read contracts and be a people person, then art insurance is ideal.
If you weren’t working in insurance, what would you be doing?
Before I got into the business, I fantasized about buying two wave runners and a big umbrella, pitching my umbrella on a beautiful island, relaxing on a long chair and renting the wave runners to tourists.
But it was always going to be insurance for me. I took to it like a duck to water. Insurance is in my DNA.
What are your favorite hobbies?
I have three key hobbies: the first is boating. I always loved to go to the different ports back when my daughter was younger. That was our family fun. Then as she went off to college I started embracing cycling and now I’m an avid bike cycler. Living in New York, we have a lot of great opportunities to go cycling, and every time I visit a different country I like to get on my bike and ride.
To balance out the mental, I have picked up guitar. The guitar is a great instrument because it feeds the soul and it develops a different part of your mind. Music has been very important in my life.
Related stories:
Art insurance needs brokers who can think outside the box
Fine art insurance market: “Insurers are knocking on our doors”
