LEADWAY ASSURANCE, BRINGING INSURANCE TO NIGERIA’S ART COMMUNITY

Photo credit: www.iam-africa.com

Nigerians are creative people and there is no better way to express their creativity than through arts and entertainment. Today, Nigeria’s creative sector (arts and entertainment) has gained global recognition, gaining the country a strong reputation for its ingenuity. Nollywood, Nigeria’s film industry alone has been acclaimed to be one of Nigeria’s largest non-oil exports and second largest employer of labour. Also, according to the 2018 Economic Recovery and Growth Plan (ERGP) the entertainment and creative industry is projected to contribute at least $1 billion to Nigeria’s economy by the end of 2020.

In recent times, the creative arts sector is also emerging into the global consciousness as an area the country’ young minds demonstrate incredible innovations. The sector has seen a surge in contemporary artists, who in spite of socio-economic limitations are staking a mark of excellence for themselves. Earlier this year, Njideka Akunyili Crosby, a 35 year old artist, gained global attention and that of the media after selling one of her numerous art works for a record N1.2 billion. This sale, which came barely a few months after the ⁴“Tutu” painting by the renowned Ben Enwonwu was auctioned for a whooping £1.2 million, (over N500 million) in London, thereby cementing the fact that the Nigeria’s art scene means business.

Also, within the new millennium, a number of first rate art galleries have sprung up in cities across the country, giving these emerging artists a platform to showcase their craft to Nigerians and other global art enthusiasts. There has also been an increase in the number of internationally acclaimed exhibitions of creative arts in Nigeria. In 2017, Art X Lagos, West Africa’s premier art fair, showcased some of Nigeria’s and Africa’s most sought after arts from over 60 artists to over 5,000 enthusiasts from Nigeria and the international art community. With platforms like Art X Lagos celebrating the excellence in Nigeria’s art, one can only say that the best years of the industry are yet to be seen.

In light of these recognisable economic potential and growth in the Nigerian art industry, it is important for us to also take into cognisance the urgent need for financial protection within the community. It is important to note that in spite of the boom of emerging artists and art collectors in Nigeria, relatively few owners and collectors of art have a firm grasp of what their collections of arts and antiques or other collectibles are actually worth and often fail to consider them with the same financial rigour as other assets.

Unfortunately, in spite of the potentials of the creative arts industry in Nigeria, there are none or too little financial protection mechanism specifically designed for the patrons in the ecosystem. For instance, Art Insurance which should be tailored to protect the creative arts industry is unfortunately subsumed under the general property or all risk insurance. What has been discovered is that, these policies do not specifically cover the peculiarities of the risks which the art pieces are exposed to. This discovery prompted the foremost Nigerian insurer, Leadway Assurance to design a bespoke and innovative product, called the Leadway Art Insurance, to address this pertinent issue of lack of financial protection in Nigeria’s art community.

The Leadway Art Insurance is a unique insurance policy specially designed for artists, owners of art galleries, a r t conservators, art exhibitors and art collectors. Taking into cognition the industry know how and specific risk management in relations to an Artist’s intellectual properties, this product has further demonstrated Leadway’s commitment to the growth of the art industry. Apart from providing bespoke insurance solutions to Nigeria’s art community, this year, Leadway Assurance provided insurance cover to exhibitors and their art pieces for the duration of the 2018 edition of the Art X Lagos International Art Fair just like she did in 2017.

Leadway’s Art Insurance policy specifically provides coverage which is better adapted to the risks of owning and/or exhibiting art and collectible items over a conventional household, property or all-risk policy, even with declared values. The policy covers damage to the art pieces on a registered premises and whilst temporarily removed from said premises and (within the territorial limits of Nigeria); loss or damage by burglars following forcible and violent breaking into or out of the registered premises; loss of or damage to any item whilst it is being cleaned by a relative of the insured or their employees.

Also, art exhibitors or gallery owners benefit from the Public Liability Insurance in the event of injury to visitors; Group Personal Accident Insurance in the event of injury to the insured, other exhibitors and employees; Loss or Damage to “Works in Transit” within Nigeria by fire, accidental tearing, chipping or denting, or theft in transit only. So, are you an art enthusiast, whose collections have not be properly insured and protected from unforeseen financial loss? Then what are you waiting for, call Leadways’ team on the customer care service on (01) 2800 700, 2800 701 or send an email to Lcs@leadway.com for more information on this game changing insurance policy made just for you.

 

 

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  1. “Nigeria’s creative sector (arts and entertainment) 2018”,
  2. “Nigeria’s GDP to reap $1bn from entertainment, creative sector by
  3. 2020 – FG” vanguardngr.com, 2018
  4. “Dora Akunyili’s daughter’s artwork sells for N1.2bn”, pulse.ng, 2018
  5. “African Mona Lisa’ fetches £1.2m at auction in London”, theguardian.com, 2018

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