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ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT).

The First Department determined an all-risk artwork insurance policy did not cover contractual liability to purchasers of stolen art which was returned to the owner. In addition, the court determined the allegations in the complaint against the insurance brokers were insufficient to allege a fiduciary relationship:

“[D]efective title is clearly not a physical loss or damage . . . from any external cause” … . Despite the fact that the phrase “loss or damage” in the policy was not qualified by terms such as “direct” or “physical,” “[w]e may not, under the guise of strict construction, rewrite a policy to bind the insurer to a risk that it did not contemplate and for which it has not been paid” … . “Title insurance has been regarded as a separate type of contract not falling within any of the three basic classes of insurance. . . . It is not reasonable to interpret a policy so broadly that it becomes another type of policy altogether” … . …

The … causes of action, against the insurance broker defendants, were properly dismissed, with leave to replead  … for a “special relationship” with the broker defendants … . “Although the parties’ relationship lasted a considerable period of time and defendant [broker] assured plaintiff that his insurance needs were being met, these circumstances are not so exceptional as to support imposition of a fiduciary duty upon defendant”… . A longstanding relationship alone is insufficient to establish a special relationship between plaintiff and the broker defendants. Dae Assoc., LLC v AXA Art Ins. Corp., 2018 NY Slip Op 01026, First Dept 2-13-18

INSURANCE LAW (ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))/ARTWORK, STOLEN (INSURANCE LAW, STOLEN ARTWORK, ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))/BROKERS (INSURANCE LAW, ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))/FIDUCIARY DUTY (INSURANCE LAW, BROKERS, ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))/TITLE (INSURANCE LAW, STOLEN ARTWORK, ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))/SPECIAL RELATIONSHIP (INSURANCE LAW, BROKERS, ALL RISK ARTWORK INSURANCE DID NOT COVER DEFECTIVE TITLE, ALLEGATIONS DID NOT DEMONSTRATE A FIDUCIARY RELATIONSHIP BETWEEN INSURED AND BROKERS (FIRST DEPT))

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