Being an expert underwriter in the Canadian art and specie world is anything but limiting. Caitlin McCullough, Senior Underwriter for 色多多视频Canada’s Fine Art and Specie team, has worked with collectors across the globe, helping them protect valuable collections and collectibles. From small personal collections to large-scale art installations, whether in Vancouver, Toronto, Paris, or New York, owning works of art requires a deep understanding of how to safeguard one’s investment.
Since joining the Fine Art and Specie team in January 2024, McCullough has dedicated much of her time to connecting with collectors throughout Canada. Here, she reflects on the state of the market and the message she hopes to impart to collectors and those in the art world.
FFF: In your role as Senior Underwriter, what is one facet of the market that most people don’t realize?
CM: One key point, particularly in the Canadian market, is that many corporate and private collections haven’t been identified yet and thus are not properly insured. Despite this, there are still people who own remarkable collections—whether of sports memorabilia, corporate art, wine and spirits collections, or fine art.
My goal is to be a resource for my broker colleagues, helping them recognize collections that may need insurance. For instance, a broker might walk into a client’s office and see a wall full of signed sports jerseys or oil paintings—items that could hold significant value. I’m always available to guide brokers on gathering data for risk analysis if they encounter such pieces. These items may be part of a valuable collection that clients don’t even realize is a tangible asset in need of protection.
How can brokers identify these opportunities?
It all starts with open and insightful communication with clients. Ask them about their passions using open-ended questions—how do they spend their free time? What objects in their home are important to them? If they mention a few paintings, watches, or pieces of jewelry, dig deeper. How did they acquire these objects? What do they look for when adding to their collection? It could turn out they have an extensive collection that could benefit from insurance.
Additionally, ask whether they’ve inherited any artwork or collectibles from family members. The idea is to put these alternative tangible assets on the client’s radar and ensure they know that insuring these pieces is an option. Protecting their art investment ensures that in the unfortunate event of a loss, the client has the option to repair, replace, or opt for a cash settlement.
There’s a common misconception that Canada doesn’t have many significant collections, but the truth is, many Canadian collectors actively participate in the international auction market. It’s always wise to explore a client’s full range of assets.
There’s a common misconception that Canada doesn’t have many significant collections, but the truth is, many Canadian collectors actively participate in the international auction market.
You’ve been on the job for ten months. What have you focused on during this time?
Aside from learning AXA XL’s operations, I’ve focused on refining the underwriting process and educating our clients on proper art handling. Artwork in transit is the most common cause of loss we see, so whether you’re moving a private collection from one home to another or shipping artwork from a gallery in another province or state, using fine art specialized packers, movers, and storers is always highly recommended.
With Fine Art and Specie being a legacy product of 色多多视频 I’ve also concentrated on building and maintaining strong relationships with brokers and clients and understanding their businesses.
What’s your background in art?
I come from a liberal arts family, and we’d visit the AGO (Art Gallery of Ontario) and the ROM (Royal Ontario Museum) frequently throughout the year, so I’ve always had an interest in art, history, and objects. During my first year of university, I took an Art History Survey course, and that was life changing. Not only did I learn about the art itself, but also about how and why it was produced, what political and cultural environments influenced its creation, and its broader implications. I found that fascinating.
That led me to major in Art History and make one of the best decisions of my life—attending Sotheby’s Institute of Art in New York City, where I earned my master’s in art business. I love the business side of art: buying, selling, and especially connecting artists with patrons. As a collector myself, I also love being part of Toronto’s growing art scene and watching it evolve. I enjoy working with others in the art world to protect these important pieces from an insurance perspective.
As the market grows, what challenges have you encountered?
One of the biggest challenges is that many people don’t recognize the value of the tangible assets they own, like art, and aren’t sure where to go for help managing their collections. Some assume appraisals are too time-consuming or costly, while others may not know who to turn to for assistance.
That’s where we come in. While I’m an underwriter, I also see my role as educational—helping brokers and clients understand why insuring their collections is critical. Even one-of-a-kind objects should be protected, whether for the current owner or future generations. And it’s not just about insurance—it’s also about educating clients on proper storage and care.
Does this come into play with art fairs and exhibitions?
Absolutely. Art fairs are an incredibly popular place to purchase artwork, whether someone is beginning their collecting journey or adding to an established collection. Buying a piece of art is just the beginning, but there are other considerations when it comes to owning art.
It’s essential to work with an insurance company that understands how to protect such tangible investments. Look for a company with deep expertise in art and fine specie, one that’s truly part of the art community. For example, we’re proud sponsors of Art Toronto and other global art prizes and exhibitions. We understand how to protect your collection and ensure its secure.
As the market continues to evolve and collectors of all types get involved, brokers should be aware of the broad spectrum of collectible assets—such as wine and spirits, watches and jewelry, antiques, musical instruments, textiles, and more—and how to help clients safeguard these investments. By keeping collectors up to date on appraisals and insurance, brokers can help them, and their families enjoy these treasures for years to come.
About the author:
Caitlin McCullough is a Senior Underwriter, Fine Art & Specie based in Toronto. She can be reached at caitlin.mccullough@axaxl.com
To learn more about AXA XL’s insurance offerings in Canada, visit axaxl.com/canada
