P55 and F. Rego

An unprecedented partnership

Cristina Andrade

Porto, 9th March 2015

Portuguese auctioneers, P55 have just added another service to its range of capabilities: the very first customized insurance service in this business line. The partnership with F. Rego, one of the most renowned brokerage and consulting Portuguese companies for more than 35 years of activity, made it possible.

For the first time in Portugal, auctioneer’s clients can benefit from an insurance coverage for all kinds of works of art, collectables and valuables. This unparalleled level of care sets itself apart due to a triple simultaneous coverage: transport, contents and art collections insurance.

According to Fernando Rego, the homonymous company founder, “we offer a global product that covers all the negotiation procedures with P55 from the purchase stage until its eventual restoration, and evaluation, apart from the traditional risks coverage in case of theft, robbery, loss and damage”.

This corporate cooperation is a fundamental step forward, actually long awaited by the market, thus meeting its demands for a more specific and detailed service.  F. Rego’s services will cover:

  • Payment of the item’s agreed value;
  • Worldwide coverage of transportation, loss and damage included;
  • Up to 15% total value coverage in new acquisitions;
  • Repurchase of recovered robed item;
  • Payment of devaluation arisen from damage;
  • Item restoration;
  • Confidentiality;
  • Appraisals.

Aníbal de Faria, P55 CEO, on the eve of extending the company’s activities to Lisbon, explained that “this partnership with F. Rego is a valuable way of introducing more credit and innovation to the Portuguese auction market, by means of different services in which we have always believed and strongly supported. Being able to achieve the goals with a company with whom we share the same values and operating philosophy makes all the sense for it aims at similar targets. This was an old felt nee:  to five clients a safer support in all stages of the buy and sell process and, this is better achieved with a comprehensive insurance system we have wanted but wasn’t available”. 

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