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# Local insurance co. gets embassies’ business
- URL: https://www.smdp.com/local-insurance-co-gets-embassies-business/
- Published: 2002-03-08T16:00:00.000Z
- Updated: 2026-10-23T00:06:21.000Z
- Author: Andrew Fixmer
- Tags: Business, Santa Monica, #archive-import

*Insurance ‘boutique’ wins federal government contract*

A local company is covering the world with art.

A small Santa Monica-based fine art insurance firm recently beat out some of the nation’s largest agencies for a major U.S. State Department contract.

Thomson & Pratt won a one-year contract to provide fine art insurance coverage to all 70 U.S. embassies worldwide.

Tom Pratt, director of the firm’s fine art division, said he’s prohibited from saying how much the firm will receive from the contract.

“But it’s high, six-figures,” he said. “It’s very high six figures, close to seven.”

The policy covers any damage from terrorism and war to artwork hanging in embassies.

Though the firm usually only offers six-month contracts, it was able to lower its rates by extending coverage to a full year.

“This is the first big major contract we have had,” Pratt said. “We have always thought of ourselves as a boutique firm.”

Well-known works of art are loaned out to embassies on a regular basis. Since the pieces are loaned to the federal government, an insurance policy must be taken out to cover for any damages.

The federal government typically insures itself when proving insurance coverage for embassies and government property.

“It’s where the ambassadors entertain,” Pratt said. “Basically it’s the White House in that particular country. It showcases the U.S.”

Thomson & Pratt was founded in 1995\. The company launched its fine arts division in 1999 specializing in providing insurance brokerage services to art dealers, galleries, museums, and private collectors.

The firm has been selected by the National Archives to provide insurance for the Ronald Reagan, Harry S. Truman, Jimmy Carter and George Bush Presidential Libraries.

“It was amazing that we could put it all together this fast,” said Pratt. “I guess it was a case of being in the right place at the right time.”

*Originally published in the Santa Monica Daily Press print edition on March 8, 2002.* [Read the original PDF.](https://s3.us-east-1.amazonaws.com/smdp%5Fbackissues/030802.pdf?ref=smdp.com)