Regarding last week's story "Renewals needed every 15 days", Annabel Fell-Clark of Hiscox Syndicate 33 is issuing quotes, not policies, that are valid for 15 days, during which time the client must decide whether to accept the terms, conditions and price being offered by Hiscox for the client's usual policy period.

Secondly, Annabel Fell-Clark did not estimate the size of the fine art market within the London insurance market at $11.5bn (£8.1bn), but instead at $1.5bn (£1.1bn).

We apologise for any confusion caused.