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Fine Arts Coverage - Home Insurance

Posted by Bill Reay on Oct 24, 2012 7:46:00 AM

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We came across this article about paintings being stolen and wonder how many of us think about having enough coverage on our homeowners or tenants policy? Many people have valuable art in their homes:  oil paintings, statues, carvings, rugs crystal and other items. Insurance can provide for repair or replacement of these items. If insuring these items it is common to have them appraised and scheduled on the policy. It is important to have a fair value established for the item(s) in case there is a claim. The rate charged by the insurance company is an amount per $100 of insured value. This rate will vary between companies and your broker can shop the market for you. Most policies have a set limit established for a loss caused by mysterious disappearance or theft . To make sure your insurance limits are adequate you will require an appraisal and schedule the items - unless you choose to "self insure" the item.

Completing household inventories is a great way to identify what you need to specifically insure and what is covered within your contents limits. In the event of a claim you are also one step ahead in the process as your claim will require you to document items that were lost, destroyed or damaged. Whether it is your house, condo, or tenants working with an Armour Insurance professional we work with you to review your coverage needs. See -Property Insurance Tips and Review

From: The Associated Press

AMSTERDAM— Seven paintings by artists including Pablo Picasso and Claude Monet that are worth more than $100 million were stolen from a museum in Rotterdam in the early hours of Tuesday morning.

The heist at the Kunsthal museum is one of the largest in years in the Netherlands, and is a stunning blow for the private Triton Foundation collection, which was being exhibited publicly as a group for the first time.

The collection was on display as part of celebrations surrounding Kunsthal's 20th anniversary.

Police spokeswoman Willemieke Romijn said investigators were reviewing videotapes of the theft, which took place around 3 a.m. local time, and calling for any witnesses to come forward. Police have yet to reveal how the heist took place.

Indications are that the perpetrators of the crime knew which pieces they were after.

Chris Marinello, director of The Art Loss Register, which tracks stolen artworks, said it was clear some of the most valuable pieces in the collection were targeted.

“Those thieves got one hell of a haul,” Marinello said.

Marinello said the items taken could even be worth “hundreds of millions of euros” — if sold legally at auction. However, he said that was now impossible, as the paintings have already been registered internationally as stolen.

The stolen paintings were Picasso's 1971 “Harlequin Head”; Monet's 1901 “Waterloo Bridge, London” and “Charing Cross Bridge, London”; Henri Matisse's 1919 “Reading Girl in White and Yellow”; Paul Gauguin's 1898 “Girl in Front of Open Window”; Meyer de Haan's “Self-Portrait,” around 1890, and Lucian Freud's 2002 work “Woman with Eyes Closed.”

Marinello said the thieves have limited options available, such as blackmailing the owners or the museum or the insurers. They could conceivably sell the paintings in the criminal market too, though any sale would likely be a small fraction of their potential auction value.

The Triton Foundation is a collection of avant-garde art put together by multimillionaire Willem Cordia, an investor and businessman, and his wife, Marijke Cordia-Van der Laan.

The Kunsthal museum is a display space that has no permanent collection of its own — the name means “art gallery” in Dutch.

The Cordia family collection includes works by more than 150 famed artists. Others whose work was on show include Paul Cezanne, Marc Chagall, Salvador Dali, Edgar Degas and Andy Warhol.

Curators of the Cordia family collection aim to have the works on display for the public, and pieces have been shown in the past.

The museum is closed Tuesday as the police continue with their investigation.

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Topics: home insurance, Homeowners Insurance, fine art insurance, theft insurance