Sandy Forces Art Insurance Industry to Shift Policies, Practices

August 7th, 2013

Thatcher Projects after Sandy, via Art NewsAfter the monumental damages to New York’s art world caused last year by Superstorm Sandy, which some estimate between $200 and $300 million, Art Insurance firms are feeling the pressure to adjust their policies.  Many firms are subtly adjusting their underwriting agreements, taking into account newly redrawn flood maps and the risks of subterranean storage as part of policy coverage as factors in the coverage of high-value artworks.  “Sandy was a wake-up call,” says Christiane Fischer, president and CEO of AXA Art Insurance. “People are much more aware of how much New York is in the path of hurricanes.” Read more at Art News