Insuring art in the age of global warning
As sea levels rise, so do insurance premiums. Catrin Povey considers how collectors can best look after their works of art as natural disasters become more common.
As the world starts to see the effects of climate change on a magnified scale, works of art once considered to be stored safely are now at risk of being lost forever, a headache for collectors who are facing increasing premiums and unattainable insurance policies.
A recent example of the impact climate change has had on the insurance market was seen in 2017 in the US where the insurance industry lost more than $300bn due to a series of hurricanes that affected the Gulf Coast.
Flash floods, heatwaves and wildfires have dominated global headlines in recent years. As a result of these alarming weather patterns, the art world is paying increasing attention to how fine art and specie (high-value, portable items) must be handled, transported, displayed and stored.
Read the full article on The Art Newspaper here.
