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Fine Art Insurance Is Often Worth More for What It Prevents Than What It Pays Out
['Elisa Carollo', 'Elisa Carollo Is An Art Writer', 'Art Advisor', 'Curator With A Focus On Contemporary', 'Ultra-Contemporary Art. With Over A Decade In The Art Business At Different Levels Between Secondary', 'Primary Market', 'As Well As Engaging Institutions', 'Biennales', 'She Covers The Latest The Art World', 'Art Market For Obsever.']
Observer
But prevention is better than cure, as they say, and art insurance should not be all about the claim.
Understanding climate risk is one of the biggest challenges facing art insurance companies today, he added.
Five years ago, art insurers often adapted hurricane evacuation strategies to California: when a fire approached, specialists would remove the art and move it to secure storage.
Still, fully predictive analytics are not yet reliable for art insurance because the underlying data remains too inconsistent, Sweitzer acknowledged.
The ultimate purpose of fine art insurance is to protect works, ensuring they can be shared for generations.