Ronald Perelman sues insurers for $410 million over damaged artworks

Summary: Ronald Perelman has filed a $410 million lawsuit against several insurance providers, claiming they failed to compensate him for five paintings damaged in a 2018 fire. He argues that the artworks lost significant value and character due to the incident.

The case highlights challenges in art insurance, particularly in proving physical damage and valuing artworks. Experts note that emotional loss is not covered, and disputes over valuations can complicate claims, especially as art prices have surged in recent years.

Insurance costs are rising due to increased risks from climate change and other factors. While some collectors choose not to insure their art, the Perelman case may prompt more scrutiny of insurance contracts and coverage in the art market.

Source