Leonardo da Vinci’s Mona Lisa is the most famous painting of all time. It also holds claim to the largest insurance valuation for a painting in history. In 1962, when the Mona Lisa went on tour from Paris France to Washington DC and New York City, The Louvre assessed the cost to insure the painting for the duration of the trip. The valuation at the time was $100,000,000. Ultimately, The Louvre declined the insurance as the premiums to insure the masterpiece were greater than the highest security precautions available.
Today the Mona Lisa sits comfortably on display at The Louvre inside a sealed enclosure of 1.52″ think bullet proof glass and a permanent interior temperature of 43 degrees Fahrenheit and a consistent 50 percent humidity. With over 9,000,000 visitors each year and the Mona Lisa being the most popular exhibit in the Louvre, there’s no question the painting warrants some serious protection measures.
It’s unlikely that you or I will ever require such extreme protection measures for our valuables, however anyone in possession of valuable artwork would be foolish not to expend some extra effort to protect it. A good home security system is a good start, however a smash and grab-type burglar who knows what he’s after isn’t likely to be deterred much by an alarm. Once that valuable item is stolen odds are that it’s gone for good. This is where insurance comes into play.
A standard homeowners insurance policy provides little protection for damaged or stolen valuable items. Never assume that your home insurance is going to properly cover you for valuable works of art, jewelry, furs or other valuable collections. The proper way to insure these items is specifically insuring each of these items on a valuable items schedule. Often referred to as a “rider” or a “floater,” this form of insurance not only insures specific valuables at predetermined limits, but it broadens coverage to include losses that would not ordinarily be covered on a homeowners insurance policy. When specifically “scheduled,” coverage options include mysterious disappearance and breakage. Additional coverage options may include an “agreed amount” or “appraised value” coverage.
For more information or to obtain a quote to properly insure your valuables, contact a member of our team at Fitts Insurance. We’ll be happy to take the time to explain your coverage options and place this valuable coverage for you.