Property · 2023
A flooded basement, the collection made whole
Gallery North
$520K
Claim paid
Agreed value
Valuation
4 wks
Reopened
Overview
A burst main flooded a gallery's storage — and the fine-art floater we added paid the appraised value, not the depreciated one.
The risk
Gallery North stored rotating works in a basement their standard property policy would have covered at depreciated value — a fraction of what the pieces were actually worth.
How we structured it
We added a fine-art floater scheduling the collection at agreed value, with coverage for water damage and transit between the gallery and off-site storage.
The outcome
When a water main burst overnight, the floater paid the full agreed value of the damaged works and the restoration of those that could be saved. The gallery reopened within a month.
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