After Sandy, Will Artists Get Insurance Proceeds?
Interestingly, I was just having a conversation about whether or not most of New York’s Chelsea galleries had insurance coverage and whether or not their insurance covered the damage caused by hurricane Sandy. Forbes magazine has an article on this very issue.
…anyone who has art or collectibles worth more than a few thousand dollars needs to think about a specific policy floater to cover those valuables, because above that level, items are rarely covered on regular home contents insurance.
What I’m wondering is whether or not artists who have work in New York galleries and art spaces will actually recover any insurance proceeds from these galleries and spaces for either restoration or outright loss. Something tells me many artists are going to walk away with nothing but damaged or destroyed works and not much else to show for Sandy.