A recent federal court decision held that financial loss resulting from the consignment of paintings by their owner to an art dealer can constitute physical loss to property under the terms of an all-risk insurance policy.
The Jan. 16 decision (and March 14 order denying reconsideration) by Judge Robert W. Gettleman of the U.S. District Court for the Northern District of Illinois, Eastern Division, in the case of Henry F. and Anne Marie Frigon v. Pacific Indemnity Company, should be of great interest to inland marine insurers of art.
The ruling highlights yet another way in which the greatest threat to works of art is from insider theft.
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