A London warehouse fire in 2004 leading to losses of about $100 million in irreplaceable works of art spurred new risk management efforts, resulting in best practice standards for art storage facilities, according to an art insurance expert.
Because of its exposure in covering fine arts collections, AXA Art Insurance Corp. took action by hiring a firm to develop the Global Risk Assessment Platform, or GRASP–a Web-based system to create and manage a risk assessment method of evaluating warehouse facilities.
GRASP is now part of AXA Art's worldwide risk management initiative, named “artprotect.”
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