Artworks has been stolen and gone missing over the years and millions of dollars have been dispensed both by insurance companies and galleries just to compensate for the loss. It becomes worse when the stolen art work was painted by the most famous artists in the field.
Art theft is one of the most lucrative fraud industries in the world. A single artwork can be sold for millions of dollars to an illegal dealer or even on the black market. Insurance companies also suffer from bogus claims and high cost of coverage for a stolen or destroyed art piece. It is also easy for owners to stage that their art pieces has been stolen and claim their insurance, only to report that it is back on their property again after a few months or years. Alas, present day insurance companies are not yet equipped with tools to detect pre-empted art theft. Fortunately for specialist insurance, the coverage clearly stipulates that the insurance company have the right to make all experimental measures to verify the case.
There is no exact data on the precise number of theft cases as the thieves are elusive and there are still number of art works which are not known to be missing since it is replaced by fraudulent ones. However, it is estimated that billions of dollar worth of valuable paintings are lost in the United States alone.
Art-insurance fraud is surely hard to detect. In turn, most insurers don’t even know when they have been defrauded. Some are even harder to trace and may take years to find. An artwork, for instance, in Louvre in Paris was once found in Jakarta, Indonesia after 13 years. The one displayed in the museum, which turned out to be fraud, was even highly promoted in many art seminars and events. Three people were arrested including an insider who worked for the museum as one of the utility personnel. The case had undergone arduous trials despite the heavy security placed upon the artwork.
Thefts and fraud are committed by those who “practice to deceive.” Policyholders should be aware of the insurance coverage they have in place and take all necessary steps to negotiate the “tangled web” of the insurance claims process and to ensure that they avoid double disaster.
The responsibility of keeping artworks from fraudulence and theft lies on all the parties involve. Most of the times, carelessness is the main culprit.
Travelling or working abroad is a wonderful experience which everyone should have at one point in their lives and while accidents may happen, proper preparation can prevent them from causing an undue medical, unending complaints or financial burden. By ensuring you are properly covered by travel or international health insurance you can spend more time enjoying your life and travels and less time worried about the costs of unexpected accidents and illnesses.
Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and have branches in more than ten states in the US, Europe, Australia and Singapore is offering a travelling health insurance which can help you whether you are an expatriate or a traveler. Accidents happen even in the face of safety plans and precautions, and as a foreigner, getting medical attention can come at a high cost. You’ll be lucky to get proper care and insurance coverage in cities like Bangkok, Thailand, Jakarta, Indonesia or Kuala Lumpur, Malaysia when the policies there are reportedly too lose.
Most people who plan ahead opt for some kind of medical insurance. Depending on the length of time abroad, some people choose a travel health insurance plan, one that is designed specifically for travel, and some choose an international health insurance plan, one that is designed specifically for extended periods of stay.
Moving on to international health insurance, this option is generally selected by expatriates, or travelers who are on the road for longer than a year. International health insurance has many benefits and is highly customizable in both coverage and price.
International health insurance can ensure that you are able to receive medical attention all over the world. Whether you are in London or in Tokyo, you are covered for any medical needs that may arise. In addition, if you wish to travel elsewhere to receive your treatment, all it takes is booking a ticket. Make sure to review your options, though, to insure your travel.
With medical policies with international reach, you can often opt to have specific countries or regions excluded from the areas of coverage. This may drastically reduce the cost of your premium because international health plans take into account your coverage area while calculating the premium amount. Areas like the United States have some of the highest costs of health care in the world, thus making your premiums higher as well. In addition to excluding specific countries, you can opt for having a deductible or co-insurance.