Chelsea Art Galleries Generate $40 Million in Claims, Axa Says
- November 12, 2012 18:54
French insurer Axa SA (CS) says that $40 million in claims have come in from New York's Chelsea art district after Hurricane Sandy.
Axa undwrites $1 billion in art for the district and says that compnay has already starting sending out checks for the insured.
If conservation costs exceed the market value of an artwork, it will be considered a total loss, according to the company.
Nearly $50 billion in damage was caused by the storm and more than 100 lives were lost in the U.S.
