The insurers argue that forgeries do not constitute 'covered property' and therefore owe no duty to the Basquiat Venice Collection Group or Orlando Museum of Art.
Insurers maintain that the property claimed as lost lacks value, being forgeries, and should be destroyed in accordance with FBI and Department of Justice protocols.
The Basquiat Venice Collection Group cites good faith actions and claims entitlement to a payout, following their addition to OMA's loan-insurance policy.
The case's venue is contested; while the BVCG seeks a federal court trial, the insurers prefer to keep matters in state court, where related lawsuits are also ongoing.
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