Ron Rivlin's home was destroyed in a wildfire, along with his $15 million art collection. Although his insurance claim was processed quickly, he realized he was underinsured. Growing wildfires are prompting changes in the insurance market, particularly for high-value assets. A new insurance program specifically addresses the needs of wealthy art collectors, offering coverage tailored to private collections valued between $5 million and $250 million. This shift reflects the increasing need for adequate protection in fire-prone regions, as traditional insurers struggle to meet the demands of discerning clients.
Ron Rivlin's home, designed to withstand fires with robust materials and sprinklers, was still lost in a wildfire, along with his $15 million art collection.
As wildfires become more common and unpredictable, they challenge traditional insurance models, prompting updates in coverage for high-value assets like art collections.
Rivlin's experiences with insurance underline the critical need for wealthy art collectors to consider higher coverage due to the risks posed by climate change.
The launch of the Fine Art and Collections Wildfire Insurance Program is a response to the insurance gap for wealthy collectors in fire-prone areas.
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