In perhaps the most extreme example yet of why it’s important to insure your valuables, Germany’s Green Vault Museum recently learned that the $1 billion worth of jewels that were stolen from its collection were uninsured.
The Green Vault Museum in Germany was robbed in mid-November. The thieves started a fire nearby to create a power outage, smashed a window to gain access to the museum, then ripped out all the jewels that weren’t sewn into the displays. A diamond-encrusted dagger, pearl necklace and more were stolen. All told, roughly $1 billion worth of items were taken in the robbery that lasted mere minutes.
It’s always particularly sad to see art stolen, because while a monetary value is attributed to it, the stolen work is often irreplaceable. That is the case here, though to make matters worse the Green Vault Museum has since learned that they had not properly insured the stolen art.
According to the Insurance Journal, “The German state of Saxony, the owner of the Green Vault museum in the eastern city of Dresden, carried no insurance on the jewels, standard practice because the premiums typically exceed potential damages in the long-term.”
If there is a silver lining to be found in this story, it’s that the museum’s literal crown jewel, a 41-carat Dresden Green Diamond, is currently on loan to the Metropolitan Museum of Art in New York.
This is a particularly brutal example of the importance of having a proper insurance policy protecting items of value. Even if you don’t have $1 billion worth of jewelry lying around, if you have belongings that are objectively valuable, you need to have an insurance policy with ample coverage.
To find out more about what your current policy covers, or to learn more about what policies are available to you we encourage you to reach out to TGS Insurance. The TGS staff are experts in their field and are always willing to work with you to find the right policy for you. Visit www.tgsinsurance.com to learn more.