Financial Times FT.com

State of the art insurance

By Pamela Ryckman

Published: May 3 2008 03:26 | Last updated: May 3 2008 03:26

When wildfires ravaged parts of southern California last October, Valtche Chorbajian was relieved his client’s home was still standing. But the house, on a 39-acre property in Rancho Santa Fe, and its contents, had suffered extensive smoke damage and Chorbajian, a San Diego-based business and real estate lawyer, worried about the art collection inside. “Everyone was evacuating art. It was difficult to find someone to do it, especially if you’re looking for the best,” he recalls.

Because his client holds a speciality art and collectibles insurance policy, Chorbajian was able to call the carrier, American International Group, to orchestrate and supervise the removal of art from the premises. Professional handlers tagged every piece, and experienced art shippers moved the inventory to an approved warehouse, where adjusters spent weeks determining the extent of harm and shuttling the art – including paintings, silk rugs, antique quilts, and a 15th-century tapestry – to the most qualified specialists for repair. “They were able to integrate all these experts. AIG operated behind the scenes and my client had peace of mind,” Chorbajian says.

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