Hurricane Losses in Chelsea Total $40 Million

Our friends over at ARTINFO report that flooding damage claims in Chelsea currently total $40 million. This according to a statement sent by the art insurance company AXA Art this weekend.

That number excludes damages to gallery infrastructure including, computers, records, and the buildings themselves, not to mention damages incurred by non-AXA clients, so the real cost is likely to be much higher.

AXA’s CEO Christiane Fischer issued the following statement to AFC via email over the weekend:

Regarding questions whether policies will be cancelled automatically, the answer is a resounding no. However, in the post-Sandy environment at the time of renewal, AXA ART will look at each location and risk on its individual underwriting merit.

Looks like flood insurance might become a little pricier for those in Zone A in the months to come.

We wish the ADAA continued success as it aggressively fundraises on behalf of dealers and arts organizations effected by Hurricane Sandy. Chelsea needs the help.