US$1 billion in jewels, no insurance: German police under pressure to catch thieves who carried out the ‘biggest art heist in modern history’
Police in Germany hunt robbers who snatched priceless 18th-century jewellery from a state museum in Dresden
Two days after robbers made off with priceless jewels from a German museum, pressure is growing on police to find the culprits. One big reason: the diamond-encrusted dagger, pearl necklace, and dozens of other glittering artefacts – estimated to be worth more than US$1 billion by the local press – were uninsured.
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, the state Finance Ministry said.
While public museums usually insure works of art that are loaned to other institutions, they often don’t take out policies on their permanent collections, according to Julia Ries, head of fine art and jewellery at insurer Ergo Group AG.
https://www.scmp.com/news/world/europe/article/3039540/us1-billion-jewels-no-insurance-german-police-under-pressure