The Necessity of Imposing Judicial Experts on Art Insurance Companies.

 

In Greece, the body of judicial experts for works of art exists and operates, providing specialized assessments of the authenticity, identity, and value of works of art. Nevertheless, insurance companies systematically avoid requesting official expert opinions either when concluding insurance contracts or during the compensation process, leaving policyholders exposed to unjustified rejections of claims.

How Insurance Companies Operate

Most insurance companies that cover works of art do not request independent expert opinions and follow practices that create problems for policyholders:

• They arbitrarily suggest insurance coverage prices without having conducted a thorough assessment.
• They do not require a formal appraisal by a recognized expert at the start of the contract, leaving room to dispute the value or authenticity at a later date.
• They do not accept assessments by experts who have already been accepted by the courts, rejecting them arbitrarily.
• In the event of damage or loss, they try to reduce or cancel compensation, claiming that the work was either not authentic or not worth the amount declared.

These practices are clearly misleading to customers, as they create a false sense of security, when in fact insurance companies reserve the right to dispute any claim for compensation.

What the State Must Do 

To stop this opportunistic practice, the state must require insurance companies to work with recognized court-appointed experts at the following stages:

Before insurance: No insurance company should enter into a contract without an official assessment by a certified court expert.

During compensation: If a claim for compensation arises, the authenticity and value must be assessed by independent experts who are already registered as court experts.

Legislative regulation: Insurance companies must be legally obliged to accept the opinions of court experts and not arbitrarily reject their assessments.

Penalties for abusive practices: When an insurance company avoids or disputes expert opinions without reason, financial and legal penalties should be imposed.

Conclusion

The problem with insuring works of art in Greece is not a lack of expert appraisers—the body of court-appointed appraisers already exists and is functioning. The problem is that insurance companies bypass the process of independent expertise so that they can later avoid or reduce compensation payments.

The solution is simple: the state must enforce cooperation between insurance companies and court experts, ensuring that policyholders do not fall victim to misleading and abusive practices.

Dimitrios Sofokleous

Dr. Art Historian  USA