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RedDeerGuy1's avatar

How does an insurance company assess the value of a priceless object?

Asked by RedDeerGuy1 (23823points) November 20th, 2022
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“Great Question” (1points)

Like the Mona Lisa? Or some other priceless object?

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zenvelo's avatar

They use the value of similar object that have sold recently.

They don’t put a value on the Mona Lisa; it is uninsurable. But in a recent auction a Van Gogh self portrait went for about 75 million, so similar works of Van Gogh would be insured for about the same amount.

And then, was there a premium paid? You can’t insure something if you don’t pay the insurance premium.

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