Stolen Louvre jewels weren’t privately insured, French government says

The Louvre Museum Heist: Uninsured Jewels Raise Concerns

Recently, a group of thieves carried out a daring heist at the Louvre museum, stealing priceless jewels that were not privately insured, as revealed by France’s Ministry of Culture in a statement to Le Parisien. This lack of insurance is due to French law, which prohibits entities like the Louvre from insuring their property, except in cases where items are moved or loaned to another institution, according to Romain Déchelette, president of Serex Assurances, a fine art insurer based in France.

Since the Louvre is a national museum, its collections are considered state property, for which the state alone is responsible. This means that everything belonging to state museums in France remains uninsured unless it leaves the museum premises, as explained by Déchelette. If any of the stolen crown jewels had been temporarily moved for an exhibition, the cost of insurance would have been calculated based on an estimated value.

The estimated worth of the stolen crown jewels is around 88 million euros, according to Paris prosecutor Laure Beccuau. This value does not take into account the historical significance of the jewels to France. The prosecutor’s office, leading the investigation, has mobilized about 100 investigators in the hunt for the suspects and the stolen gems after the heist.

Private insurance, on the other hand, would cover losses that occur during transit, such as damage to artwork or valuable items. Charlie Horrell, head of fine art at insurance broker Marsh, explained that private insurance would ensure that claims are paid out without issue in the event of a loss.

Unlike national museums, private museums like the Foundation Louis Vuitton in Paris purchase insurance for their collections. However, for national museums in France, the state acts as its own insurer as long as the works remain in their usual storage place, according to the Ministry of Culture.

While the authorities are confident in catching the robbery suspects, recovering the stolen jewels may prove to be a challenge, according to criminologist Alain Bauer. The missing French crown jewels, considered priceless for their historical value, could potentially be broken up and sold on the black market, raising concerns about the museum’s security vulnerabilities.

A recent security audit revealed that 35% of the rooms in the Denon Wing, where the stolen jewels were displayed, are not monitored by security cameras, highlighting the need for enhanced security measures at the world-renowned museum.