The eight jewels stolen from the brazen Louvre heist this week were not privately insured, France’s Ministry of Culture has declared.
In a statement, France’s culture ministry said the state would not be reimbursed for the loss of items that have an “inestimable heritage and historical value.”
Unlike private galleries, which purchase private insurance, national museums self-insure and assume risk. In fact, French law prohibits entities like the Louvre from insuring its property, except when part of a collection is moved or loaned to another institution. And because the Louvre is a national museum, its collections are considered state property for which the state bears responsibility.
State as insurer is the norm in France, thus.
Even so, private insurance only covers accidents that happen during transit typically.
The eight missing pieces are estimated at 88 million euros— or $102 million.
A security audit shows that 35% of the rooms in the Denon Wing, where the stolen jewels were displayed, are not monitored by security cameras.
