OREANDA-NEWS. March 2, 2010. An exhibition of masterpieces of the XXth century greatest genius, Pablo Picasso, the largest one within the last 50 years, has opened its doors within the framework of the Year of France in Russia. The Pushkin State Museum of Fine Arts is temporarily housing more then 280 masterpieces from the magnificent collection of the National Picasso Museum in Paris.

Ingosstrakh has provided a “nail to nail insurance” for all exhibit items, which means insurance coverage for the whole exhibition period, including transportation and display period of the masterpieces. Insurance coverage includes the risks of damage and total loss of the exhibit items for any reason whatsoever.

Nowadays museums try to provide themselves with insurance coverage since, according to expert estimates, masterpieces to the amount of USD  2 to 6 bln. are stolen worldwide every year, but only one tenth of them is found and returned. Priceless exhibit items can also be damaged during transportation. Ingosstrakh has settled such insurance events more than once before. The largest insurance compensation paid out by Ingosstrakh for this type of insurance in Russia amounted to USD  1.2 mln.