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Art Theft and How It Impacts the Insurance Industry

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Bill Anderson, a managing partner of Brooklyn, New York-based Art Guard, recently spoke with Insurance Journal's Elizabeth Blosfield about issues related to insurance and artwork. Anderson has observed that roughly more than 50% of art thefts occur at private homes, and with this in mind, he spoke about best practices for security within private homes, as well as museums, that house art collections. He also discussed strategies for preventing thefts before they occur and the process for filing an insurance claim after a theft.

Anderson also talked about Art Guard and the technology behind it. Art Guard was founded in 2006 in response to increases in art valuations and a corresponding increase in grab and run theft, according to the company's website. It currently uses MAP systems to alarm each piece of artwork in a home or gallery individually to alert against any potential theft. Going forward, Art Guard is looking at the home automation market and internet of things technologies for future development, its website states.

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