The Notre-Dame Cathedral has no insurance policy at all
After Notre Dame’s disastrous fire Monday, one big question was what sort of insurance policy could possibly be a backstop to help rebuild the 856-year-old world landmark filled with invaluable rarities?The vaunted cathedral has no insurance, a spokesman for the French Consulate in New York City told MarketWatch.“The French State is self-insured for Notre Dame. It has no insurance. It is supposed to cover its own costs,” spokesman Paul Gadel said.
While France might be technically on the hook, it’s hardly the case that the country will have to drum up funds alone. “The French state is huge, bigger than any insurer, so they are likely to self-insure not only the building but also the important artifacts it contained,” Read said. However that’s not the case for any pieces in the church that were on loan from elsewhere, he said. Those items would be insured by their owners, Read said.
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