Art Fraud Increases
Art insurers are looking at art claims so much closer at the moment as fears of fraudulent claims have shot up during the recession.
Experts have predicted that the number of false claims is still going to rise until the recession is over and the economy stables. In 2008 false claims rose by 17 per cent compared to that of the previous year which meant that around 2,000 claims were fraudulent making a total value of £730 million around 30 per cent up on the year 2007.
The only problem the insurers have is proving that they are false claims.
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