Zurich Not Liable For Art Dealer’s Loss: 2nd Circ.

Law360, New York (May 11, 2009, 12:00 AM EDT) -- The U.S. Court of Appeals for the Second Circuit has affirmed that Zurich American Insurance Co. is not required to reimburse an art dealer for the cost of a Fernando Botero painting sold to a buyer who disappeared without making the full payment.

A three-judge panel affirmed the ruling on Friday, finding that a Botero painting allegedly owned by Felipe Grimberg Fine Art Inc. was not insured under a Zurich policy because the work had been sold to another dealer, even though the buyer disappeared with...
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