They do not cover mechanical failure or issues that happen due to regular use, such as tire blowouts, hose repairs, or brake replacements. Inland Marine policies do not, however, cover damage from war, nuclear or otherwise. It would also help meet the costs to repair or replace property damaged by fire, wind, hail, or water. This includes protection from damage or loss due to theft, accident, or mishandling, or in the event of an undetermined cause for property to have gone missing. Galleries and art fairs often use this form of coverage to protect paintings, sculptures, prints, collections, and cultural artifacts, and elite garages do it with cars. When they take their vehicle around, whether they want to take it to a concours or take it on a road rally or tour, that policy that will cover it appropriately." "It provides a much broader form of coverage, as opposed to a standard auto policy, which would be comprehensive and collision coverage. "That would treat it essentially like a piece of jewelry or art," says Barnett. Numerous factors go into finalizing the rates and structure of such a policy-things like location, storage, and vehicle type-but in general, insuring a $100 million vehicle costs well over $100,000 to insure annually. But according to Abe Barnett, vice president of Signature Services, Hagerty's highest-end insurance segment, the most obvious bet for the new owner would be to protect it under an inland marine insurance policy, which covers high-value items typically excluded in proper coverage. "They want to keep them off the books."Ī spokesperson for Mercedes-Benz said the company would not comment on insurance with regard to the record-setting coupé. "There are some parts of the world where people won't insure high-value vehicles," says Jack Butcher, Hagerty's president of global markets. Technically, if the car is never driven it will not legally require insurance, according to analysts from Hagerty, a firm that provides insurance for collectable vehicles and collections that are valued as high as $1 billion. What is certain is that an object of such value will require a rock-solid insurance policy-if the new owner plans to drive it.
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