A Chubb Ltd. unit’s insurance policy didn’t cover missing artwork by Andy Warhol and Keith Haring, a federal appeals court ruled.
The policy issued to amateur art collector Douglas Altschuler covered silkscreen prints other than those he owned, and therefore Chubb National Insurance Co. didn’t owe payment for the missing prints, the US Court of Appeals for the Ninth Circuit said in an unpublished decision on Wednesday, affirming a lower court ruling.
Chubb’s policy was based on an appraisal of a numbered set of silkscreen prints, but “Altschuler ultimately conceded that he could not have owned ‘Edition 3 of 30′ …
