[CPProt.net] INSURANCE firms have joined forces with artists including Damien Hirst to sue warehouse firm Momart for alleged negligence over a fire

[MSN CPPnet (Ton Cremers)]

Art blaze sparks lawsuits against Momart
James Rossiter, Evening Standard
23 August 2005 

INSURANCE firms have joined forces with artists including Damien Hirst to
sue warehouse firm Momart for alleged negligence over a fire that destroyed
some of Britain's most famous contemporary art. 
About 100 items, including works by Hirst and Tracey Emin and worth a total
of £60m, were lost last June when fire ripped through an East London storage
facility run by Momart. The insurance firms, led by fine art insurance
specialist Hiscox, will argue that fire prevention at the warehouse was
inadequate. 


Others who owned art destroyed in the fire - including author Shirley
Conran, former Eurythmics musician Dave Stewart and the heirs of painter
Patrick Heron - have already launched legal action. 


Jonathan Wood of City lawyers Clyde & Co, which is co-ordinating the claim,
said: 'It was a disaster waiting to happen. It is a great loss to the UK art
market.' 


Robert Read, fine art director at Hiscox, said: 'Following a loss, we have a
duty to our Lloyd's Names and shareholders to mitigate it.' 

Hiscox is understood to be pursuing a negligence claim in the name of
several of the 30 claimants in the Clyde & Co suit. 


Other art collectors enlisted City lawyers Charles Russell to lodge a High
Court claim against Momart earlier this summer. Lloyd's insurer Ascot
Underwriting has hired lawyers Hill Dickinson to handle its Momart-related
claims. Momart declined to comment.