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Insurance companies expect France to carry Notre Dame rebuilding cost



(Reuters) – The major European insurance companies expect France to bear most of the cost of building the Notre Dame cathedral after a fire ripped through the 8-year-old Paris landmark Monday.

The cost of a likely multi-year restoration project could in itself take a year to become clear, industry experts said.

"It will certainly be up to the French state and benefactors to help restore and build this up," Robert Read, the college of arts and private customers at Lloyds of the London insurance company Hiscox Ltd. told Reuters, and it could take up to 20 years to restore the cathedral.

"The building costs will be huge, and indeed the building will be huge. The cost of renovating the British Parliament is a similar type of number," Mr. Read says.

The cost of repairs and upgrades to the neo-Gothic facade building at Thames beach has been estimated at up to $ 8 billion.

French President Emmanuel Macron has said that France would launch a fundraising campaign to rebuild Notre Dame, as among the finest examples of French Gothic cathedral architecture.

Several of France's business elite has already promised money to help, including a contribution of EUR 200 million ($ 226 million) from Bernard Arnault and EUR 1

00 million from Francois Pinault, heads of luxury goods groups LVMH and Kering.

"Rebuilding would be very tricky, as some of the craft required rebuilding – the stain manufacturing craft – would probably need to be careful kt, "says Hiscox Mr. Read.

Reinsurer Swiss Re Ltd. said that artwork in buildings such as the cathedral is generally not insured because they are often priceless. However, all works of art borrowed from third parties would be insured, Read Read said.

While some of the great paintings at Notre Dame could not be taken down on time, the mayor of Paris, Anne Hidalgo, said on the scene of the fire that a number of the many works of art in the cathedral had been rescued and put into safe storage.

Notre Dame was in the middle of the renovation and industrial sources said that the contractor would have his own responsibility policy.

"Usually, it would be for tens of millions of euros. But effectively, there will be a drop in the ocean compared to what the actual cost of restoring the cathedral is," Mr. Read says.

"If they are considered responsible, they have no cover, but it is not unlimited and it will definitely not be enough to rebuild the cathedral. "


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