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The case of the multi-colored bear

Objects won at charity auctions rarely reflect their true market value. Agreed value vs. stated value spells trouble when this is not your average bear.

By Tom Kirkpatrick | Updated on October 06, 2014
The United Buddy Bears exhibition in Kuala Lumpur, Malaysia, featured 143 painted bears similar to the bear sold at the auction

A contents specialist was recently asked to assist with a claim that revolved around damage to a sculpture. The sculpture was a stylized, life-sized bear made of fiberglass with a multicolored painted finish. This whimsical bear had been created for a festival parade. Painted blue with a flower power theme, it was sold at a charity auction to benefit the nonprofit sponsor of the event. The owner, who was smitten with the sculpture, was also a strong supporter of the nonprofit, and generously bid $30,000 to win the sculpture. He immediately sent the receipt to his insurance broker to add the bear sculpture to his HO policy. It was insured for $30,000. He then positioned the bear in his garden to dress up the back yard and to keep out animals.

When an Enservio contents specialist inspected the sculpture, the cause of the damage was apparent:  animals gnawing the sculpture’s paint finish had damaged the poor bear. Wild animals, unfazed by the bear replica, seemed to enjoy the taste of its paint job.  The blue background was untouched, but the flowers were particularly popular.

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