Insuring the unusual
Recently, Notre Dame, an 800-year-old cathedral in Paris, was devastated by fire. It was not insured, so the billions of dollars in damage will not be paid for by insurance companies. The French government will be responsible for restoring and rebuilding the valuable artwork and property. Often, government entities and very high value individuals or corporations will choose to self-insure, meaning they take on the risk of paying for any damages to property themselves.