Rebuilding Notre Dame, the 800-year-old Paris cathedral devastated by fire this week, will cost billions of dollars as architects, historians and artisans work to preserve the medieval landmark.
But contrary to what one might think, little of the money will come from insurance companies.
Notre Dame and all of its pre-1905 artworks are the property of the French state and not insured. The French government is responsible for costs like restoration and rebuilding because it has the financial resources to do so — and because taking out private insurance on something as valuable as a national monument would be difficult and expensive.
This image provided by Vassar College on Thursday, April 18, 2019 shows a 3D map of Notre Dame cathedral. Images by the late associate art professor Andrew Tallon, who used lasers to scan Notre Dame to offer a detailed survey of the cathedral. Tallon did the work to try to get into the minds of the buildings, to figure out what made the structure stand up. (Andrew TallonVassar College via AP)
Unique forms of property, like monuments or religious relics, are hard to value. How do you put a price tag on sentiment, history and international renown?
"A small number of specialized insurers, notably Lloyd's of London, are often willing to accept the risk of undertaking such valuations, but the resulting premiums are very high," said Bruce Huber, professor of law at the University of Notre Dame in Indiana. "The insurance business operates by spreading risk over a large number of similarly situated insured parties, and obviously in the case of unique assets, there is not a large pool!"
High-net-worth individuals, corporations, and other entities with substantial assets — like France or any other nation-state — often choose to self-insure instead.
This image provided by Vassar College on Thursday, April 18, 2019 shows a 3D map of Notre Dame cathedral. Images by the late associate art professor Andrew Tallon, who used lasers to scan Notre Dame to offer a detailed survey of the cathedral. Tallon did the work to try to get into the minds of the buildings, to figure out what made the structure stand up. (Andrew TallonVassar College via AP)
"The cost to them of financing the occasional repair or replacement of a unique asset, they may calculate, will be lower than the sum of the insurance premiums," he said. "Thus I would doubt that Egypt has purchased a comprehensive insurance policy for, e.g., the Pyramids of Egypt."
While French authorities are still investigating the cause of the fire at Notre Dame, attention has focused on a 6 million-euro ($6.75 million) renovation project that was underway when the blaze broke out. The building contractors would have been required to have insurance, but the payouts from that would be "a drop in the ocean" compared with the cost of restoring the cathedral, said Robert Read, Head of Art and Private Client at Hiscox, an international insurance company that started as an underwriter on the Lloyd's of London market.
Rebuilding a centuries-old landmark is difficult and expensive because the goal is to preserve the original character of the building, not just replace it.
Ecclesiastical Insurance, a U.K.-based company that has been insuring churches for 130 years, said the structures are complicated to insure because of their age.
In Britain, for instance, buildings deemed to be of high historical value must be restored in the same way as they were originally built. That means finding materials and artisans who can reproduce work done in, say, medieval times, which quickly becomes very expensive.
Paul Humphris, specialist claims consultant at Ecclesiastical Insurance, said the primary issue at the moment at Notre Dame would be safety. If parts of the building look like they are going to fall down they will do whatever is necessary to ensure long-term stability. That might include "a certain element of violence" in knocking things down to make sure that no one gets hurt. But when possible, they will restore it on a brick-by-brick basis.
They will likely use men on cranes, drones, 3D imagery and detailed surveys to offer forensic detail.
"I think the main message is that this building can be restored," he said. "There's no reason it can't be done. But it won't be a precise replica."
PARIS (AP) — French President Emmanuel Macron warned Thursday that Europe could “die” if it fails to build its own robust defense as Russia’s war in Ukraine rages on, or if it fails to undertake major trade and economic reforms to compete with China and the U.S.
Macron urged Europeans to become more ambitious in a fast-changing world to face the challenges of war, fierce trade competition, energy scarcity, climate change and increasing authoritarianism.
In a nearly two-hour speech at Sorbonne University in Paris, Macron said that the continent is divided and “too slow and lacks ambition” at a time when the 27-member European Union needs to become a superpower, defend its own borders and speak with one voice if it wants to survive and thrive.
“Our Europe today is mortal,” Macron said. “It can die and that depends solely on our choices,” he added. He called on people to make those choices now because, “it’s today that Europe is between war and peace.”
Russia's full-scale invasion of Ukraine, now in its third year, is an existential threat and Europe isn't armed enough to defend itself when “confronted by a power like Russia that has no inhibitions, no limits,” Macron said.
‘Our ability to ensure our security is at stake," Macron said. “Russia mustn’t be allowed to win.”
Europe now has the “good fortune” of having the Biden administration’s commitment to supporting Ukraine, Macron said. But, in a year of key elections around Europe, in the U.S. and elsewhere, support may fragment or disappear entirely, he added.
“Europe must become capable of defending its interests, with its allies by our side whenever they are willing, and alone if necessary,” Macron said.
Strong armies, a European rapid intervention program and force, tanks, a missile shield and other weapons, produced in Europe, will need the support of “a joint diplomatic force that will speak with one voice and build bridges with Africa and Latin America,” the French leader said.
“Only then will Europe show that it's not a United States’ lap dog, and that it also knows how to talk to other regions of the world,” he said.
France has been a firm supporter of Ukraine in its fight against Russian aggression, and Macron has often clashed with other Western leaders as he has insisted that Europe must stand by the country at any cost. The French president alarmed European leaders by saying recently that sending Western troops into Ukraine to shore up its defenses shouldn’t be ruled out.
Referring to trade practices of China and the U.S., Macron said “the two world powers have decided not to respect the rules of global trade” by shoring up protections and subsides while Europe’s industry remains open and is stuck in overregulation.
“Let’s do the same, we are in competition,” Macron said.
“We must buy faster, we must produce more and we must buy more that is made in Europe. That is key,” Macron said.
Thursday's speech came less than two months before a pivotal European Parliament election.
Macron, an avid advocate of a united and assertive Europe, also rallied support for his centrist Renaissance party before the June 6-9 vote as far-right parties lead the moderate coalitions in the polls. He called for safeguarding democratic values as the “authoritarian model” was becoming “more popular” across the continent.
The war in Ukraine and immigration are top priorities for European Union voters, according to polls. Far-right parties have gained support by criticizing Macron’s government policies on both issues. Macron acknowledged divisions on immigration policies, including on asylum and deportation rules for those who have arrived to Europe illegally.
He emphasized the need for an effective response and Europe-wide coordination for curbing illegal immigration, closer cooperation with immigrants' countries of origin and a unified, relentless fight against human traffickers.
Macron criticized the idea of striking an agreement, as Britain as done, with countries in Africa and elsewhere to transfer immigrants there.
“This is a betrayal of our values that ultimately leads us to dependency on other counties,” Macron said.
The British government earlier this week approved a law allowing the deportation of some migrants who enter the country illegally to Rwanda.
Macron lost his majority in France’s most influential house of parliament, the National Assembly, after the 2022 election to the far-left coalition and the far-right National Rally party.
The social situation in France remains tense as Paris prepares to host the Olympic Games this summer, amid protests from teachers and police officers, and farmer demonstrations in recent weeks. The protests follow huge rallies last year against Macron’s ultimately successful proposal to increase the retirement age from 62 to 64.
Barbara Surk reported from Nice, France. Lorne Cook contributed to this report from Brussels.
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron arrives to deliver a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron delivers a speech on Europe in the amphitheater of the Sorbonne University, Thursday, April 25 in Paris. 2024. French President Emmanuel Macron will outline his vision for Europe as a more assertive global power at the backdrop of war in Ukraine, security, and economic challenges in a speech ahead of pivotal election for the European Parliament in June. (Christophe Petit Tesson, Pool via AP)
French President Emmanuel Macron speaks during a media conference at an EU summit in Brussels, Thursday, April 18, 2024. European Union leaders on Wednesday debated a new "European Competitiveness Deal" aimed at helping the 27-nation bloc close the gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good. (AP Photo/Omar Havana)
