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OpenRoad reinsures ultra-rare Steve McQueen Ferrari valued at $15M to $20M
The $15 million to $20 million 1967 Ferrari will headline Gooding Christie's first Rétromobile New York Auctions at the Javits Center on Nov. 20 and 21.
A 1967 Steve McQueen Ferrari valued between $15 million and $20 million is set to cross the auction block in New York this November, highlighting how collector car insurers handle very large coverage values. The car, a 1967 Ferrari 275 GTB/4*S North American Racing Team Spider, is estimated at $15 million to $20 million ahead of Gooding Christie's announced auction during the Rétromobile New York Auctions at the Javits Center on Nov. 20 and 21. According to Insurance Business, Bryan Ballatore, chief marketing officer at OpenRoad Insurance, said collector car coverage at this price level functions as a reinsurance and valuation exercise even though total losses are rare. Gooding Christie's said the car is the sixth of 10 NART Spiders built and has never been offered at public auction, with the auction house attaching the vehicle to chassis 10453.
Ballatore also said OpenRoad typically does not switch carriers as values rise, instead reinsuring above a threshold to distribute risk so no single carrier holds all of it. Insurance Business reports that when values move to the ultra-high end, OpenRoad reinsures the risk above a certain level while working with the same carrier.