Claims in Saatchi warehouse fire estimated at between £20m and £30m

Insurers Hiscox and AXA Art both confirmed they were involved in last week's Momart storage facility fire containing art works belonging to Charles Saatchi, and other collectors.

Sources have indicated that Ascot Underwriting was the insurer of Saatchi's collection. The entire loss is estimated between £20m and £30m.

The fire which gutted a warehouse storing modern art in Leyton, London, could have been connected to a burglary at the industrial estate.

Hiscox fine art underwriter Robert Read predicted the total value of eventual claims would run to "tens of millions."

Neil Doherty, fine art loss adjuster with Clement Doherty, said: "There is no question that the claim is going to be very serious. Momart is coming up with a list of art stored at the facility, including paintings. These will have been totally destroyed."

He confirmed that AXA Art and Hiscox had instructed his firm to act on the loss.

Others adjusters appointed include Tyler & Co for fine art and GAB Robins for the building damage to the warehouse.

Broker Heath Lambert confirmed it acted on behalf of art storage company Momart, as well as various individuals and institutions who had works affected by the fire.

Artists affected include Tracey Emin, Sarah Lucas and Marcus Harvey.