This is the way I understand it.
Museums should carry fine arts insurance from a fine arts insurer when it comes to collections and loaned objects. This insurance is flexible and inexpensive, because in the case of the collection, the museum does not have to insure every single object. A museum can insure their most expensive/valuable objects and the insurance will cover the entire collection. Loss insurers want a total value for every object in the collection (which is the way the operate, because they are insuring for total loss), but this can be difficult for a museum to come up with, and that total value then drives up the premium.
Also, fine arts insurance covers conservation and repair. Loss insurance does not cover conservation or repair. For example, Museum A has borrowed a painting from Mr. Z for exhibition, and the museum has carried the insurance on it. The painting is dropped and a corner is damaged, but it can be repaired. Mr. Z sends it to his favorite conservator who repairs it for $1,500. A fine arts insurer will cover the $1,500 conservation fee. A loss insurer would cover no conservation fee, leaving the $1,500 to come out of the museum's pocket. If you are a small institution on a small budget $1,500 is a lot of money. For about the same amount annually ($1,500) a museum can insure their collections and/or loaned objects for about $250,000. That's a rate of about .05/$100/value/month.
As for overall insurance (i.e. facilities, liability, unemployment, etc. . . ) I suppose you could have just about anyone who does that. But there are insurers who specialize in insuring museums. Chubb is one (they have many different kinds of clients, too.) But Chubb will, also, sell fine arts insurance to your loss insurer if your loss insurer does not offer it. There is also Henderson Phillips Fine Arts, Near North Insurance Brokerage, and AXA Art Insurance. I'm sure there are more, but these are the ones I know of.
(P.S. don't fall for the "fine arts" clause in your loss insurer's contract - they aren't covering conservation and repair, they are simply stating that they will cover a piece of fine art as well as a your truck or a liablity suit.)
I suggest that you contact Bill Allen at Henderson Phillips Fine Arts. He explains this stuff very well. He is their managing director, phone number is 949-376-9400.
Lana Newhart-Kellen
Registrar
Conner Prairie Museum
13400 Allisonville Road
Fishers IN 46038
317-776-6000
317-776-6014 fax
>>> [log in to unmask] 04/26/04 04:43PM >>>
Hello Museum-L subscribers,
I am an undergraduate history student aiming towards graduate study and a career in the museum field.
My questions: Where and how do museums and archives obtain insurance?
Is this insurance specifically for the collection or does it cover
the facility that houses the collection?
The reason I'm asking is because I am preparing a research paper in which this issue is addressed. I also wanted to know just out of personal curiosity (I'm assuming I can't just obtain some "museum insurance" from State Farm).
Any responses will be appreciated and helpful.
Thank you,
Hilary M. Edelen
Undergrad.-History
University of Iowa
[log in to unmask]
---------------------------------
Do you Yahoo!?
Yahoo! Photos: High-quality 4x6 digital prints for 25¢
=========================================================
Important Subscriber Information:
The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).
If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).
=========================================================
Important Subscriber Information:
The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).
If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).
|
