Hilary,
Various museums have a wide variety of coverages. It depends on the
facitlity, it location, its collections, and especially its budget.
Most of the institutions I have worked in opt for wall to wall insurance
coverage that insures everything, usually at 10-50% of the overall value of
the collection. There is a limit to how much coverage any one event or
disaster can generate, no matter how much is actually lost. The assumption
is made that no disaster will take everything, and that our due diligence
and disaster preparedness will mitigate that. As flawed as that may seem,
it saves money. Such a policy covers our objects and objects formally
loaned to us in transit and in our facility, as well as our objects that
are in other facilities. Lana is right, they are far superior to regular
policies.
There are a wide variety of companies that offer and/or specialize in fine
art insurance, which also covers historical, anthropological, and
biological collections. There are several entities involved in our
particular policy(which is complex), but it is all underwritten by Lloyds
of London, with our policy being held by Angel Fine Art and Specie, Ltd.
Our facility is insured through the University, and I do not know anything
about that policy, which I presume is through the state of Kansas.
Good luck.
Mark Janzen
Registrar/Collections Manager
Edwin A. Ulrich Museum of Art
Martin H. Bush Outdoor Sculpture Collection
Wichita State University
(316)978-5850
Hilary Edelen
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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
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