One thing to consider with your insurance coverage is that if you 
knowingly under insure your collection (eg insure only a part of its 
total value) in the event of a claim the evaluators may very well 
under value any payout to you in the same proportion.

But as Claudia says fully insuring is prohibitively expensive these days.

What we are doing is insuring for a partial loss and trying to sock 
away a little every year to build an emergency fund, this not only 
covers the cost of the deductible if there is a claim (and a higher 
deductible means lower annual rates) but over time it should grow 
into a healthy fund in the event of a major loss.

that's my two bits.

Stephen

At 09:56 AM 19/12/2007, you wrote:

>Only if you can establish good values for all of the objects in your
>collection, and keep them current.
>
>And what are the chances that you could (or would have to) totally replace
>your collection?  The chances are instead that you would suffer a partial
>loss and would have to use the insurance proceeds for disaster recovery.
>
>THAT is the cost that you should probably be looking at.
>
>And won't insurance on 100% of the value of your collection be prohibitively
>expensive?
>
>Just my 2 cents.
>
>Claudia
>
>--
>Claudia J. Nicholson
>Executive Director
>North Star Museum of Boy Scouting and Girl Scouting
>2640 E. Seventh Avenue
>North St. Paul, MN  55109
>651-748-2880
>[log in to unmask]
>
>Celebrate the Boy Scout Centennial in 2010 and the Girl Scout Centennial in
>2012 with us!
>www.NorthStarMuseum.org
>
>
>
>On 12/19/07 10:36 AM, "Jill Chancey" <[log in to unmask]> wrote:
>
> > We are in the process of re-evaluating our insurance coverage here.
> > Right now we only cover a percentage of our collection's total value,
> > and some Board members are wondering if we should cover 100% of the
> > value.  What is the standard practice for insuring collections in an art
> > museum?
>
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=====================

Stephen Topfer
Collections Manager
Art Gallery of Greater Victoria
t. 250.384.4171x.292





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