Hi Morris

 

You may find the following of use (even though they are written with English law and the English Insurance market in mind).

A key question is why are you insuring the buildings?  What would you want to do if some of the rooms were flood or fire damaged?  What would you want to do if the whole building was destroyed?  Remember that if you under insure the whole building then the insurer may only be obligated to pay out a proportion of the costs in the event of an incident that does not involve the total destruction of the property.

 

Insuring your historic buildings- Churches and chapels- Part 2 (2148 Kb)

Insuring your historic buildings- Churches and chapels- Part 1 (2230 Kb)

Insuring your historic buildings- Houses and commerical buildings- Part 2 (1964 Kb)

Insuring your historic buildings- Houses and commerical buildings- Part 1 (2543 Kb)

 

Trevor Reynolds
Collections Registrar
English Heritage 36 Hospital Fields Road, York, YO10 4DZ
Telephone +44 (0) 1904 610322 ext 24

-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On Behalf Of m witten
Sent: 27 June 2008 22:25
To: [log in to unmask]
Subject:
Importance: High

 

Hello All-

This question is especially for historic house museums. You may respond to me off list if you wish.

We are re-evaluating our historic property insurance. Our agent wants us to insure our three historic properties (one NHL and 2 NHSs) for full replacement value. Since our properties are, in effect, part of our collections and cannot be reconstructed and still be considered "historic", our board wants to keep the same insurance that we have in effect right now. Our agent is pressuring us to increase the insurance which would increase our premiums by $15 to $20K annually.

Have any other historic home museums faced this problem? If so, how did you handle it? And, if you are willing to share the information, who insures your historic properties?

Thanks.

 
Morris Witten
Executive Director
Taos Historic Museums

Every calculation based on experience elsewhere fails in New Mexico.
~Lew Wallace (Territorial governor of New Mexico 1878 - 1881)

 

 

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