Hello list members,
I am trying to understand the issue of insurance for our museum collection but have found very little available information. I am therefore interested to know what approach other museums have taken, especially those run by local authorities.
Our insurance department are keen to have an inventory of the entire collection, including valuations, to ensure we are paying for enough but not too much insurance cover. Whilst I would love to be able to provide this kind of information for them our documentation is a long way off of this being possible. Valuations have been carried out for items of higher value but these valuations will now be out of date. As with most county museum collections, the majority of our objects could never be replaced but have very little financial value.
I'm keen to know if other museums have made educated guesses about how much insurance they require and how they have arrived at a figure. Is this figure then increased by a percentage every year?
Any help on this issue is greatly appreciated
Best wishes
Karen
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