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MUSEUMS-INFO  February 2010

MUSEUMS-INFO February 2010

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Subject:

Re: Question about museum insurance

From:

Museum <[log in to unmask]>

Reply-To:

Museum <[log in to unmask]>

Date:

Thu, 11 Feb 2010 11:44:53 -0000

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (164 lines)

I understand that some insurance companies have a rule that it they discover
that you have been paying only a proportion of the value of your collection,
they will pay only the same proportion of the value of items lost in a
disaster.

However, as you say, most items are irreplaceable and have little real
financial value so the insurance should be to cover the cost of replacing
the types of object lost. My feeling is that it would be quite easy to get
replacements for free - from donors and other museums (since many of us
would be delighted to transfer some of our duplicate collections).  The cost
would be in administration of such a process (making a record of items which
were stolen or destroyed or damaged (e.g. by fire), then upgrading displays.
This would be very time consuming, but I don't think it would be covered by
any sort of insurance.

Ceredigion has an unusual situation in that the Council don't pay a
commercial company for insurance but put aside a certain amount each year
and have a very large sum set aside for insurance for all their possessions
(including school buildings etc). This is like Government Indemnity.
They work on the assumption that not every building (or in our case, every
item in the collection), will be destroyed in one go. In this case, we would
get a payment for the estimated value of items stolen or destroyed. I
imagine that this would be the subject of long negotiations because the real
value of the items (or their replacements) 

When we were insured with a commercial company, they wanted a list of all
items worth more than a certain amount (£3,000 I think), which was a small
number of items. 

Some museums update their valuations by a fixed percentage each year (which
they get from some central source), but this is an average, since some types
of museum object go up in value and others down.

One of the things which have a high market price at present are photographs,
postcards and prints, and these would cost a lot to replace, but if they
have been scanned in to a high standard (at least 600 dpi), there would be
little point in replacing them all (as long as the digital copies were
backed up securely in another building so they would survive a fire).

We recently had to have a large collection of items which had been
bequeathed to us valued for Probate purposes. A representative from a very
well respected auctioneer house didn't even look at the collection, but
based his estimated value on a list we had prepared and some general
photographs. If this was enough to satisfy probate, then it might be enough
to satisfy an insurance company.

Another approach is to list all items worth over £1000, and give an average
value for the rest (say £10). 

Calculating the real value of a large collection is unrealistic. You could
spend an entire year doing this and it would be of very little benefit to
anyone.
 
I realise that this doesn't really answer your question, but it does give
some alternative approaches to arranging insurance.  The important thing is
to ensure that you know exactly what is covered. It is really a matter of
risk management.

Dymuniadau gorau / Best Wishes
 
Michael Freeman
Curadur, Amgueddfa Ceredigion, Coliseum, Ffordd y Môr, Aberystwyth, SY23 2AQ

(01970) 633087
http://amgueddfa.ceredigion.gov.uk (Gwefan Cymraeg)
P Ystyriwch yr amgylchedd cyn printio'r nodyn post yma os gwelwch yn dda.
 
 Curator, Ceredigion Museum, Coliseum, Terrace Road, Aberystwyth, SY23 2AQ
(01970) 633087
http://museum.ceredigion.gov.uk (web site, English)
P Please consider the environment before printing this mail note 

-----Original Message-----
From: Museums Current Awareness Bulletin
[mailto:[log in to unmask]] On Behalf Of Karen Murdoch
Sent: 11 February 2010 10:36
To: [log in to unmask]
Subject: Question about museum insurance

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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