These are interesting findings, certainly given recent events thanks for sharing these.
I could not help but think about rather than focusing on the monetary aspects of insurance whether another approach could be taken. Rather than insurance based upon loss and monetary value could an organisation take the line of duplicating the records and dispersing them at another site.
This is another kind of "insurance" against loss and is something I had been considering with our vital records. Does this work in practice for anyone?
Mark
>>> Caroline Ives <[log in to unmask]> 23/08/06 10:19:53 >>>
Many thanks to those who responded to my enquiry(below).
For those interested in the responses, I think the general view is that
unless you cover it yourself - you are generally only covered for physical
asset, e.g. £1 per box.
However attributing a value (based on their value to the company) and
getting a broker to cover for this is difficult.
So although you may have the opportunity to arrange separate insurance- it
is usually a box rate e.g £50 per box- again not much use if not having a
certain document could cost you £1000's.
Regards
Caroline
On Mon, 24 Jul 2006 13:40:38 +0100, Caroline Ives
<[log in to unmask]> wrote:
>The recent fire at Iron Mountain's facility in London has prompted us to
>look at our own insurance provisions for records (particularly vital
>records) held by third party storage contractors and on our own council
>sites.
>
>Our initial concern is whether we are only be covered for the value of the
>physical records, e.g the paper (minimial amounts) rather than their
>content/importance(which may be substantial if the Council was not able to
>provide these for one reason or another).
>
>I wondered if any list members could share their experience; particularly
>whether:
>
>1)They are only covered for cost of paper and how they manage this, (e.g
>distaster recovery plans/being able to sue if negligence is cited).
>
>2) They have different insurance arrangements for all/selected records?
>(Does this exist for records you hold the records or are terms entered
into
>with storage contractors?)
>=is it impossible to insure records?
>
>Any feedback would be much appreciated and if members would prefer to
reply
>off-list; I will collate and anonymise any responses and feedback.
>
>Many thanks
>
>Caroline Ives
>========================================================================
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