In the midst of a crisis the last thing you want to hear is that your insurance policy will not cover parts of your recovery and salvage. We often assume that insurance geared towards cultural institutions will automatically provide us with the right coverage. This is a false security; a boilerplate policy may leave you at serious risk. It is important to be sure that your insurance plan is tailored to your institution and to the specific risks you may face in your area.
Some question to ask: Are you self-insured or are you covered through a government or university plan? Who is your contact person at the agency? Do you need business interruption coverage? Is the staff bonded and insured against damage? Are there any exclusions in your policy that could nullify the claim? What are the insurer’s policies in regards to mitigation steps that need to be taken immediately without authorization? What happens if collection items are deemed a “loss” but have important historical value? Will your insurer cover moving the collection out of harm’s way? Does your policy cover by item or by event?
Navigating through your policy can be confusing and tedious. One way to make the process easier is to sit down and write out various plausible disasters that could strike your institution. Then schedule a meeting with your insurance company contact to walk through these scenarios together. Your agent should be able to show you the sections in your policy that relate to the scenarios you bring up. Understanding what your current policy does and does not cover is the first step in making sure you have the coverage you need when disaster strikes.
On a separate note, hope to see you at our re-scheduled Annual Conference on February 12th!
Some question to ask: Are you self-insured or are you covered through a government or university plan? Who is your contact person at the agency? Do you need business interruption coverage? Is the staff bonded and insured against damage? Are there any exclusions in your policy that could nullify the claim? What are the insurer’s policies in regards to mitigation steps that need to be taken immediately without authorization? What happens if collection items are deemed a “loss” but have important historical value? Will your insurer cover moving the collection out of harm’s way? Does your policy cover by item or by event?
Navigating through your policy can be confusing and tedious. One way to make the process easier is to sit down and write out various plausible disasters that could strike your institution. Then schedule a meeting with your insurance company contact to walk through these scenarios together. Your agent should be able to show you the sections in your policy that relate to the scenarios you bring up. Understanding what your current policy does and does not cover is the first step in making sure you have the coverage you need when disaster strikes.
On a separate note, hope to see you at our re-scheduled Annual Conference on February 12th!
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