Visitors flock through your doors every day to view and experience your priceless collections and exhibits. Whether you display centuries-old artifacts or modern art, you need well-planned and comprehensive insurance coverage to protect everything that matters, including your building, your collections, and everyone who walks through your doors.
Museum insurance is not just one policy. It is a complex and comprehensive set of policies tailored to the needs of your museum and your collections. With the help of an independent agent, you can find insurance companies that specialize in museum insurance, so you can be sure your exhibits and your reputation remain in tact.
There are all kinds of museums all over the U.S. displaying items like fine art, rugs, glass windows, books, memorabilia, coins or stamps, rarities, jewelry, and many other items with rare or historical value.
Many museums also share their collections with other institutions, galleries, or traveling exhibitions. What’s more, many of the items you display may be on loan to you from other institutions or private collections. The risks to these valuable works are immense, and with varying ownership arrangements and items on-the-move, your insurance coverage must be comprehensive and impeccable.
At any time, your collections can be damaged by fire, theft, or vandalism on your premises. They can encounter any number of problems while in transit. Your collections must be protected on your premises, while in transit, and while they are being displayed or stored offsite.
What’s more, you need to protect your building and all of its other contents, your customers, and your employees from mishaps, injuries, and property damage that can occur during the normal course of operating your museum.
Museums need insurance to protect collections, buildings, and customers in a variety of situations. What’s most important is that you leave no stone unturned in determining the unique risks that face your museum, and find the coverage that offers the best protection.
Here are just a few of the scenarios that you should consider when thinking about museum insurance. Do you need coverage for any or all of the following?
First, you need tailored, specialized coverage for your collections, whatever and wherever they may be.
Talk to your insurance agent about “all risk” coverage that protects your collection from a variety of perils (not just certain “named perils”). This means you’d be covered for any damage that occurs, regardless of cause, unless specifically excluded from your policy.
It is also essential to consider “wall-to-wall” coverage that protects your collections (including items on loan) while they are in transit or being displayed or stored offsite. Your items need coverage while they are in the possession of freight forwarders, auction houses, storage facilities, or anywhere else they may be moved to or stored. Items in transit must be protected whether they are on a truck, plane, boat or any other form of transportation traveling to anywhere in the world. Certain countries, however, may be excluded from coverage, and you may need to adjust this coverage from time to time depending on the value of the items being moved and where they are traveling.
Your museum insurance should include coverage for any non-owned or partially owned items that are in your care, custody and control, but are on loan from another institution, private collection, or that you have agreed to insure.
You will also need a variety of more traditional business insurance policies to complete your museum insurance coverage.
In addition to business property and liability insurance for your museum, you will likely need a variety of additional policies or endorsements. Talk with your independent agent to determine if you need:
The cost of museum insurance for any one institution is nearly impossible to predict.
First, the cost of insuring your building and your general liability risks will vary based on the location and size of your building and many other factors.
Beyond your basic business insurance, the amount and type of coverage you need (and the cost) for your exhibits depends on the value of your collections and where they are displayed. Are your items worth thousands, hundreds of thousands, or millions of dollars? Are most of your collections owned or on loan? Do you move your collections from place to place to be exhibited or stored?
All of these answers will determine how much risk you are undertaking, and how much it will cost to protect your high-value items.
Talk to an experienced independent agent who can uncover all of your risks and find the policy options that specifically address them.
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your museum from a variety of costly problems. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Our agents simplify the search process for finding the right museum insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-savings opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.