Message-ID: <005701c8d196$98745700$4001a8c0@HP50151119617> From: "Susan McLeod" <s.mcleod@cvmuseum.com> Subject: Re: Insurance Date: Wed, 18 Jun 2008 17:56:50 -0500
An additional factor to consider in collections insurance is having
coverage that provides funds for conservation or cleaning, since damage
is more likely than total destruction. (Hard to find truly equivalent
replacements for documented regional history artifacts.) CVM has a lump
sum value for collections insurance. This allowed us to have
conservators clean paintings that had been in a "cold smoke" episode
when a furnace was trying, but failing, to ignite.
----- Original Message -----
From: Rich & LeAnn
To: localhistory@listserve.uwec.edu
Sent: Monday, June 16, 2008 9:23 PM
Subject: Re: Insurance
Thank you very much for the information Susan. We will look into this.
Rich
----- Original Message -----
From: Baker, Susan K - WHS
To: localhistory@listserve.uwec.edu
Sent: Monday, June 16, 2008 9:53 AM
Subject: RE: Insurance
You have some important questions. There is no simple answer.
Consider forming an ad hoc committee of people who have business
experience to investigate your options and weigh the alternatives.
Even if you choose not to insure your collections, be sure to carry
liability insurance to protect your organization from the inevitable
injury at your site to visitors and volunteers.
Also, consider Directors and Officers insurance to protect the board
against errors and omissions.
Insurance on collections has been debated extensively on AAM's list
serve (Museum-L). You may want to get on AAM's website and check the
archived discussions. You will need to be a member to access this. Look
at The American Association of State and Local History website as well.
Whether to carry insurance on your collections should be done with
plenty of thought. Determine from your insurance sources what it will
cost to cover your building/s. Consider the questions below relative to
your building/s and artifacts.
1.. What do you have in your collection?
2.. Can the items be replaced?
3.. Are there key artifacts that should be considered separately?
4.. Would you replace your artifacts and/or buildings if what you
have was damaged (or artifacts stolen)?
5.. How much would it cost?
6.. How much are you willing to pay each year for that protection?
7.. What are some alternatives to carrying insurance on
everything?
These are a few of the questions that need to be discussed.
Some organizations choose to not cover their artifacts because of
the answers they conclude to the questions above along with other
questions.
Sources of insurance -- You may need to procure insurance from
different places for the different types of insurance. If your
organization is connected to a municipality, start by talking to someone
in the government about possible options through it. Do you know an
insurance person you trust? Once you learn whether you have options
through government, learn what options you have through various
insurance avenues. (Government options are likely to be less costly than
private.)
Good luck!
Susan K. Baker
Special Events Manager
Wisconsin Historical Foundation
816 State Street
PO Box 260050
Madison, WI 53726-0050
608-261-1856 Tel
608-264-6542 Fax
susan.baker@wisconsinhistory.org
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---From: localhistory-request@listserve.uwec.edu [mailto:localhistory-request@listserve.uwec.edu] On Behalf Of Rich & LeAnn Sent: Thursday, June 12, 2008 8:50 PM To: localhistory@listserve.uwec.edu Subject: Insurance
List Serve Members,
I hope I am sending these questions out right to the members. Should Historical Societies carry liability insurance if so how much? And who would people recommend to insure with if so? Also does everyone insure their collections, buildings, etc. If so where does one go to get this type of protection?
This list serve is excellent and I have learned alot. If anyone has any answers for me it would be greatly appreciated.
Rich Hoffmann
President
Shawano County Historical Society