Coverage & Limit Updates for Museums and Cultural Institutions

April 13, 2018

By Rick Cline
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All Access Insurance has partnered with Philadelphia Insurance Company to  offer a comprehensive policy that addresses the unique exposures of Museums and Cultural Institutions. Did you know? The Institute of Museum and Library Services (IMLS) announced that there are 35,144 museums in the U.S., more than double the agency's working estimate of 17,500 from the 1990s. There is not a lack of museums to ensure. Here is a list by state of all the museums. In 2016, our insurance team developed a Fine Arts Collection form that provides "Wall to Wall" coverage along with the flexibility to tailor specific coverage enhancements. We recently developed two enhanced property forms with additional coverages and higher limits, making our product very competitive in the marketplace.

bones Some of the Museum and Cultural Institution policy enhancements include:  Elite Property Enhancement Plus Form

  • Majority of limits have been increased, including Business Income to $500,000 (previously $100,000)
  • Unlimited Period of Indemnity
  • Added coverages include: Display Water Replacement, Preservation of Property Expenses, Animals, Birds and Fish, Historical Building Restoration – Valuation, Fungus, Wet Rot, Dry Rot and Bacteria, Money and Securities, Computer Fraud, and Employee Theft
  •  

Flexible Limit of Insurance Coverage Plus Form

  • Flexible Limit of Insurance increased to $500,000 (previously $300,000) with limits up to $2M
  • Twelve additional coverages that can be used at time of loss at the insured’s direction.
    • Coverages include: Outdoor Trees, Shrubs or Plants, Leasehold Interest, Personal Property of Employees, EDP Equipment, Historical Research Costs, Lease Cancellation Moving Expense, Lost Master Key, and more.

Here at All Access Insurance we want to ensure your cultural institutions stay around for a long time, after all, they are a national treasure.   Keeping you protected,   Rick   All Access Insurance in Littleton, CO,  who represents multiple insurance companies as a “Broker” and provides products for auto, home,  commercial, workers compensation, and much more!   Call us today for a free quote at (303) 932-1700