Author: Nauert, Patricia and Black, Caroline M.

Publication Year: 1978

Media Type: Book

Summary:

Abstract:

The purpose of this handbook is to provide art museum trustees, directors, administrators, curators, and registrars with a general introduction to fine arts insurance and a concise guide to its use and management. It is part of an overall effort undertaken by the Fine Arts Insurance Committee of The Association of Art Museum Directors.

The text of this handbook is concerned with the practices and procedures of the field which have been relatively stable for a period of years. Appendix A concerns itself with the history of the activities of the Fine Arts Insurance Committee of The Association of Art Museum Directors from 1972 to 1979, and especially with a series of surveys which, for the first time, give art museums and the public information on the premiums paid for fine arts insurance, on claims received and on the relationship between them.

CONTENTS
Preface.
Introduction.

1. Risk management: identification of risk.
    Risk analysis.
    Risk control.
    Risk retention.
    Risk transfer.

2. What is insurance: a history of fine arts insurance.
    Commercial insurance.
    Insurance pool.
    Self-insurance.
    Non-insurance.
    Other insurance coverages.

3. Insurance management within the museum.
    Aspects of management.
    Insurance and risk management consultants.
    Statement of practice.
    Exposure summary report.

4. Looking for insurance:
         Insurance company.
         Underwriter.
         Agent.
         Broker.
         Group insurance.

5. Collections at risk: property at risk.
    Object status.
    Conservation.
    Exposures.

6. The responsibility of the museum: 
         Record keeping.
         Inventory.
         Security.
         Handling.
         Appraisal.
         Packing.
         Shipping.
         Condition reports.
         Honesty and accuracy.

7. Policy design.
    Named insured.
    Additional insureds.
    Insured property.
    Location of insured property.
    Limits of liability.
    Perils insured.
    Exclusions.
    Premiums, record keeping and reporting.
    Deductibles.
    Legal liability.
    Valuation.
    Pairs and sets.
    Claims.
    Other insurance clause.
    Cancellation clause.
    The deductible as a cost-saving tool.
    Primary and excess layers. 
    Conclusion.

8. Insurance documents:
         Insurance policy.
         Certificate of insurance.
         Waiver of subrogation.
         Rider/endorsement.
         Notice of loss.
         Proof of loss.

9. Rates and premiums.

10. Reporting.

11. Evaluating the museum's current policy.
      Suggested areas for review.

12. Obtaining a new policy:
           Working with the museum's current broker.
           Competitive bidding.

13. Procedures for handling loss:
           Responsibility for loss handling procedures.
           Loss/damage.
           Theft.
           Mysterious disappearance.
           Loss handling procedures.
           Objects on loan.
           Filing an insurance claim.
           Claims adjustment.
           Record keeping.

14. Of special interest:
           Fragile items.
           Indemnity.
           The Federal Indemnity Program. 
           Loans.
           Foreign loans.

Appendix A. The activities of the insurance committee of the Association of Art
                   Museum Directors, 1972-1979. 
Appendix B. The insurance experience of fine arts museums, 1970-1977. 
Appendix C. Service organizations.
Glossary.
Selected bibliography.

Arts & Intersections:

Categories: Cultural Facilities