We are now in very difficult times. Museums have lost months of income and business will undoubtedly remain difficult for some time as everyone adjusts to the new ‘normal’
With business income for the year likely to be significantly reduced, maybe it is good time to speak to us at IFM Select for a review of your insurance arrangements? We understand that you have to balance the cost of managing your risks, against the museum’s assessment of threats, and the resulting levels of risk posed to people or property.
Some insurance covers you HAVE to purchase by law, namely:
Employers liability – This is required if you employ staff or have volunteers. It covers the museum’s legal liability in the event that illness or injury of a staff member is caused by the museum’s negligence.
Motor insurance – Any vehicles owned by, or the responsibility of the museum must have basic level of motor insurance. Furthermore and very important – If staff members are required to use their own vehicles for work, they should ensure that their own motor insurance covers ‘business use’.
Engineering and inspection – This insurance covers the statutory inspections required to plant such as air-conditioning units, lifts and boilers.
The following are not compulsory by law, however, not having the cover could lead to significant ramifications to the museum and their trustees:
Trustee Indemnity – This covers trustees of Museum Trusts against any claims or legal actions taken against them.
Public and Products (third party) liability – This covers the museum and staff against claims from members of the public resulting from injury, or damage to personal property.
Question? Will your Insurer offer cover for any liability claims bough against your for COVID-19? Some Insurers are now excluding this element of cover. We currently have providers that will continue to offer this important cover.