For cover for your museum exhibits, protecting the directors and trustees liability, or perhaps covering fidelity guarantee or a listed property, we can provide a quotation that will meet your museum insurance needs.
IFM have partners that can offer a range of cover including buildings and contents, business interruption, employers and public and products liability, fine art and collections cover for either your own exhibitions or your exhibits if you operate as a museum or gallery.
We understand that every risk is different and can include Listed building status, fund-raising events and loan exhibitions to name a few.
So, whether you are a small cinema, concert hall, heritage centre, gallery, library, model village, museum or theatre, please contact us for advice and/or a quotation.
As you are probably aware, the insurance industry pricing has been very stable for a number of years, but it looks like this is due to change, and some increases could be significant. We know that many museums need to have tight control on their costs, and being faced with a significant increase in the insurance premium could be a very unwelcome surprise.
If you contact us in advance of your renewal, we will be able to discuss your requirements and look to provide you with an alternative option prior to your renewal so that you know you have the best possible premium well in advance of your renewal date.
A. We have access to products especially designed for smaller cinemas, concert halls, galleries, libraries, model villages, museums and theatres run by not-for-profit organisations.
Not necessarily. Most Insurers will offer various options, including:
Agreed Value – we can get cover on an agreed value basis. Should you be unfortunate enough to have a loss, the amount to be paid has already been agreed. This works well for collections and art but can be expensive as regular valuations will be needed to ensure the sum insured remains adequate.
Market Value Basis – This is a very popular choice as you do not have the burden of getting and paying for a valuation. The downside to this basis, that should a loss arise, Insurers may feel the item(s) are not worth as much as you think they are, so the payment is lower, or Insurers may feel the item(s) are worth much more that you think they are, therefore, you could be underinsured!
Whatever your approach to your own collections there is one instance where you nearly always have to provide collections insurance: incoming loans.
In the majority of cases, when your museum borrows from another museum, a private individual, or non-museum body, you will be responsible for insuring the borrowed items whilst it is in transit and for the duration of the loan. If the loan is from another museum, this will usually be specified in the loan agreement from the lender. If the loan is from a private individual or non-museum body then you should make it clear in your agreement with the lender that the item on loan will be insured.