Product Q&A: Museums Insurance

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Product Q&A: Museums Insurance

We interviewed our Founding Director, Alex Thornton, about our Museums insurance. We asked him what the cover consists of, what to consider when placing Museums insurance and what Quantum can provide.

​Read it here...

What does museums insurance cover?

Museum insurance covers stock owned by the Museum and any goods in trust that are on loan to them (for display or other purposes – such as research). 

It can also cover money, their business contents, glass, public and products liability and business interruption where required.

​Stock and goods in trust can be covered at the premises or in transit and at unnamed locations and off-site exhibitions where required.
 
What are five key considerations when placing museums insurance?

Museums have complex insurance requirements. The nature of their collections is often varied, valuable and unique or irreplaceable.  The five key considerations are:

1. What is the nature of the collection and how is it valued?
2. How and where is the collection displayed (indoors only or indoors and outdoors) and what is the security?
3. How will the museum deal with an irate collector if a unique piece they loaned to the museum is lost, stolen or damaged? 
4. Do they have suitable loan agreements, do they agree a value with the owner and how do they know if that value is reasonable?
5. Do they only need cover at the premises, or will items ever be sent or moved off premises, for example sent to conservators or framers, placed on exhibition at another site or just returned via courier to the owner. Transit insurance for museum pieces is often crucial. As is the choice of packer and shipper if the piece is fragile or unique

 
·What can Quantum provide?

• The best cover at a competitive price
• Local service and claims handling. 
• Expert guidance and support for brokers 

For more information about our Museums Insurance:

• Contact one of our specialist underwriters today
• View or download our Museums Proposal Form