[NHCOLL-L:2588] Insurance values for collections

[Rachel Delovio]

Hi everyone,

Thank you for the input.  Needless to say, there is no one simple answer.
Due to several requests, I am posting a summary of comments.
Coverage:
Some Museums provide a blanket cost for a collection or division, while
others provide an item-by-item inventory with values per specimen.  Those
that provide an item-by-item value do so with the expectation that a loss of
the collections would be partial, rather than whole.  Also, insurance
companies require an accounting of objects/specimens claimed as damaged or
destroyed, much like a homeowner.
Value assignment:
Often this was replacement costs that include factors such as loss of use,
acquisition or collecting costs, release time for faculty to collect
specimens, identification costs (salaries, benefit packages), and
preparation.  Some used market costs and hired appraisers, this is often for
geological collections.  One difficult value to determine is that for an
extinct species.  One Museum used a market value while another did not
ensure irreplaceable specimens at all.  Ann Pinzl provided reference
literature for herbarium specimens.
Other issues:
The higher the value provided, the more the premium.

After meeting with accounting staff and the insurance representative it was
clarified that the collections are covered under the wall-to-wall policy.
While the insurance company would appreciate an itemized list with
accompanying photographs and values, all they requested was a list of five
³valuable² collections.  Needless to say, this list was a bit subjective,
but for me to provide a value to each artifact/specimen is way beyond my
means at this point.

If anyone would like all the responses with the nitty-gritty details, feel
free to email me off-list.

Rachel 


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Rachel Delovio
Collections Manager/Registrar
Miami Museum of Science & Planetarium
PH (305)646-4215
FX (305)646-4300


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