[Nhcoll-l] Fine Arts Insurance for incoming loans

[Karen Morton]

Dear Colleagues,

Does anyone work at a museum that takes in loans of valuable objects, such as fine gems and minerals, for exhibit purposes?  Does your insurance company have a value threshold that, if exceeded, requires an outside appraisal or bill of sale before it will insure the objects?  If so, what is that threshold?  For example, if a lender has a piece that they value above $250,000 (our current threshold), do they have to provide the museum and the insurance company an outside appraisal or receipt from the purchase of the specimen in order to prove the value and thus insure the specimen?  Our insurance company instituted this requirement about 7 years ago and, as we once again update our Collections Management Policy we are wondering if this is standard practice.  Since this went into effect, the value of specimens coming into the museum has far exceeded this threshold and the museum has difficulty getting lenders to comply.

Obviously, if that is what our insurance company requires, then that is what the lender needs to provide and we are stuck with it.  We are just looking for examples at other institutions to find out if their insurance companies have such a requirement and what the value limit is so that we can have intelligent conversations with the insurance company, administration, and our lenders.

Thank you.

Sincerely,

Karen Morton
Collections Manager
Perot Museum of Nature and Science
E  karen.morton at perotmuseum.org<mailto:karen.morton at perotmuseum.org>
P  214.756.5833

2201 N. Field Street, Dallas, TX 75201
P 214.428.5555 | F 214.428.5892| perotmuseum.org<http://www.perotmuseum.org/>

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