Museums

Nuts & Bolts:
St. Paul Travelers has enhanced their museum coverage form for U.S.-domiciled cultural establishments. Developed specifically to insure museum collections, the policy protects works held by cultural institutions at their locations, on exhibition, or on loan to other organizations. It also insures their works in transit as well as works of others for which the institution is legally liable. Key enhancements include: Ability to buy back artwork, if recovered, for up to the value of the claim payment; Expanded, worldwide territory for covered property; Up to $400,000 deductible recovery coverage for the U.S. Indemnity Program; Currency fluctuation coverage option that permits insurance designation in a foreign currency; Current market valuation coverage; Option of full coverage for partial damage to pairs and sets; Automatic inclusion of the option to offer a reward. The museum coverage no longer contains limitations for placement of excess insurance or exclusions for unexplained disappearance or shortage upon taking inventory, dishonest or criminal acts, voluntary parting or unauthorized instructions to transfer property. The St. Paul Travelers museum coverage is available for art, history, natural history, sports, aviation, automobile, and science and technology museums in addition to the majority of specialized cultural institutions. Coverage for all claims or losses depends on actual policy provisions. Availability of coverage can depend on underwriting qualifications and state regulations.

Dollars:
The museum product offers limits from $1 million to $100 million, but targets museums seeking between $5 million to $50 million in collections coverage limits. The minimum premium is typically $500. Deductibles vary according to risk.

Carrier:
Rated “A,” admitted.

States Available:
All except California and Nevada.

Contact:
Laura Bradshaw, (860) 277-7461.